As used in this section, “economic benefit tantamount to a gift” includes:
Terms Used In Utah Code 67-16-5
Compensation: means anything of economic value, however designated, which is paid, loaned, granted, given, donated, or transferred to any person or business entity by anyone other than the governmental employer for or in consideration of personal services, materials, property, or any other thing whatsoever. See Utah Code 67-16-3
Donor: The person who makes a gift.
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Governmental action: means any action on the part of the state, a political subdivision, or an agency, including:
(a)
any decision, determination, finding, ruling, or order; and
(b)
any grant, payment, award, license, contract, subcontract, transaction, decision, sanction, or approval, or the denial thereof, or the failure to act in respect to. See Utah Code 67-16-3
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
a loan at an interest rate that is substantially lower than the commercial rate then currently prevalent for similar loans; and
(b)
compensation received for private services rendered at a rate substantially exceeding the fair market value of the services.
(2)
Except as provided in Subsection (4), it is an offense for a public officer or public employee to knowingly receive, accept, take, seek, or solicit, directly or indirectly for himself or another a gift of substantial value or a substantial economic benefit tantamount to a gift:
(a)
that would tend improperly to influence a reasonable person in the person’s position to depart from the faithful and impartial discharge of the person’s public duties;
(b)
that the public officer or public employee knows or that a reasonable person in that position should know under the circumstances is primarily for the purpose of rewarding the public officer or public employee for official action taken; or
(c)
if the public officer or public employee recently has been, is now, or in the near future may be involved in any governmental action directly affecting the donor or lender, unless a disclosure of the gift, compensation, or loan and other relevant information has been made in the manner provided in Section 67-16-6.
(3)
Subsection (2) does not apply to:
(a)
an occasional nonpecuniary gift, having a value of not in excess of $50;
(b)
an award publicly presented in recognition of public services;
(c)
any bona fide loan made in the ordinary course of business; or
(d)
a political campaign contribution.
(4)
This section does not apply to a public officer or public employee who engages in conduct that constitutes a violation of this section to the extent that the public officer or public employee is chargeable, for the same conduct, under Section 63G-6a-2404 or Section 76-8-105.
