(1) 

Terms Used In Utah Code 51-7-15

  • City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
  • Council: means the State Money Management Council created by Section 51-7-16. See Utah Code 51-7-3
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • 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
  • 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
  • Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
(a)  The state treasurer, county, city, and town treasurers, the clerk or treasurer of each school district, and other public treasurers that the council designates by rule shall be bonded or may procure crime or theft insurance as described in Section 17-16-11 in an amount of not less than that established by the council.

(b)  The council shall base the minimum bond amount or crime or theft insurance as described in Section 17-16-11 on the amount of public funds normally in the treasurer’s possession or control.

(2) 

(a)  When a public treasurer deposits or invests public funds as authorized by this chapter, the public treasurer and the public treasurer’s bondsmen or insurers are not liable for any loss of public funds invested or deposited unless the loss is caused by the malfeasance of the public treasurer or a member of the public treasurer’s staff.

(b)  A public treasurer and the public treasurer’s bondsmen or insurers are liable for a loss for any reason from deposits or investments not made in conformity with this chapter and the rules of the council.

(3) 

(a)  A public treasurer shall file a written report with the council on or before January 31 and July 31 of each year.

(b)  The report shall contain:

(i)  the information about the deposits and investments of that public treasurer during the preceding six months ending December 31 and June 30, respectively, that the council requires by rule; and

(ii)  information detailing the nature and extent of interest rate contracts permitted by Subsection 51-7-17(3).

(c)  A public treasurer shall make copies of the report available to the public at the public treasurer’s office during normal business hours.

Amended by Chapter 56, 2019 General Session

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