Utah Code 67-4-17. Federal/state cash transfers

(1)

Federal funds: means cash received from the United States government or from other individuals or entities for or on behalf of the United States and deposited with the state treasurer or any agency of the state. See Utah Code 67-4-2
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
State funds: includes funds of independent state agencies or public corporations, regardless of the source of funds. See Utah Code 67-4-2
United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5

(a)	The state treasurer and the Division of Finance shall enter into an agreement with the United States Secretary of the Treasury that establishes procedures and requirements for implementing the United States Cash Management Improvement Act of 1990.

(b)

The agreement shall stipulate that:

(i)	the time elapsed between the transfer of funds from the United States Treasury and the redemption of warrants shall be minimized; and

(ii)

if the state:

(A)	deposits federal funds before the time funds are paid out of the state treasury for the redemption of warrants issued for federal programs, the Division of Finance may pay to the United States Treasury, out of interest earnings on the funds, an interest amount as required by federal regulation; or

(B)	disburses its own funds for federal programs, the Division of Finance shall bill the federal government for interest from the time state funds are paid out to redeem warrants until the federal funds are received.

(2)

To the degree allowed by federal regulation, all direct costs of calculating the interest may be:

(a)	deducted from any interest payments made to the United States Treasury; or

(b)	included in any billings to the United States Treasury.

Enacted by Chapter 195, 1991 General Session