63B-1b-202. Custodial officer — Powers and duties.
(1)
Terms Used In Utah Code 63B-1b-202
Authorizing agency: means the board, person, or unit with legal responsibility for administering and managing revolving loan funds. See Utah Code 63B-1b-102
Bonds: means any bonds, bond anticipation notes, or other obligations authorized under this title for which the full faith, credit, and resources and ad valorem taxing power of the state have been pledged for the payment of the principal of and interest on the bonds. See Utah Code 63B-1-101
Contract: A legal written agreement that becomes binding when signed.
Division: means the Division of Facilities Construction and Management. See Utah Code 63B-1-101
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
Revolving Loan Funds: means :
(a)
the Water Resources Conservation and Development Fund, created in Section 73-10-24;
(b)
the Water Resources Construction Fund, created in Section 73-10-8;
(c)
the Water Resources Cities Water Loan Fund, created in Section 73-10-22;
(d)
the Clean Fuel Conversion Funds, created in 4;
(e)
the Water Development Security Fund and its subaccounts, created in Section 73-10c-5;
(f)
the Agriculture Resource Development Fund, created in Section 4-18-106;
(g)
the Utah Rural Rehabilitation Fund, created in Section 4-19-105;
(h)
the Permanent Community Impact Fund, created in Section 35A-8-303;
(i)
the Petroleum Storage Tank Fund, created in Section 19-6-409; and
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 within the Division of Finance an officer responsible for the care, custody, safekeeping, collection, and accounting of all bonds, notes, contracts, trust documents, and other evidences of indebtedness:
(i)
owned or administered by the state or any of its agencies; and
(ii)
except as provided in Subsection (1)(b), relating to revolving loan funds.
(b)
Notwithstanding Subsection (1)(a), the officer described in Subsection (1)(a) is not responsible for the care, custody, safekeeping, collection, and accounting of a bond, note, contract, trust document, or other evidence of indebtedness relating to the:
(i)
Agriculture Resource Development Fund, created in Section 4-18-106;
(ii)
Utah Rural Rehabilitation Fund, created in Section 4-19-105;
(iii)
Petroleum Storage Tank Fund, created in Section 19-6-409;
(iv)
Olene Walker Housing Loan Fund, created in Section 35A-8-502;
(v)
Brownfields Fund, created in Section 19-8-120; and
(vi)
Rural Opportunity Fund, created in Section 63N-4-805.
(2)
(a)
Each authorizing agency shall deliver to this officer for the officer’s care, custody, safekeeping, collection, and accounting all bonds, notes, contracts, trust documents, and other evidences of indebtedness:
(i)
owned or administered by the state or any of its agencies; and
(ii)
except as provided in Subsection (1)(b), relating to revolving loan funds.
(b)
This officer shall:
(i)
establish systems, programs, and facilities for the care, custody, safekeeping, collection, and accounting for the bonds, notes, contracts, trust documents, and other evidences of indebtedness submitted to the officer under this Subsection (2); and
(ii)
shall make available updated reports to each authorizing agency as to the status of loans under their authority.
(3)
The officer described in Section 63B-1b-201 shall deliver to the officer described in Subsection (1)(a) for the care, custody, safekeeping, collection, and accounting by the officer described in Subsection (1)(a) of all bonds, notes, contracts, trust documents, and other evidences of indebtedness closed as provided in Subsection 63B-1b-201(2)(b).
Amended by Chapter 362, 2022 General Session Amended by Chapter 451, 2022 General Session
