School and Institutional Trust Lands, Administration

Rule R850-5

Payments, Royalties, Audits, and Reinstatements

Five-Year Notice of Review and Statement of Continuation

DAR File No.: 36409
Filed: 06/27/2012 07:28:36 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:

Subsections 53C-1-302(1)(a)(ii) and 53C-1-303(1)(b) authorize the Director of the School and Institutional Trust Lands Administration to establish fees, procedures, and rules for the management of the trust lands.

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

No written comments have been received by the Agency concerning 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 sets forth the guidelines and procedures necessary for protecting the assets of the various beneficiaries in the course of leasing and selling trust assets. Guidelines for the audit of leases ensures that the trust assets are being protected and the trust beneficiaries are receiving full value for their lands. It is important that this rule remain in full force and effect. 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:

• Ron Carlson at the above address, by phone at 801-538-5131, by FAX at 801-538-5118, or by Internet E-mail at [email protected]

Authorized by:

Kevin Carter, Director

Effective:

06/27/2012