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7 LONG TITLE
8 General Description:
9 This bill modifies a provision of the State Money Management Act.
10 Highlighted Provisions:
11 This bill:
12 ▸ provides that a public body that administers certain funds may hold a closed
13 meeting to discuss certain matters; and
14 ▸ excludes certain information from the Government Records Access and
15 Management Act.
16 Money Appropriated in this Bill:
17 None
18 Other Special Clauses:
19 None
20 Utah Code Sections Affected:
21 AMENDS:
22 51-7-2, as last amended by Laws of Utah 2023, Chapters 139, 242 and 328
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24 Be it enacted by the Legislature of the state of Utah:
25 Section 1. Section 51-7-2 is amended to read:
26 51-7-2. Exemptions from chapter.
27 (1) Except as provided in Subsection (2), the following funds are exempt from this
28 chapter:
29 (a) funds invested in accordance with the participating employees' designation or
30 direction pursuant to a public employees' deferred compensation plan established and operated
31 in compliance with Section 457 of the Internal Revenue Code of 1986, as amended;
32 (b) funds of the Utah State Retirement Board;
33 (c) funds of the Utah Housing Corporation;
34 (d) endowment funds of higher education institutions, including funds of the Higher
35 Education Student Success Endowment, created in Section 53B-7-802;
36 (e) permanent and other land grant trust funds established pursuant to the Utah
37 Enabling Act and the Utah Constitution;
38 (f) the State Post-Retirement Benefits Trust Fund;
39 (g) the funds of the Utah Educational Savings Plan;
40 (h) funds of the permanent state trust fund created by and operated under Utah
41 Constitution, Article XXII, Section 4;
42 (i) the funds in the Navajo Trust Fund;
43 (j) the funds in the Radioactive Waste Perpetual Care and Maintenance Account;
44 (k) the funds in the Employers' Reinsurance Fund;
45 (l) the funds in the Uninsured Employers' Fund;
46 (m) the Utah State Developmental Center Long-Term Sustainability Fund, created in
47 Section 26B-1-331;
48 (n) the funds in the Risk Management Fund created in Section 63A-4-201; and
49 (o) the Utah fund of funds created in Section 63N-6-401.
50 (2) Except for the funds of the Utah State Retirement Board and the Utah Educational
51 Savings Plan, the funds described in Subsection (1) are not exempt from Subsections
52 51-7-14(2) and (3).
53 (3) Notwithstanding Title 52, Chapter 4, Open and Public Meetings Act, a public body
54 that administers a fund described in Subsection (1) may hold a closed meeting to discuss the
55 sale or purchase of identifiable securities, investment funds, or investment contracts.
56 (4) A paper, electronic, or other depiction or record of information relating to
57 investment activities of a fund described in Subsection (1) is not subject to Title 63G, Chapter
58 2, Government Records Access and Management Act.
59 Section 2. Effective date.
60 This bill takes effect on May 1, 2024.