1st Sub.
H.B.
168
SCHOOL AND INSTITUTIONAL TRUST LANDS AND FUNDS MANAGEMENT
PROVISIONS
House Committee
Amendments
Amendment 1 March 5, 2014 11:37 AM
Representative Melvin R. Brown
proposes 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, to fund
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.
}
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