Utah Code 51-7-3. Definitions
Current as of: 2023 | Check for updates
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Other versions
As used in this chapter:
(1) | “Agent” means “agent” as defined in Section 61-1-13. |
(a) | deposits in excess of the federal deposit insurance limit; and |
(b) | nonqualifying repurchase agreements. See Utah Code 51-7-3 | ||
(2) | “Certified dealer” means:
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(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. |
(4) | “Commissioner” means the commissioner of financial institutions. |
(5) | “Council” means the State Money Management Council created by Section 51-7-16. |
(6) | “Covered bond” means a publicly placed debt security issued by a bank, other regulated financial institution, or a subsidiary of either that is secured by a pool of loans that remain on the balance sheet of the issuer or its subsidiary. |
(7) | “Director” means the director of the Utah State Division of Securities of the Department of Commerce. |
(8) |
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(9) | “First tier commercial paper” means commercial paper rated by at least two nationally recognized statistical rating organizations in the highest short-term rating category. |
(10) | “Funds functioning as endowments” means funds, regardless of source, whose corpus is intended to be held in perpetuity by formal institutional designation according to the institution’s policy for designating those funds. |
(11) | “GASB” or “Governmental Accounting Standards Board” means the Governmental Accounting Standards Board that is responsible for accounting standards used by public entities. |
(12) | “Hard put” means an unconditional sell-back provision or a redemption provision applicable at issue to a note or bond, allowing holders to sell their holdings back to the issuer or to an equal or higher-rated third party provider at specific intervals and specific prices determined at the time of issuance. |
(13) | “Higher education institution” means the institutions specified in Section 53B-1-102. |
(14) | “Investment adviser representative” is as defined in Section 61-1-13. |
(15) |
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(16) | “Local government” means a county, municipality, school district, special district under Title 17B, Limited Purpose Local Government Entities – Special Districts, special service district under Title 17D, Chapter 1, Special Service District Act, or any other political subdivision of the state. |
(17) | “Market value” means market value as defined in the Master Repurchase Agreement. |
(18) | “Master Repurchase Agreement” means the current standard Master Repurchase Agreement approved by the Public Securities Association or by any successor organization. |
(19) | “Maximum amount” means, with respect to qualified depositories, the total amount of:
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(20) | “Money market mutual fund” means an open-end managed investment fund:
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(21) | “Nationally recognized statistical rating organization” means an organization that has been designated as a nationally recognized statistical rating organization by the Securities and Exchange Commission’s Division of Market Regulation. |
(22) | “Nonqualifying repurchase agreement” means a repurchase agreement evidencing indebtedness of a qualified depository arising from the transfer of obligations of the United States Treasury or other authorized investments to public treasurers that is:
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(23) | “Operating funds” means current balances and other funds that are to be disbursed for operation of the state government or any of its boards, commissions, institutions, departments, divisions, agencies, or other similar instrumentalities, or any county, city, school district, political subdivision, or other public body. |
(24) | “Permanent funds” means funds whose principal may not be expended, the earnings from which are to be used for purposes designated by law. |
(25) | “Permitted depository” means any out-of-state financial institution that meets quality criteria established by rule of the council. |
(26) | “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. |
(27) |
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(28) | “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. |
(29) | “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. |
(30) | “Qualifying repurchase agreement” means a repurchase agreement evidencing indebtedness of a financial institution or government securities dealer acting as principal arising from the transfer of obligations of the United States Treasury or other authorized investments to public treasurers only if purchased securities are:
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(31) | “Reciprocal deposits” means deposits that are initially deposited into a qualified depository and are then redeposited through a deposit account registry service:
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(32) | “Securities division” means Utah’s Division of Securities created within the Department of Commerce by Section 13-1-2. |
(33) | “State funds” means:
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Amended by Chapter 16, 2023 General Session