51-7-4 - Transfer of functions, powers, and duties relating to public funds to state treasurer -- Exceptions -- Deposit of income from investment of state money.
51-7-4. Transfer of functions, powers, and duties relating to public funds to statetreasurer -- Exceptions -- Deposit of income from investment of state money.
(1) Unless otherwise required by the Utah Constitution or applicable federal law, thefunctions, powers, and duties vested by law in each and every state officer, board, commission,institution, department, division, agency, and other similar instrumentalities relating to thedeposit, investment, or reinvestment of public funds, and the purchase, sale, or exchange of anyinvestments or securities of or for any funds or accounts under the control and management ofthese instrumentalities, are transferred to and shall be exercised by the state treasurer, except:
(a) funds assigned to the Utah State Retirement Board for investment under Section49-11-302;
(b) funds of member institutions of the state system of higher education:
(i) acquired by gift, devise, or bequest, or by federal or private contract or grant;
(ii) derived from student fees or from income from operations of auxiliary enterprises,which fees and income are pledged or otherwise dedicated to the payment of interest andprincipal of bonds issued by such institutions; and
(iii) any other funds which are not included in the institution's work program as approvedby the State Board of Regents;
(c) inmate funds as provided in Section 64-13-23 or in Title 64, Chapter 9b, WorkPrograms for Prisoners;
(d) trust funds established by judicial order;
(e) funds of the Workers' Compensation Fund;
(f) funds of the Utah Housing Corporation; and
(g) endowment funds of higher education institutions.
(2) All public funds held or administered by the state or any of its boards, commissions,institutions, departments, divisions, agencies, or similar instrumentalities and not transferred tothe state treasurer as provided by this section shall be:
(a) deposited and invested by the custodian in accordance with this chapter, unlessotherwise required by statute or by applicable federal law; and
(b) reported to the state treasurer in a form prescribed by the state treasurer.
(3) Unless otherwise provided by the constitution or laws of this state or by contractualobligation, the income derived from the investment of state money by the state treasurer shall bedeposited in and become part of the General Fund.
Amended by Chapter 71, 2005 General Session
Amended by Chapter 178, 2005 General Session