Third Substitute H.B. 243

This document includes Senate 2nd and 3rd Reading Floor Amendments incorporated into the bill on Thu, Mar 13, 2014 at 5:01 PM by lpoole. -->

Senator Curtis S. Bramble proposes the following substitute bill:


             1     
AMENDMENTS TO THE FUND OF FUNDS

             2     
2014 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: Jim Bird

             5     
Senate Sponsor: Curtis S. Bramble

             6      Cosponsors:
             7      Jacob L. Anderegg
             8      Johnny Anderson
             9      Stewart BarlowMelvin R. Brown
James A. Dunnigan
Gage Froerer
John KnotwellCurtis Oda
Dixon M. Pitcher
Larry B. Wiley              10     
             11      LONG TITLE
             12      General Description:
             13          This bill amends Title 63M, Chapter 1, Part 12, the Utah Venture Capital Enhancement
             14      Act.
             15      Highlighted Provisions:
             16          This bill:
             17          . S. [     amends the membership of the Utah Capital Investment Board by adding a
             17a      member
             18      of the Senate and a member of the House of Representatives;
] .S

             19          .    amends the quorum requirements of the Utah Capital Investment Board;
             20          .    requires that the annual report and the annual audit for the Utah fund of funds be
             21      completed on or before September 1 for the previous calendar year;
             22          .    describes additional information required in the annual report and audit;
             23          .    provides that the aggregate outstanding certificates may not exceed a total of
             24      $150,000,000 for a loan guarantee;


             25          .    provides that the aggregate outstanding certificates may not exceed a total of
             26      $75,000,000 for a guarantee of equity investments in the Utah fund of funds; and
             27          .    makes technical changes.
             28      Money Appropriated in this Bill:
             29          None
             30      Other Special Clauses:
             31          This bill coordinates with S.B. 31, State Agency Reporting Amendments, by providing
             32      superceding substantive and technical amendments.
             33      Utah Code Sections Affected:
             34      AMENDS:
             35           63M-1-1203 , as last amended by Laws of Utah 2008, Chapter 18 and renumbered and
             36      amended by Laws of Utah 2008, Chapter 382
             37           63M-1-1205 , as last amended by Laws of Utah 2010, Chapter 286
             38           63M-1-1206 , as last amended by Laws of Utah 2012, Chapter 242
             39           63M-1-1214 , as last amended by Laws of Utah 2008, Chapter 18 and renumbered and
             40      amended by Laws of Utah 2008, Chapter 382
             41           63M-1-1217 , as renumbered and amended by Laws of Utah 2008, Chapter 382
             42           63M-1-1218 , as last amended by Laws of Utah 2011, Chapter 342
             43      Utah Code Sections Affected by Coordination Clause:
             44           63M-1-1206 , as last amended by Laws of Utah 2012, Chapter 242
             45     
             46      Be it enacted by the Legislature of the state of Utah:
             47          Section 1. Section 63M-1-1203 is amended to read:
             48           63M-1-1203. Definitions.
             49          As used in this part:
             50          (1) "Board" means the Utah Capital Investment Board.
             51          (2) "Certificate" means a contract between the board and a designated investor under
             52      which a contingent tax credit is available and issued to the designated investor.
             53          (3) (a) Except as provided in Subsection (3)(b), "claimant" means a resident or
             54      nonresident person.
             55          (b) "Claimant" does not include an estate or trust.


             56          (4) "Commitment" means a written commitment by a designated purchaser to purchase
             57      from the board certificates presented to the board for redemption by a designated investor.
             58      Each commitment shall state the dollar amount of contingent tax credits that the designated
             59      purchaser has committed to purchase from the board.
             60          (5) "Contingent tax credit" means a contingent tax credit issued under this part that is
             61      available against tax liabilities imposed by Title 59, Chapter 7, Corporate Franchise and
             62      Income Taxes, or Title 59, Chapter 10, Individual Income Tax Act, if there are insufficient
             63      funds in the redemption reserve and the board has not exercised other options for redemption
             64      under Subsection 63M-1-1220 (3)(b).
             65          (6) "Corporation" means the Utah Capital Investment Corporation created under
             66      Section 63M-1-1207 .
             67          (7) "Designated investor" means:
             68          (a) a person who makes a private investment; or
             69          (b) a transferee of a certificate or contingent tax credit.
             70          (8) "Designated purchaser" means:
             71          (a) a person who enters into a written undertaking with the board to purchase a
             72      commitment; or
             73          (b) a transferee who assumes the obligations to make the purchase described in the
             74      commitment.
             75          (9) "Estate" means a nonresident estate or a resident estate.
             76          (10) "Person" means an individual, partnership, limited liability company, corporation,
             77      association, organization, business trust, estate, trust, or any other legal or commercial entity.
             78          (11) "Private investment" means:
             79          (a) an equity interest in the Utah fund of funds; or
             80          (b) a loan to [or other debt obligation from the Utah fund of funds] the Utah fund of
             81      funds initiated before July 1, 2014, including a loan refinanced on or after July 1, 2014, that
             82      was originated before July 1, 2014.
             83          (12) "Redemption reserve" means the reserve established by the corporation to
             84      facilitate the cash redemption of certificates.
             85          (13) "Taxpayer" means a taxpayer:
             86          (a) of an investor; and


             87          (b) if that taxpayer is a:
             88          (i) claimant;
             89          (ii) estate; or
             90          (iii) trust.
             91          (14) "Trust" means a nonresident trust or a resident trust.
             92          (15) "Utah fund of funds" means a limited partnership or limited liability company
             93      established under Section 63M-1-1213 in which a designated investor purchases an equity
             94      interest.
             95          Section 2. Section 63M-1-1205 is amended to read:
             96           63M-1-1205. Board members -- Meetings -- Expenses.
             97          (1) (a) The board shall consist of [five] the following S. [ seven ] five .S members[. (b) Of
             97a      the five
             98      members]:
             99          (i) [one shall be] the state treasurer;
             100          (ii) [one shall be] the director or the director's designee; S. [ [ ] and [ ] ] .S
             101          (iii) three [shall be] members appointed by the governor and confirmed by the
             102      Senate[.] S. [ ; ] . .S
             103           S. [ (iv) a member of the Senate appointed by the president of the Senate; and
             104          (v) a member of the House of Representatives appointed by the speaker of the House of
             105      Representatives.
] .S

             106          [(c)] (b) The three members appointed by the governor shall serve four-year staggered
             107      terms with the initial terms of the first three members to be four years for one member, three
             108      years for one member, and two years for one member.
             109          (c) The governor shall appoint members of the board based on demonstrated expertise
             110      and competence in:
             111          (i) the supervision of investment managers;
             112          (ii) the fiduciary management of investment funds; or
             113          (iii) the management and administration of tax credit allocation programs.
             114          (2) When a vacancy occurs in the membership of the board for any reason, the vacancy
             115      shall be:
             116          (a) filled in the same manner as the appointment of the original member; and
             117          (b) for the unexpired term of the board member being replaced.


             118          (3) Appointed members of the board may not serve more than two full consecutive
             119      terms except [where] when the S. [ [ ] governor [ ] ] [ appointing authority ] .S determines that an
             119a      additional
             120      term is in the best interest of the state.
             121          (4) [Three] (a) Four members of the board constitute a quorum for conducting
             122      business and exercising board power[, provided that a minimum of three affirmative votes is
             123      required for board action and at least one of the affirmative votes is cast by either the director
             124      or the director's designee or the state treasurer].
             125          (b) If a quorum is present, the action of a majority of members present is the action of
             126      the board.
             127          (5) S. [ (a) ] .S A member S. [ who is not a legislator ] .S may not receive compensation
             127a      or benefits for
             128      the member's service, but may receive per diem and travel expenses in accordance with:
             129           S. [ [ ] (a) [ ] (i) ] .S Section 63A-3-106 ;
             130           S. [ [ ] (b) [ ] (ii) ] .S Section 63A-3-107 ; and
             131           S. [ [ ] (c) [ ] (iii) ] .S rules made by the Division of Finance [pursuant] according to
             131a      Sections
             132      63A-3-106 and 63A-3-107 .
             133           S. [ (b) Compensation and expenses of a board member who is a legislator are governed by
             134      Section 36-2-2 and Legislative Joint Rules, Title 5, Legislative Compensation and Expenses.
] .S

             135          [(6) Members of the board shall be selected on the basis of demonstrated expertise and
             136      competence in:]
             137          [(a) the supervision of investment managers;]
             138          [(b) the fiduciary management of investment funds; or]
             139          [(c) the management and administration of tax credit allocation programs.]
             140          [(7)] (6) The board and its members are considered to be a governmental entity with all
             141      of the rights, privileges, and immunities of a governmental entity of the state, including all of
             142      the rights and benefits conferred under Title 63G, Chapter 7, Governmental Immunity Act of
             143      Utah.
             144          [(8)] (7) Meetings of the board, except to the extent necessary to protect the
             145      information identified in Subsection 63M-1-1224 (3), are subject to Title 52, Chapter 4, Open
             146      and Public Meetings Act.
             147          Section 3. Section 63M-1-1206 is amended to read:
             148           63M-1-1206. Board duties and powers.


             149          (1) The board shall:
             150          (a) establish criteria and procedures for the allocation and issuance of contingent tax
             151      credits to designated investors by means of certificates issued by the board, provided that a
             152      contingent tax credit may not be issued unless the Utah fund of funds:
             153          (i) first agrees to treat the amount of the tax credit redeemed by the state as a loan from
             154      the state to the Utah fund of funds; and
             155          (ii) agrees to repay the loan upon terms and conditions established by the board;
             156          (b) establish criteria and procedures for assessing the likelihood of future certificate
             157      redemptions by designated investors, including:
             158          (i) criteria and procedures for evaluating the value of investments made by the Utah
             159      fund of funds; and
             160          (ii) the returns from the Utah fund of funds;
             161          (c) establish criteria and procedures for registering and redeeming contingent tax
             162      credits by designated investors holding certificates issued by the board;
             163          (d) establish a target rate of return or range of returns [on venture capital investments]
             164      for the investment portfolio of the Utah fund of funds;
             165          (e) establish criteria and procedures governing commitments obtained by the board
             166      from designated purchasers including:
             167          (i) entering into commitments with designated purchasers; and
             168          (ii) drawing on commitments to redeem certificates from designated investors;
             169          (f) have power to:
             170          (i) expend funds;
             171          (ii) invest funds;
             172          (iii) issue debt and borrow funds;
             173          (iv) enter into contracts;
             174          (v) insure against loss; and
             175          (vi) perform any other act necessary to carry out its purpose; and
             176          (g) make, amend, and repeal rules for the conduct of its affairs, consistent with this part
             177      and in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
             178          (2) (a) All rules made by the board under Subsection (1)(g) are subject to review by the
             179      Legislative Management Committee:


             180          (i) whenever made, modified, or repealed; and
             181          (ii) in each even-numbered year.
             182          (b) Subsection (2)(a) does not preclude the legislative Administrative Rules Review
             183      Committee from reviewing and taking appropriate action on any rule made, amended, or
             184      repealed by the board.
             185          (3) (a) The criteria and procedures established by the board for the allocation and
             186      issuance of contingent tax credits shall:
             187          (i) include the contingencies that must be met for a certificate and its related tax credits
             188      to be:
             189          (A) issued by the board;
             190          (B) transferred by a designated investor; and
             191          (C) redeemed by a designated investor in order to receive a contingent tax credit; and
             192          (ii) tie the contingencies for redemption of certificates to:
             193          (A) the targeted rates of return and scheduled redemptions of equity interests purchased
             194      by designated investors in the Utah fund of funds; and
             195          (B) the scheduled principal and interest payments payable to designated investors that
             196      have made loans [or other debt obligations] initiated before July 1, 2014, including a loan
             197      refinanced on or after July 1, 2014, that was originated before July 1, 2014, to the Utah fund of
             198      funds.
             199          (b) The board may not issue contingent tax credits under this part [prior to] before July
             200      1, 2004.
             201          (4) (a) The board may charge a placement fee to the Utah fund of funds for the
             202      issuance of a certificate and related contingent tax credit to a designated investor.
             203          (b) The fee shall:
             204          (i) be charged only to pay for reasonable and necessary costs of the board; and
             205          (ii) not exceed .5% of the private investment of the designated investor.
             206          (5) The board's criteria and procedures for redeeming certificates:
             207          (a) shall give priority to the redemption amount from the available funds in the
             208      redemption reserve; and
             209          (b) to the extent there are insufficient funds in the redemption reserve to redeem
             210      certificates, shall grant the board the option to redeem certificates:


             211          (i) by certifying a contingent tax credit to the designated investor; or
             212          (ii) by making demand on designated purchasers consistent with the requirements of
             213      Section 63M-1-1221 .
             214          (6) (a) The board shall, in consultation with the corporation, publish on or before
             215      September 1 an annual report of the activities conducted by the Utah fund of funds, and submit
             216      the report to the governor [and]; the Business, Economic Development, and Labor
             217      Appropriations Subcommittee[.]; the Business and Labor Interim Committee; and the
             218      Retirement and Independent Entities Committee.
             219          (b) The annual report shall:
             220          (i) be designed to provide clear, accurate, and accessible information to the public, the
             221      governor, and the Legislature;
             222          [(i)] (ii) include a copy of the audit of the Utah fund of funds [and a valuation of the
             223      assets of the Utah fund of funds] described in Section 63M-1-1217 ;
             224          (iii) include a detailed balance sheet, revenue and expenses statement, and cash flow
             225      statement;
             226          (iv) include detailed information regarding new fund commitments made during the
             227      year, including the amount of money committed;
             228          (v) include the net annual rate of return of the Utah fund of funds for the reported year,
             229      and the net rate of return from the inception of the Utah fund of funds, after accounting for all
             230      expenses, including administrative and financing costs;
             231          (vi) include detailed information regarding:
             232          (A) realized gains from investments and any realized losses; and
             233          (B) unrealized gains and any unrealized losses based on the net present value of
             234      ongoing investments;
             235          (vii) include detailed information regarding all yearly expenditures, including:
             236          (A) administrative, operating, and financing costs;
             237          (B) aggregate compensation information separated by full- and part-time employees,
             238      including benefit and travel expenses; and
             239          (C) expenses related to the allocation manager;
             240          (viii) include detailed information regarding all funding sources for administrative,
             241      operations, and financing expenses, including expenses charged by or to the Utah fund of


             242      funds, including management and placement fees;
             243          [(ii)] (ix) review the progress of the investment fund allocation manager in
             244      implementing its investment plan and provide a general description of the investment plan;
             245      [and]
             246          (x) for each individual fund that the Utah fund of funds is invested in that represents at
             247      least 5% of the net assets of the Utah fund of funds, include the name of the fund, the total
             248      value of the fund, the fair market value of the Utah fund of funds' investment in the fund, and
             249      the percentage of the total value of the fund held by the Utah fund of funds;
             250          (xi) S. [ include a list of each company in the state where an investment was made from a
             251      fund that the Utah fund of funds is invested in, and
] include the number of companies in Utah

             251a      where an investment was made from a fund that the Utah fund of funds is invested in, and.S
             251b      provide an aggregate count of new full-time
             252      employees in the state added by all companies where investments were made by funds that the
             253      Utah fund of funds is invested in;
             254          (xii) include an aggregate total value for all funds the Utah fund of funds is invested in,
             255      and an aggregate total amount of money invested in the state by the funds the Utah fund of
             256      funds is invested in;
             257          [(iii)] (xiii) describe any redemption or transfer of a certificate issued under this part[.];
             258          (xiv) include actual and estimated potential appropriations the Legislature will be
             259      required to provide as a result of redeemed certificates or tax credits during the following five
             260      years;
             261          (xv) include an evaluation of the state's progress in accomplishing the purposes stated
             262      in Section 63M-1-1202 ; and
             263          (xvi) be directly accessible to the public via a link from the main page of the Utah fund
             264      of fund's website.
             265          (c) The annual report may not identify [any] a specific designated investor who has
             266      redeemed or transferred a certificate.
             267          [(d) (i) Beginning July 1, 2006, and thereafter every two years, the board shall publish
             268      a progress report which shall evaluate the progress of the state in accomplishing the purposes
             269      stated in Section 63M-1-1202 .]
             270          [(ii) The board shall give a copy of the report to the Legislature.]
             271          Section 4. Section 63M-1-1214 is amended to read:
             272           63M-1-1214. Compensation from the Utah fund of funds to the corporation --


             273      Redemption reserve.
             274          (1) The corporation shall be compensated for its involvement in the Utah fund of funds
             275      through the payment of the management fee described in Section 63M-1-1211 .
             276          (2) Before any returns may be reinvested in the Utah fund of funds:
             277          (a) [Any] any returns shall be paid to designated investors, including the repayment by
             278      the Utah fund of funds of any outstanding loans;
             279          (b) any returns in excess of those payable to designated investors shall be deposited in
             280      the redemption reserve and held by the corporation as a first priority reserve for the redemption
             281      of certificates[.];
             282          [(b) Any] (c) any returns received by the corporation from investment of amounts held
             283      in the redemption reserve shall be added to the redemption reserve until it has reached a total of
             284      [$300,000,000.] $250,000,000; and
             285          [(c) If] (d) if at the end of a calendar year the redemption reserve exceeds the
             286      [$300,000,000] $250,000,000 limitation referred to in Subsection (2)[(b)](c), the corporation
             287      [shall] may reinvest the excess in the Utah fund of funds.
             288          (3) Funds held by the corporation in the redemption reserve shall be invested in
             289      accordance with Title 51, Chapter 7, State Money Management Act.
             290          Section 5. Section 63M-1-1217 is amended to read:
             291           63M-1-1217. Annual audits.
             292          (1) Each calendar year, an audit of the activities of the Utah fund of funds shall be
             293      made as described in this section.
             294          (2) (a) The audit shall be conducted by:
             295          (i) the state auditor; or
             296          (ii) an independent auditor engaged by the state auditor.
             297          (b) An independent auditor used under Subsection (2)(a)(ii) must have no business,
             298      contractual, or other connection to:
             299          (i) the corporation; or
             300          (ii) the Utah fund of funds.
             301          (3) The corporation shall pay the costs associated with the annual audit.
             302          (4) The annual audit report shall:
             303          (a) be delivered to:


             304          (i) the corporation; and
             305          (ii) the board; [and]
             306          (b) include a valuation of the assets owned by the Utah fund of funds as of the end of
             307      the reporting year[.];
             308          (c) include an opinion regarding the accuracy of the information provided in the annual
             309      report described in Subsection 63M-1-1206 (6); and
             310          (d) be completed on or before September 1 for the previous calendar year so that it may
             311      be included in the annual report described in Section 63M-1-1206 .
             312          Section 6. Section 63M-1-1218 is amended to read:
             313           63M-1-1218. Certificates and contingent tax credits.
             314          (1) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the
             315      board, in consultation with the State Tax Commission, shall make rules governing the form,
             316      issuance, transfer, and redemption of certificates.
             317          (2) The board's issuance of certificates and related contingent tax credits to designated
             318      investors is subject to the following:
             319          (a) the aggregate outstanding certificates may not exceed a total of [$300,000,000]:
             320          (i) $150,000,000 of contingent tax credits[;] used as collateral or a guarantee on loans
             321      for the debt-based financing of investments in the Utah fund of funds, including a loan
             322      refinanced using debt- or equity-based financing as described in Subsection (2)(e); and
             323          (ii) $75,000,000 used as a guarantee on equity investments in the Utah fund of funds;
             324          (b) the board shall issue a certificate contemporaneously with an investment in the
             325      Utah fund of funds by a designated investor;
             326          (c) the board shall issue contingent tax credits in a manner that not more than
             327      $20,000,000 of contingent tax credits for each $100,000,000 increment of contingent tax
             328      credits may be redeemable in [any] a fiscal year; [and]
             329          (d) the credits are certifiable if there are insufficient funds in the redemption reserve to
             330      make a cash redemption and the board does not exercise its other options under Subsection
             331      63M-1-1220 (3)(b)[.];
             332          (e) the board may not issue additional certificates as collateral or a guarantee on a loan
             333      for the debt-based financing of investments in the Utah fund of funds that is initiated after July
             334      1, 2014, except for a loan refinanced using debt- or equity-based financing on or after July 1,


             335      2014, that was originated before July 1, 2014;
             336          (f) after July 1, 2014, and on or before December 31, 2017, the board may issue
             337      certificates that represent a guarantee of no more than 100% of the principal of each equity
             338      investment in the Utah fund of funds; and
             339          (g) the board may not issue certificates after December 31, 2017.
             340          (3) In determining the [$300,000,000 maximum limit in Subsection] maximum limits
             341      in Subsections (2)(a)(i) and (ii) and the $20,000,000 limitation for each $100,000,000
             342      increment of contingent tax credits in Subsection (2)(c):
             343          (a) the board shall use the cumulative amount of scheduled aggregate returns on
             344      certificates issued by the board to designated investors;
             345          (b) certificates and related contingent tax credits [which] that have expired may not be
             346      included; and
             347          (c) certificates and related contingent tax credits [which] that have been redeemed shall
             348      be included only to the extent of tax credits actually allowed.
             349          (4) Contingent tax credits are subject to the following:
             350          (a) a contingent tax credit may not be redeemed except by a designated investor in
             351      accordance with the terms of a certificate from the board;
             352          (b) a contingent tax credit may not be redeemed prior to the time the Utah fund of
             353      funds receives full payment from the designated investor for the certificate;
             354          (c) a contingent tax credit shall be claimed for a tax year that begins during the
             355      calendar year maturity date stated on the certificate;
             356          (d) an investor who redeems a certificate and the related contingent tax credit shall
             357      allocate the amount of the contingent tax credit to the taxpayers of the investor based on the
             358      taxpayer's pro rata share of the investor's earnings; and
             359          (e) a contingent tax credit shall be claimed as a refundable credit.
             360          (5) In calculating the amount of a contingent tax credit:
             361          (a) the board shall certify a contingent tax credit only if the actual return, or payment of
             362      principal and interest for a loan initiated before July 1, 2014, including a loan refinanced on or
             363      after July 1, 2014, that was originated before July 1, 2014, to the designated investor is less
             364      than that targeted at the issuance of the certificate;
             365          (b) the amount of the contingent tax credit for a designated investor with an equity


             366      interest may not exceed the difference between[: (i) the sum of: (A) the initial private
             367      investment of the designated investor in the Utah fund of funds; and (B) the scheduled
             368      aggregate return to the designated investor at rates of return authorized by the board at the
             369      issuance of the certificate; and (ii)] the actual principal investment of the designated investor in
             370      the Utah fund of funds and the aggregate actual return received by the designated investor and
             371      any predecessor in interest of the initial equity investment and interest on the initial equity
             372      investment;
             373          (c) the rates, whether fixed rates or variable rates, shall be determined by a formula
             374      stipulated in the certificate; and
             375          (d) the amount of the contingent tax credit for a designated investor with [a loan or
             376      other debt obligation from] an outstanding loan to the Utah fund of funds initiated before July
             377      1, 2014, including a loan refinanced on or after July 1, 2014, that was originated before July 1,
             378      2014, shall be equal to the amount of any principal, interest, or interest equivalent unpaid at the
             379      redemption of the loan or other obligation, as stipulated in the certificate.
             380          (6) The board shall clearly indicate on the certificate:
             381          (a) the targeted return on the invested capital, if the private investment is an equity
             382      interest;
             383          (b) the payment schedule of principal, interest, or interest equivalent, if the private
             384      investment is a loan [or other debt obligation] initiated before July 1, 2014, including a loan
             385      refinanced on or after July 1, 2014, that was originated before July 1, 2014;
             386          (c) the amount of the initial private investment;
             387          (d) the calculation formula for determining the scheduled aggregate return on the initial
             388      equity investment, if applicable; and
             389          (e) the calculation formula for determining the amount of the contingent tax credit that
             390      may be claimed.
             391          (7) Once money is invested by a designated investor, [the] a certificate:
             392          (a) is binding on the board; and
             393          (b) may not be modified, terminated, or rescinded.
             394          (8) Funds invested by a designated investor for a certificate shall be paid to the
             395      corporation for placement in the Utah fund of funds.
             396          (9) The State Tax Commission may, in accordance with Title 63G, Chapter 3, Utah


             397      Administrative Rulemaking Act, and in consultation with the board, make rules to help
             398      implement this section.
             399          Section 7. Coordinating H.B. 243 with S.B. 31 -- Superseding substantive and
             400      technical amendments.
             401          If this H.B. 243 and S.B. 31, State Agency Reporting Amendments, both pass and
             402      become law, it is the intent of the Legislature that the amendments to Section 63M-1-1206 in
             403      this bill supersede the amendments to Section 63M-1-1206 in S.B. 31, when the Office of
             404      Legislative Research and General Counsel prepares the Utah Code database for publication.


[Bill Documents][Bills Directory]