Utah Code > Title 9 > Chapter 8 > Part 7 – Endowment Funds for History Organizations


§ 9-8-701	Definitions
§ 9-8-703	History organization endowment funds
§ 9-8-704	Society duties
§ 9-8-705	Eligibility requirements of qualifying history organizations — Allocation limitations — Matching requirements
§ 9-8-707	Spending restrictions — Return of endowment
§ 9-8-708	Federal match

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Terms Used In Utah Code > Title 9 > Chapter 8 > Part 7 - Endowment Funds for History Organizations

Acquired or constructed: means acquired, constructed, reconstructed, restored, enlarged, improved, renovated, repaired, replaced, equipped, or furnished in whole or in part with state funds. See Utah Code 9-6-403
Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
Artist: means a practitioner in the visual arts, generally recognized by critics and the artist's peers as a professional who is committed to producing high quality work on a regular basis, and who is not the project architect or a member of the project's architectural firm. See Utah Code 9-6-403
Arts: includes traditional, folk, classical, ethnic, contemporary, and other art forms. See Utah Code 9-6-102
Arts and museums board: means the Utah Arts and Museums Advisory Board created in Section 9-6-301. See Utah Code 9-6-102
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Association: means a group of persons that:
          (1)(a)(i) constitute the members of a formal association organized for:
               (1)(a)(i)(A) an identifiable interest;
               (1)(a)(i)(B) an identifiable purpose;
               (1)(a)(i)(C) a specific profession; or
               (1)(a)(i)(D) a specific occupation; or
          (1)(a)(ii) are employed by a common employer. See Utah Code 7-9-3
Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
Bequest: Property gifted by will.
Board: means the Board of State History. See Utah Code 9-8-102
Borrower: means any person who becomes obligated on a real estate loan at the time of origination of such loan and includes mortgagors, trustors under trust deeds and vendees under conditional land sales contracts. See Utah Code 7-17-2
Branch: means a place of business of a financial institution, other than its main office, at which deposits are received and paid. See Utah Code 7-1-103
Capital and surplus: means :
     (2)(a) shares;
     (2)(b) deposits;
     (2)(c) reserves; and
     (2)(d) undivided earnings. See Utah Code 7-9-3
Check: means a payment instrument on a depository institution including a:
          (1)(a)(i) check;
          (1)(a)(ii) draft;
          (1)(a)(iii) order; or
          (1)(a)(iv) other instrument. See Utah Code 7-15-1
City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
Continuance: Putting off of a hearing ot trial until a later time.
Contract: A legal written agreement that becomes binding when signed.
Contracting agency: means the state agency which is responsible for supervising the principal user of a state building or facility. See Utah Code 9-6-403
control: means the power, directly or indirectly, or through or in concert with one or more persons, to:
     (5)(a) direct or exercise a controlling influence over:
          (5)(a)(i) the management or policies of a financial institution; or
          (5)(a)(ii) the election of a majority of the directors or trustees of an institution; or
     (5)(b) vote 25% or more of any class of voting securities of a financial institution. See Utah Code 7-1-103
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Credit reporting agency: includes any co-operative credit reporting agency maintained by an association of financial institutions or one or more associations of merchants. See Utah Code 7-14-1
Credit union: means a cooperative, nonprofit association incorporated under:
(6)(a) Chapter 9, Utah Credit Union Act; or
(6)(b) Utah Code 7-1-103
Credit union service organization: means an entity:
(4)(a) that provides any of the services listed in Subsection 7-9-59(2); and
(4)(b) in which a credit union organized under this chapter holds an ownership interest. See Utah Code 7-9-3
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Decedent: A deceased person.
Deed: The legal instrument used to transfer title in real property from one person to another.
Department: means the Department of Financial Institutions. See Utah Code 7-1-103
Department: means the Department of Cultural and Community Engagement. See Utah Code 9-1-102
Depository institution: means any institution authorized by state or federal law to accept and hold demand deposits or other accounts which may be used to effect third party payment transactions. See Utah Code 7-14-1
Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
     (8)(a) holds or receives deposits, savings, or share accounts;
     (8)(b) issues certificates of deposit; or
     (8)(c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
Deposits: means that portion of the capital paid into the credit union by members on which a specified rate of interest will be paid. See Utah Code 7-9-3
Development: includes :
     (3)(a) constructing, expanding, or repairing a museum or other facility that houses arts or cultural presentations;
     (3)(b) providing for public information, preservation, and access to museums, the arts, and the cultural heritage of the state; and
     (3)(c) supporting the professional development of artists, cultural administrators, and cultural leaders within the state. See Utah Code 9-6-102
Devise: To gift property by will.
Director: means the director of the Division of Arts and Museums. See Utah Code 9-6-102
Division: means the Division of Arts and Museums. See Utah Code 9-6-102
Donor: The person who makes a gift.
Endowment fund: means any history endowment fund created under this part by a qualifying organization. See Utah Code 9-8-701
Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
Escrow: Money given to a third party to be held for payment until certain conditions are met.
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.
Executive director: means the executive director of the Department of Cultural and Community Engagement. See Utah Code 9-1-102
Fiduciary: A trustee, executor, or administrator.
Field of membership: means persons designated as eligible for credit union membership in accordance with:
(6)(a) Section 7-9-51 or 7-9-53; and
(6)(b) the bylaws of the credit union. See Utah Code 7-9-3
Financial institution: means an institution subject to the jurisdiction of the department because of this title. See Utah Code 7-1-103
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Fraud: Intentional deception resulting in injury to another.
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Grantor: The person who establishes a trust and places property into it.
Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
Highway: includes :
     (15)(a) a public bridge;
     (15)(b) a county way;
     (15)(c) a county road;
     (15)(d) a common road; and
     (15)(e) a state road. See Utah Code 68-3-12.5
Home state: means :
     (14)(a) for a state chartered depository institution, the state that charters the institution;
     (14)(b) for a federally chartered depository institution, the state where the institution's main office is located; and
     (14)(c) for a depository institution holding company, the state in which the total deposits of all depository institution subsidiaries are the largest. See Utah Code 7-1-103
Immediate family: means parents, spouse, surviving spouse, children, and siblings of the member. See Utah Code 7-9-3
Institution: means :
     (19)(a) a corporation;
     (19)(b) a limited liability company;
     (19)(c) a partnership;
     (19)(d) a trust;
     (19)(e) an association;
     (19)(f) a joint venture;
     (19)(g) a pool;
     (19)(h) a syndicate;
     (19)(i) an unincorporated organization; or
     (19)(j) any form of business entity. See Utah Code 7-1-103
Issuer: means a person who makes, draws, signs, or issues a check, whether as corporate agent or otherwise, for the purpose of:
(1)(b)(i) obtaining from any person any money, merchandise, property, or other thing of value; or
(1)(b)(ii) paying for any service, wages, salary, or rent. See Utah Code 7-15-1
Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Land: includes :
     (18)(a) land;
     (18)(b) a tenement;
     (18)(c) a hereditament;
     (18)(d) a water right;
     (18)(e) a possessory right; and
     (18)(f) a claim. See Utah Code 68-3-12.5
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
Lender: means any person who regularly makes, extends or holds real estate loans and includes, but is not limited to, mortgagees, beneficiaries under trust deeds and vendors under conditional land sales contracts and who regularly require or maintain reserve accounts. See Utah Code 7-17-2
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Lien: A claim against real or personal property in satisfaction of a debt.
Liquidation: means the act or process of winding up the affairs of an institution subject to the jurisdiction of the department by realizing upon assets, paying liabilities, and appropriating profit or loss, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103
Liquidator: means a person, agency, or instrumentality of this state or the United States appointed to conduct a liquidation. See Utah Code 7-1-103
Mailed: means the day that a notice is properly deposited in the United States mail. See Utah Code 7-15-1
Member-business loan: means any loan, line of credit, or letter of credit, the proceeds of which will be used for:
          (8)(a)(i) a commercial purpose;
          (8)(a)(ii) other business investment property or venture purpose; or
          (8)(a)(iii) an agricultural purpose. See Utah Code 7-9-3
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Museum: means an organized and permanent institution that:
     (6)(a) is owned or controlled by the state, a county, or a municipality, or is a nonprofit organization;
     (6)(b) has an educational or aesthetic purpose;
     (6)(c) owns or curates a tangible collection; and
     (6)(d) exhibits the collection to the public on a regular schedule. See Utah Code 9-6-102
National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
Nonexempt credit union: means a credit union that is a nonexempt credit union under Section 7-9-55. See Utah Code 7-9-3
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Out-of-state: means , in reference to a depository institution or depository institution holding company, an institution or company whose home state is not Utah. See Utah Code 7-1-103
Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Pass-through funding: means funding from an appropriation by the Legislature to a state agency that is intended to be passed through the state agency to:
          (3)(a)(i) a government or local government entity;
          (3)(a)(ii) a private entity, including a not-for-profit entity; or
          (3)(a)(iii) a person in the form of a loan or a grant. See Utah Code 9-1-102
Person: includes an individual, a commercial bank, savings bank, building and loan corporation, savings and loan association, credit union, investment company, insurance company, pension fund, mortgage company, trust company, or any other organization making real estate loans. See Utah Code 7-17-2
Person: means :
     (27)(a) an individual;
     (27)(b) a corporation;
     (27)(c) a limited liability company;
     (27)(d) a partnership;
     (27)(e) a trust;
     (27)(f) an association;
     (27)(g) a joint venture;
     (27)(h) a pool;
     (27)(i) a syndicate;
     (27)(j) a sole proprietorship;
     (27)(k) an unincorporated organization; or
     (27)(l) any form of business entity. See Utah Code 7-1-103
Person: means :
     (24)(a) an individual;
     (24)(b) an association;
     (24)(c) an institution;
     (24)(d) a corporation;
     (24)(e) a company;
     (24)(f) a trust;
     (24)(g) a limited liability company;
     (24)(h) a partnership;
     (24)(i) a political subdivision;
     (24)(j) a government office, department, division, bureau, or other body of government; and
     (24)(k) any other organization or entity. See Utah Code 68-3-12.5
Principal user: means the department, board, commission, institution, or agency of the state for the principal use of which a state building or facility is acquired or constructed. See Utah Code 9-6-403
Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
Program: means the Percent-for-Art Program created in this part. See Utah Code 9-6-403
Project: means the project whereby state buildings or facilities are acquired or constructed. See Utah Code 9-6-403
Property: includes both real and personal property. See Utah Code 68-3-12.5
Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
Public art installation: means a work of art:
     (4)(a) owned by a:
          (4)(a)(i) county of the first class; or
          (4)(a)(ii) municipality or metro township in a county of the first class;
     (4)(b) created by an artist, with a preference for a Utah artist;
     (4)(c) located in a public place where the county of the first class, municipality in a county of the first class, or metro township in a county of the first class has jurisdiction; and
     (4)(d) that is intended to be a permanent fixture in the public place. See Utah Code 9-6-403
Qualifying organization: means any Utah nonprofit history organization or local government that qualifies under this chapter to create an endowment fund, receive state money into the endowment fund, match state money deposited into the endowment fund, and expend interest earned on the endowment fund. See Utah Code 9-8-701
Quorum: The number of legislators that must be present to do business.
Real estate loan: means any agreement providing for a loan secured by an interest in real estate in this state containing a residential structure of not more than four housing units, at least one of which is the primary residence of the borrower and includes, but is not limited to, agreements secured by mortgages, trust deeds, and conditional land sales contracts. See Utah Code 7-17-2
Receiver: means a person, agency, or instrumentality of this state or the United States appointed to administer and manage an institution subject to the jurisdiction of the department in receivership, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103
Reserve account: means any account, whether denominated escrow, impound, trust, pledge, reserve or otherwise, which is established in connection with a loan secured by an interest in real estate located in this state, whether or not a real estate loan as defined in this chapter, and whether incorporated into the loan agreement or a separate document, whereby the borrower agrees to make periodic prepayment to the lender or its designee of taxes, insurance premiums or other charges pertaining to the property securing the loan and the lender or its designee agrees to pay the taxes, insurance premiums or other charges out of the account on or before their due date. See Utah Code 7-17-2
Savings and loan association: means :
(31)(a) a federal savings and loan association; and
(31)(b) an out-of-state savings and loan association. See Utah Code 7-1-103
Service charge: means any direct fee imposed in connection with the administration of a reserve account. See Utah Code 7-17-2
service organization: means a corporation or other business entity owned or controlled by one or more financial institutions that is engaged or proposes to engage in business activities related to the business of financial institutions. See Utah Code 7-1-103
Shares: means that portion of the capital paid into the credit union by members on which dividends may be paid. See Utah Code 7-9-3
Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
Society: means the Utah Historical Society created in Section 9-8-201. See Utah Code 9-8-102
State: means , unless the context demands otherwise:
     (33)(a) a state;
     (33)(b) the District of Columbia; or
     (33)(c) the territories of the United States. See Utah Code 7-1-103
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
State building or facility: means a state building, permanent structure, facility, park, or appurtenant structure thereof, wholly or partially enclosed, which includes, but is not restricted to a space or facility used or to be used for carrying out the functions of a department, board, commission, institution, or agency of the state, including offices, hearing or meeting rooms, auditoriums, libraries, courtrooms, classrooms, workshops, laboratories, eating or sleeping facilities, or highway rest areas. See Utah Code 9-6-403
Statute: A law passed by a legislature.
STEM: means science, technology, engineering, and mathematics. See Utah Code 9-1-102
Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
Trust company: means a person authorized to conduct a trust business, as provided in Chapter 5, Trust Business. See Utah Code 7-1-103
Trustee: A person or institution holding and administering property in trust.
Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
Utah artist: means :
     (9)(a) an individual who produces paintings, drawings, photos, sculptures, or similar works; and
     (9)(b) who has:
          (9)(b)(i) lived in Utah a minimum of ten years; or
          (9)(b)(ii) a primary residence in the state. See Utah Code 9-6-403
Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:
     (42)(a) on the day on which the 1953 recodification of the Utah Code was enacted; or
     (42)(b)
          (42)(b)(i) after the day described in Subsection (42)(a); and
          (42)(b)(ii) before the most recent amendment to the referenced portion of the 1953 recodification of the Utah Code. See Utah Code 68-3-12.5
works of art: means any form of original creation of visual art including, but not restricted to any sculpture, bas relief, high relief, mobile, fountain, painting, graphic, print, lithograph, etching, embossing, drawing, mural, mosaic, supergraphic, fresco, photograph, ceramic, fiber, mixed media, or combination of forms. See Utah Code 9-6-403
Writing: includes :
     (48)(a) printing;
     (48)(b) handwriting; and
     (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5