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Public Funds and Accounts | |
State Money Management Act | |
Section 3 | Definitions. |
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51-7-3. Definitions. As used in this chapter: (1) "Agent" means "agent" as defined in Section 61-1-13. (2) "Certified dealer" means: (a) a primary reporting dealer recognized by the Federal Reserve Bank of New York who is certified by the director as having met the applicable criteria of council rule; or (b) a broker dealer who: (i) has and maintains an office and a resident registered principal in the state; (ii) meets the capital requirements established by council rules; (iii) meets the requirements for good standing established by council rule; and (iv) is certified by the director as meeting quality criteria established by council rule. (3) "Certified investment adviser" means a federal covered adviser, as defined in Section 61-1-13, or an investment adviser, as defined in Section 61-1-13, who is certified by the director as having met the applicable criteria of council rule. (4) "Commissioner" means the commissioner of financial institutions. (5) "Council" means the State Money Management Council created by Section 51-7-16. (6) "Director" means the director of the Utah State Division of Securities of the Department of Commerce. (7) (a) "Endowment funds" means gifts, devises, or bequests of property of any kind donated to a higher education institution from any source. (b) "Endowment funds" does not mean money used for the general operation of a higher education institution that is received by the higher education institution from: (i) state appropriations; (ii) federal contracts; (iii) federal grants; (iv) private research grants; and (v) tuition and fees collected from students. (8) "First tier commercial paper" means commercial paper rated by at least two nationally recognized statistical rating organizations in the highest short-term rating category. (9) "Funds functioning as endowments" means funds, regardless of source, whose corpus is intended to be held in perpetuity by formal institutional designation according to the institution's policy for designating those funds. (10) "GASB" or "Governmental Accounting Standards Board" means the Governmental Accounting Standards Board that is responsible for accounting standards used by public entities. (11) "Hard put" means an unconditional sell-back provision or a redemption provision applicable at issue to a note or bond, allowing holders to sell their holdings back to the issuer or to an equal or higher-rated third party provider at specific intervals and specific prices determined at the time of issuance. (12) "Higher education institution" means the institutions specified in Section 53B-1-102. (13) "Investment adviser representative" means "investment adviser representative" as defined in Section 61-1-13. (14) (a) "Investment agreement" means any written agreement that has specifically negotiated withdrawal or reinvestment provisions and a specifically negotiated interest rate. (b) "Investment agreement" includes any agreement to supply investments on one or
more future dates. (27) "Public treasurer" includes the state treasurer and the official of any state board, commission, institution, department, division, agency, or other similar instrumentality, or of any county, city, school district, political subdivision, or other public body who has the responsibility for the safekeeping and investment of any public funds. (28) "Qualified depository" means a Utah depository institution or an out-of-state depository institution, as those terms are defined in Section 7-1-103 that is authorized to conduct business in this state under Section 7-1-702 or Title 7, Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, whose deposits are insured by an agency of the federal government and that has been certified by the commissioner of financial institutions as having met the requirements established under this chapter and the rules of the council to be eligible to receive deposits of public funds. (29) "Qualifying repurchase agreement" means a repurchase agreement evidencing indebtedness of a financial institution or government securities dealer acting as principal arising from the transfer of obligations of the United States Treasury or other authorized investments to public treasurers only if purchased securities are: (a) delivered to the public treasurer's safekeeping agent or custodian as contemplated by Section 7 of the Master Repurchase Agreement; and (b) valued and maintained at market value plus an appropriate margin collateral requirement based upon the term of the agreement and the type of securities acquired. (30) "Securities division" means Utah's Division of Securities created within the Department of Commerce by Section 13-1-2. (31) "State funds" means: (a) public money raised by operation of law for the support and operation of the state government; and (b) all other money, funds, and accounts, regardless of the source from which the money, funds, or accounts are derived, that are owned, held, or administered by the state or any of its boards, commissions, institutions, departments, divisions, agencies, bureaus, laboratories, or other similar instrumentalities.
Amended by Chapter 342, 2011 General Session |
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