Section 1. Section 51-10-202 is amended to read:51-10-202. Board of trustees of the fund -- Trust administrator -- Investment activities.(1)(a)There is created a board of trustees of the fund composed of the following three members:(i)the state treasurer;(ii)the director of the Division of Finance; and(iii)the director of the Governor's Office of Planning and Budget or the director's designee.(b)The state treasurer is chair of the board.(c)Three members of the board is a quorum.(d)A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with:(i)Section 63A-3-106;(ii)Section 63A-3-107; and(iii)rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.(2)(a)The board shall:(i)contract with a person to act as trust administrator in accordance with Title 63G, Chapter 6a, Utah Procurement Code, and when not provided for by this chapter, define the trust administrator's duties; or(ii)if unable to find a qualified person under Subsection (2)(a)(i) to act as trust administrator for a reasonable cost, hire a qualified person to act as trust administrator and, when not provided for in this chapter, define the trust administrator's duties.(b)If the board hires a trust administrator under Subsection (2)(a)(ii), the board may hire or authorize the trust administrator to hire other persons necessary to assist the trust administrator and the board to perform the duties required by this chapter.(3)The board shall:(a)on behalf of the state, act as trustee of the fund and exercise the state's fiduciary responsibilities;(b)meet at least once every other monthquarterly;(c)review and approve the policies, projections, rules, criteria, procedures, forms, standards, and performance goalsa policy, projection, rule, criteria, procedure, form, standard, or performance goal established by the trust administrator;(d)review and approve the fund budget prepared by the trust administrator;(e)review the progress reports from programsa progress report from a program financed by the fund;(f)review a financial recordsrecord of the fund, including a fund receipts, expenditures, and investmentsreceipt, expenditure, or investment; and(g)do any other thing necessary to perform the state's fiduciary obligations under the fund.(4)The attorney general shall:(a)act as legal counsel and provide legal representation to the board; and(b)attend or direct an attorney from the attorney general's office to attend each meeting of the board.(5)The board may consult with knowledgeable state personnel to advise the board on policy and technical matters.(6)A record of information relating to an investment activity of the fund is exempt from Title 63G, Chapter 2, Government Records Access and Management Act.

Section 2. Section 51-10-204 is amended to read:51-10-204. Trust administrator duties.(1)Under the direction of the board, the trust administrator shall:(a)review the documents and decisions highlighting the history of the fund, including:(i)the Nelson report, prepared as part of the Bigman v. Utah Navajo Development Council, Inc. C77-0031;(ii)the November 1991 performance audit of the fund by the legislative auditor general;(iii)Sakezzie v. Utah Indian Affairs Commission, 198 F. Supp. 218 (1961);(iv)Sakezzie v. Utah Indian Affairs Commission, 215 F. Supp. 12 (1963);(v)the September 8, 1977, consent decree, the stipulation dated November 29, 1984, modifying the consent decree, and the court's memorandum opinion dated September 25, 1978, in Bigman v. Utah Navajo Development Council, Inc. C77-0031; and(vi)rulings related to Pelt v. Utah;(b)review allthe potential sources of fund revenues;(c)prepare an annual projectionsprojection of money that will be available for a Navajo programsprogram;(d)identify the property owned by the fund;(e)establish and maintain a record system and retention schedule to retain recordsa record relating to the fund's property and operations, including:(i)recordsa record related to the ethics and conflict policy developed under Subsection (2)(c);(ii)requests for proposals and proposalsa request for proposal and a proposal received;(iii)contractsa contract awarded;(iv)project progress and a completion reportsreport;(v)invoicesan invoice; and(vi)a purchasing recordsrecord;(f)review thean existing and proposed programsprogram financed by the fund;(g)evaluate whether the programsa program described in Subsection (1)(f) areis the most practical and cost-efficient means to provide the desired benefit to Navajos;(h)consult regularly with the administrators of the programs financed by the fund to obtain progress reports on the programsadministrator of a program financed by the fund to obtain a progress report on the program;(i)attend allthe meetings of:(i)the Din Advisory Committee; and(ii)the board;(j)certify that the expendituresan expenditure of the fund:(i)complycomplies with the state's fiduciary responsibilities as trustee of the fund; and(ii)areis consistent with this section;(k)make an annual report:(i)to the:(A)board;(B)governor; and(C)Native American Legislative Liaison Committee, created in Section 36-22-1; and(ii)that:(A)identifies the source and amount of the revenue received by the fund;(B)identifies the recipient, purpose, and amount of the expenditures from the fund;(C)identifies specifically each of the fund's investments and the actual return and the rate of return from each investmentinvestment categories and the rate of return of each category of investment; and(D)recommends any necessary statutory changes to improve administration of the fund or to protect the state from liability as trustee;(l)submit a written annual report to the:(i)Division of Indian Affairs;(ii)Navajo Nation;(iii)United States Bureau of Indian Affairs; and(iv)United States Secretary of the Interior;(m)establish, in conjunction with the state treasurer and the Division of Finance, appropriate accounting practices for the fund receipts, expenditures, and investments according to generally accepted accounting principles;(n)provide a summary recordsrecord of fund receipts, expenditures, and investments to the board and to the Din Advisory Committee at each of their meetingsmeeting of the board or Din Advisory Committee;(o)pay an administrative expensesexpense from the fund;(p)report monthlyquarterly to the board about:(i)the trust administrator's activities; and(ii)the status of the fund; and(q)call an additional meetingsmeeting of the Din Advisory Committee when necessary.(2)In conjunction with the Din Advisory Committee and under the direction of the board, the trust administrator shall:(a)before the beginning of each fiscal year, establish a list of the needs of Navajos for that year to be used for the annual budget;(b)before the beginning of each fiscal year, develop and approve an annual budget for the fund;(c)develop an ethics and conflict of interest policy that emphasizes the need to avoid even the appearance of conflict of interest or impropriety that is to apply to:(i)the trust administrator;(ii)the trust administrator's staff; and(iii)the Din Advisory Committee;(d)require the trust administrator, each of the trust administrator's staff, and each member of the Din Advisory Committee to sign and keep on file written documentation that acknowledges:(i)their receipt of the ethics and conflict of interest policy described in Subsection (2)(c); and(ii)their willingness to abide by the ethics and conflict of interest policy described in Subsection (2)(c); and(e)make expenditures from the fund:(i)"for the health, education, and general welfare of the Navajo Indians residing in San Juan County" as required by:(A)Pub. L. No. 72-403, 47 Stat. 1418 (1933);(B)Pub. L. No. 90-306, 82 Stat. 121 (1968); and(C)this chapter; and(ii)including expenditure for roads and utilities.(3)The trust administrator, under direction of the board, may:(a)contract with public and private entitiesa public or private entity; and(b)unless prohibited by law or this chapter, acquire and hold money and other property received in the administration of the fund.

Section 3. Effective Date.This bill takes effect on May 6, 2026.