Utah Code 63C-25-201. State Finance Review Commission
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(1) There is created the State Finance Review Commission.
Terms Used In Utah Code 63C-25-201
- Commission: means the State Finance Review Commission created in Section
63C-25-201 . See Utah Code 63C-25-101 - Quorum: The number of legislators that must be present to do business.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Statute: A law passed by a legislature.
(2) The commission shall:
(2)(a) as described in this part, approve, review, make recommendations, and monitor borrowing and lending practices and activities; and
(2)(b) exercise the powers and perform other duties prescribed for the commission by statute.
(3) The commission shall consist of:
(3)(a) seven voting members as follows:
(3)(a)(i) the state treasurer;
(3)(a)(ii) the state auditor or the auditor’s designee;
(3)(a)(iii) the attorney general or the attorney general’s designee;
(3)(a)(iv) the director of the Division of Finance or the director’s designee;
(3)(a)(v) the director of the Governor’s Office of Planning and Budget or the director’s designee; and
(3)(a)(vi) two individuals with a background in debt management, finance, or other similar expertise who are:
(3)(a)(vi)(A) after consultation with the state treasurer, appointed by the governor; and
(3)(a)(vi)(B) confirmed by the Senate; and
(3)(b) the state’s financial advisor described in Section 67-4-16, who is a nonvoting member.
(4)
(4)(a) Each position described in Subsection (3)(a)(vi) is for a term of four years.
(4)(b) When a position described in Subsection (3)(a)(vi) is vacant for any reason, the governor shall appoint the replacement, with confirmation of the Senate, for the remainder of the unexpired term.
(5) The state treasurer shall serve as chair of the commission.
(6) A majority of the commission members constitute a quorum and may act on behalf of the commission.
(7) The commission shall meet as necessary to effectively conduct the commission’s business and duties as prescribed by statute.
(8)
(8)(a) A commission member may not receive compensation or benefits for the commission member’s service.
(9) The state treasurer’s office shall provide staff support to facilitate the function of the commission and record commission action and recommendations.
(10) The commission shall comply with the provisions of Title 52, Chapter 4, Open and Public Meetings Act.