(1) 

Terms Used In Utah Code 51-7-16

  • 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.
  • Commissioner: means the commissioner of financial institutions. See Utah Code 51-7-3
  • Council: means the State Money Management Council created by Section 51-7-16. See Utah Code 51-7-3
  • Director: means the director of the Utah State Division of Securities of the Department of Commerce. See Utah Code 51-7-3
  • 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
  • Quorum: The number of legislators that must be present to do business.
  • 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)  There is created a State Money Management Council composed of five members appointed by the governor after consultation with the state treasurer and with the advice and consent of the Senate in accordance with 2.

(b)  The members of the council shall be qualified by training and experience in the field of investment or finance as follows:

(i)  at least one member, but not more than two members, shall be experienced in the banking business;

(ii)  at least one member, but not more than two members, shall be an elected treasurer;

(iii)  at least one member, but not more than two members, shall be an appointed public treasurer; and

(iv)  two members, but not more than two members, shall be experienced in the field of investment.

(c)  No more than three members of the council may be from the same political party.

(2) 

(a)  Except as required by Subsection (2)(b), the council members shall be appointed for terms of four years.

(b)  Notwithstanding the requirements of Subsection (2)(a), the governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of council members are staggered so that approximately half of the council is appointed every two years.

(c)  When a vacancy occurs in the membership for any reason, the replacement shall be appointed for the unexpired term.

(d)  All members shall serve until their successors are appointed and qualified.

(3) 

(a)  The council members shall elect a chair and vice chair.

(b)  The state treasurer shall serve as executive secretary of the council without vote.

(4) 

(a)  The council shall meet at least once per quarter at a regular date to be fixed by the council and at other times at the call of the chair, the state treasurer, or any two members of the council.

(b)  Three members are a quorum for the transaction of business.

(c)  Actions of the council require a vote of a majority of those present.

(d)  All meetings of the council and records of its proceedings are open for inspection by the public at the state treasurer’s office during regular business hours except for:

(i)  reports of the commissioner of financial institutions concerning the identity, liquidity, or financial condition of qualified depositories and the amount of public funds each is eligible to hold; and

(ii)  reports of the director concerning the identity, liquidity, or financial condition of certified dealers.

(5) 

(a)  Each member of the council shall file a sworn or written statement with the lieutenant governor that discloses any position or employment or ownership interest that the member has in any financial institution or investment organization.

(b)  Each member shall file the statement required by this Subsection (5) when the member becomes a member of the council and when substantial changes in the member’s position, employment, or ownership interests occur.

(c)  Each member shall comply with the conflict of interest provisions described in 3.

(6)  A member may not receive compensation or benefits for the member’s service, but may receive per diem and travel expenses in accordance with:

(a)  Section 63A-3-106;

(b)  Section 63A-3-107; and

(c)  rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.

Amended by Chapter 352, 2020 General Session
Amended by Chapter 373, 2020 General Session

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