Money Management Council, Administration

Rule R628-10

Rating Requirements to be a Permitted Depository

Five-Year Notice of Review and Statement of Continuation

DAR File No.: 34676
Filed: 04/11/2011 03:49:03 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:

Subsection 51-7-17(4) allows public treasurers to invest in permitted depositories, or out of state depositories, that meet the criteria of the Rules of the Money Management Council. Also Subsection 51-7-18(2)(b)(iv) states that the Money Management Council may write rules that govern deposits of public funds in permitted depositories.

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 either for or against this rule.

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

This rule is needed to establish a standard for public treasurers to evaluate the financial condition of permitted depositories to determine if placing public funds in these depositories would expose these funds to risk. As deposits in permitted depositories are an allowed investment for public treasurers under the Money Management Act (Title 51, Chapter 7) there must be a rule in place to provide criteria for a public treasurer to do so. 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 apedroza@utah.gov

Authorized by:

William Wallace, Chair

Effective:

04/11/2011