Utah Code 51-7-7. Securities and evidence of deposits and investments — Custody — Deposit for safekeeping
Current as of: 2024 | Check for updates
|
Other versions
(1)
Terms Used In Utah Code 51-7-7
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Nonqualifying repurchase agreement: means a repurchase agreement evidencing indebtedness of a qualified depository arising from the transfer of obligations of the United States Treasury or other authorized investments to public treasurers that is:(22)(a) evidenced by a safekeeping receipt issued by the qualified depository;(22)(b) included in the depository's maximum amount of public funds; and(22)(c) valued and maintained at market value plus an appropriate margin collateral requirement based upon the term of the agreement and the type of securities acquired. See Utah Code 51-7-3
- Public funds: means money, funds, and accounts, regardless of the source from which the money, funds, and accounts are derived, that are owned, held, or administered by the state or any of its boards, commissions, institutions, departments, divisions, agencies, bureaus, laboratories, or other similar instrumentalities, or any county, city, school district, political subdivision, or other public body. See Utah Code 51-7-3
- Public treasurer: includes the state treasurer and the official of any state board, commission, institution, department, division, agency, or other similar instrumentality, or of any county, city, school district, charter school, political subdivision, or other public body who has the responsibility for the safekeeping and investment of any public funds. See Utah Code 51-7-3
(1)(a)(1)(a)(i) The public treasurer shall have custody of all securities purchased or held and all evidence of deposits and investments of public funds.(1)(a)(ii) All securities shall be delivered versus payment to the public treasurer or to the treasurer’s safekeeping bank.(1)(b) The public treasurer may deposit any of these securities with a bank or trust company to be held in safekeeping by that custodian.(1)(c) The provisions of this section do not apply to securities acquired under a nonqualifying repurchase agreement as defined in Section51-7-3 .(1)(d) The provisions of this section apply to any book-entry-only deposit or security the ownership records of which are maintained with a securities depository, in the Federal Book Entry system authorized by the U.S. Department of Treasury, or in the book-entry records of the issuer, as follows:(1)(d)(i) the direct ownership of the deposit or security by the public treasurer shall be reflected in the book-entry records and represented by a receipt, confirmation, or statement issued to the public treasurer by the custodian of the book-entry system; or(1)(d)(ii) the ownership of the deposit or security by the public treasurer’s custodial bank or trust company shall be reflected in the book-entry records and the public treasurer’s ownership shall be represented by a receipt, confirmation, or statement issued by the custodial bank or trust company.
(2) The public treasurer may maintain accounts with money center banks only for the purposes of settling investment transactions, safekeeping, and collecting those investments.