House of Representatives State of Utah


         UTAH STATE CAPITOL COMPLEX . 350 STATE CAPITOL
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Graphic file number 0 named letter~1.jpg with height 78 p and width 81 p Left aligned
         P.O. BOX 145030 . SALT LAKE CITY, UTAH 84114-5030 . (801) 538-1029

        March 5, 2014

Madam Speaker:

    The Retirement and Independent Entities Committee recommends H.B. 168, SCHOOL AND INSTITUTIONAL TRUST LANDS AND FUNDS MANAGEMENT PROVISIONS, by Representative M. Brown, be replaced and reports a favorable recommendation on 1st Sub. H.B. 168, SCHOOL AND INSTITUTIONAL TRUST LANDS AND FUNDS MANAGEMENT PROVISIONS with the following amendments:

1.    Page 2, Line 30 :    

             30      Trust Fund Board of Trustees;

{   and   }       

    . provides for funding office operations; and  


2.    Page 15, Lines 455 through 457 :    

             455          
{   (3) The director of school and institutional trust lands, appointed under Section

             456      53C-1-301 , shall annually deposit an amount of money into the account equal to the annual
             457      appropriation made to the office by the Legislature.   }
    
  (3) The director shall deposit into the account an amount of money from the trust fund investment revenues equal to the annual appropriation that the Legislature makes to the office. The office may deduct from income all costs related to risk management, consulting, equipment, and legal expenses, custodial costs, management fees, and other costs of operating the office.      

3.    Page 16, Lines 463 through 465 :    

             463          
{   (5) Before distributing earnings from trust fund assets, the office may deduct any audit,

             464      risk management, consulting, equipment, legal, and custodial costs and management fees
             465      incurred in managing the trust fund assets.   }

    Respectfully,

    Kraig Powell
    Committee Chair

Voting: 8-0-1
7 HB0168.HC1.wpd 3/5/14 2:00 pm benchristensen/BNC RHR/RCN

Bill Number
Action Class
Action Code

*HB0168S01*
*H*
*HCRSUBAMD*

 HB0168S01
H
HCRSUBAMD