63C-25-201. State Finance Review Commission.
| (1) |
There is created the State Finance Review Commission. |
Terms Used In Utah Code 63C-25-201
- Commission: means the State Finance Review Commission created in Section 63C-25-201. See Utah Code 63C-25-101
- Quorum: The number of legislators that must be present to do business.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- 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
- Statute: A law passed by a legislature.
| (2) |
The commission shall:
| (a) |
as described in this part, approve, review, make recommendations, and monitor borrowing and lending practices and activities; and |
| (b) |
exercise the powers and perform other duties prescribed for the commission by statute. |
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| (3) |
The commission shall consist of:
| (a) |
seven voting members as follows:
| (ii) |
the state auditor or the auditor’s designee; |
| (iii) |
the attorney general or the attorney general’s designee; |
| (iv) |
the director of the Division of Finance or the director’s designee; |
| (v) |
the director of the Governor’s Office of Planning and Budget or the director’s designee; and |
| (vi) |
two individuals with a background in debt management, finance, or other similar expertise who are:
| (A) |
after consultation with the state treasurer, appointed by the governor; and |
| (B) |
confirmed by the Senate; and |
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| (b) |
the state’s financial advisor described in Section 67-4-16, who is a nonvoting member. |
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| (4) |
| (a) |
Each position described in Subsection (3)(a)(vi) is for a term of four years. |
| (b) |
When a position described in Subsection (3)(a)(vi) is vacant for any reason, the governor shall appoint the replacement, with confirmation of the Senate, for the remainder of the unexpired term. |
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| (5) |
The state treasurer shall serve as chair of the commission. |
| (6) |
A majority of the commission members constitute a quorum and may act on behalf of the commission. |
| (7) |
The commission shall meet as necessary to effectively conduct the commission’s business and duties as prescribed by statute. |
| (8) |
| (a) |
A commission member may not receive compensation or benefits for the commission member’s service. |
| (b) |
A commission member may receive per diem and travel expenses in accordance with:
| (iii) |
rules made by the Division of Finance in accordance with Sections 63A-3-106 and 63A-3-107. |
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| (9) |
The state treasurer’s office shall provide staff support to facilitate the function of the commission and record commission action and recommendations. |
Enacted by Chapter 207, 2022 General Session
