63E-1-402. Benefits to interested parties of an independent entity — Disposition of unused appropriations.
(1)
If an independent entity is privatized, the following may not receive any benefit prohibited under Subsection (2):
Terms Used In Utah Code 63E-1-402
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.
Asset: means property of all kinds, real and personal, tangible and intangible, and includes:
(a)
cash, except reasonable compensation or salary for services rendered;
holding the position of trustee, director, officer, or other similar position with a business entity; or
(b)
the ownership, either legally or equitably, of at least 10% of the outstanding shares of a corporation or 10% interest in any other business entity, being held by:
(i)
an individual;
(ii)
the individual's spouse;
(iii)
a minor child of the individual; or
(iv)
any combination of Subsections (2)(b)(i) through (iii). See Utah Code 63E-1-401
Contract: A legal written agreement that becomes binding when signed.
Independent entity: means an entity having a public purpose relating to the state or its citizens that is individually created by the state or is given by the state the right to exist and conduct its affairs as an:
Interested party: means a person that held or holds the position of trustee, director, officer, or other similar position with an independent entity within:
(a)
five years prior to the date of an action described in Subsection (5); or
Privatized: means an action described in Subsection (5)(b) taken under circumstances in which the operations of the independent entity are continued by a successor entity that:
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
(a)
an interested party of the independent entity;
(b)
an entity in which an interested party holds a business interest;
(c)
a lobbyist of the independent entity; or
(d)
an entity in which a lobbyist of the independent entity holds a business interest.
(2)
If an independent entity is privatized:
(a)
a person described in Subsection (1)(a) or (b) may not receive:
(i)
compensation from an independent entity that is conditioned in whole or in part on:
(A)
the passage, defeat, or amendment of legislative action related to privatization; or
(B)
the approval, modification, or denial of an executive action related to privatization; or
(ii)
any asset of the independent entity or its successor; and
(b)
a person described in Subsection (1)(c) or (d) may not receive any:
(i)
compensation that if received by the lobbyist would be in violation of Section 36-11-301; or
(ii)
asset of the independent entity or its successor.
(3)
Subsection (2)(a)(ii) does not apply to funds in a loan program administered by an independent entity if:
(a)
the funds were provided by an entity other than the state or were derived from those funds, including loan payments, interest, and other charges paid by borrowers;
(b)
the person described in Subsection (1)(a) or (b) who receives the funds assumes all duties and obligations of the independent entity:
(i)
under the contract with the entity that provided the initial funding; and
(ii)
relating to the loan program;
(c)
separate records have been maintained regarding the use of the funds;
(d)
the funds may only be used for purposes specified in an agreement with the entity that provided the initial funding; and
(e)
the funds may only be transferred to a person described in Subsection (1)(a) or (b) if the transfer is approved by the entity that provided the initial funding.
(4)
(a)
If an action described in Subsection 63E-1-401(5)(b)(i) or (ii) is taken under circumstances in which the independent entity is no longer functioning, the independent entity shall return to the Division of Finance any unused appropriations made to the independent entity by the Legislature.
(b)
The Division of Finance shall deposit funds received under Subsection (4)(a) into the General Fund.
