Money Management Council, Administration

Rule R628-2

Investment of Funds of Public Education Foundations Established under Section 53A-4-205 or Funds Acquired by Gift, Devise or Bequest

Five-Year Notice of Review and Statement of Continuation

DAR File No.: 36453
Filed: 07/10/2012 09:10:20 AM

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

This rule is enacted under Subsection 51-7-13(2) which says that rules established by the Money Management Council will govern how these types of funds are invested and Subsection 51-7-18(2)(b) which gives the Council rulemaking authority.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

There have been no written comments received on this rule since the last five-year review.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

The nature of these types of permanent foundation funds means that there needs to be a different set of investment criteria in place than what is allowed for most other types of public funds. This rule provides for investment in high quality longer term securities and mutual funds needed for public education foundations. Therefore, this rule should be continued.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Direct questions regarding this rule to:

• Ann Pedroza at the above address, by phone at 801-538-1883, by FAX at 801-538-1465, or by Internet E-mail at [email protected]

Authorized by:

William Wallace, Chair

Effective:

07/10/2012