Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Certified dealer: means :
(a)
a primary reporting dealer recognized by the Federal Reserve Bank of New York who is certified by the director as having met the applicable criteria of council rule; or
(b)
a broker dealer who:
(i)
has and maintains an office and a resident registered principal in the state;
(ii)
meets the capital requirements established by council rules;
(iii)
meets the requirements for good standing established by council rule; and
(iv)
is certified by the director as meeting quality criteria established by council rule. See Utah Code 51-7-3
Certified investment adviser: means a federal covered adviser, as defined in Section 61-1-13, or an investment adviser, as defined in Section 61-1-13, who is certified by the director as having met the applicable criteria of council rule. See Utah Code 51-7-3
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
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
Maximum amount: means , with respect to qualified depositories, the total amount of:
(a)
deposits in excess of the federal deposit insurance limit; and
Permitted depository: means any out-of-state financial institution that meets quality criteria established by rule of the council. 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
Qualified depository: means a Utah depository institution or an out-of-state depository institution, as those terms are defined in Section 7-1-103, that is authorized to conduct business in this state under Section 7-1-702 or Title 7, Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, whose deposits are insured by an agency of the federal government and that has been certified by the commissioner of financial institutions as having met the requirements established under this chapter and the rules of the council to be eligible to receive deposits of 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
(a)
advise the state treasurer and other public treasurers about investment policies;
(b)
cooperate with the commissioner of financial institutions by promoting measures and rules that will assist in strengthening the banking and credit structure of the state;
(c)
at least annually, review the rules adopted under the authority of this chapter that relate to the deposit and investment of public funds;
(d)
at least annually, distribute the rules and amendments to rules adopted under the authority of this chapter that relate to the deposit and investment of public funds to all public treasurers; and
(e)
provide, at least semiannually, a list of certified dealers that meet criteria established by this chapter and council rules.
(2)
The council may:
(a)
recommend proposed changes in statutes governing the deposit and investment of public funds to the Legislature;
(b)
make rules governing:
(i)
the financial reporting requirements of qualified depositories in which public funds may be deposited;
(ii)
the conditions and procedures for maintaining and revoking a financial institution’s designation as a qualified depository;
(iii)
the definition of depository capital;
(iv)
the conditions for maintaining deposits at a permitted depository;
(v)
the conditions and procedures for maintaining and revoking a primary reporting dealer’s or a broker dealer’s designation as a certified dealer;
(vi)
certified investment advisers who deal with public treasurers, including establishing standards and requirements for the use, qualification, and regulation of certified investment advisers;
(vii)
the conditions and procedures for maintaining and revoking a federal covered adviser’s or an investment adviser’s designation as a certified investment adviser;
(viii)
the conditions and procedures by which public treasurers may deposit and invest public funds;
(ix)
quality criteria for corporate obligations;
(x)
the conditions and procedures by which public entities may use interest rate contracts authorized by Subsection 51-7-17(3); and
(xi)
other rules necessary to carry out its functions, powers, duties, and responsibilities under this chapter.
(3)
The council may not make rules requiring a qualified depository to pledge or deposit any of its assets in order to secure a deposit of public funds, except that public deposits in excess of the maximum amount shall be collateralized as provided in Subsections 51-7-18.1(5)(b) and (6).
(4)
Subject to legislative funding, the state treasurer shall supply qualified staff to the council.
(5)
If any rule or act of the council would constitute an infringement upon the state treasurer’s constitutional duties and powers to have custody of and invest public money, the conflicting rule or act is advisory and not mandatory.
