Money Management Council, Administration

Rule R628-4

Bonding of Public Treasurers

Five-Year Notice of Review and Statement of Continuation

DAR File No.: 34141
Filed: 10/06/2010 02:32:15 PM

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:

The Utah Money Management Act (Title 51, Chapter 7) in Section 51-7-15, states that any public treasurer the Council designates in rule shall be bonded in the amount set out by Council rule and that the Council shall base the minimum bond amount on the amount of public funds held or in control of the public treasurer.

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 comments received 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:

This rule continues to be necessary to provide criteria for the amount a public treasurer must bond for to protect public funds from loss in the event of malfeasance by a treasurer or his/her staff. 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:

10/06/2010