DAR File No. 39818
This notice was published in the November 1, 2015, issue (Vol. 2015, No. 21) of the Utah State Bulletin.
Money Management Council, Administration
Rule R628-11
Maximum Amount of Uninsured Public Funds Allowed to be Held by Any Qualified Depository
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 39818
Filed: 10/09/2015 10:59:44 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:
Section 51-7-18.1 of the Utah Money Management Act charges the council with determining by rule the amount of uninsured public funds a qualified depository may hold above the federal insured amount. This section describes that the council shall base the amount on the depository's capital and the amount may not be more than two times the depository's capital as defined in council rule.
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 regarding 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:
This rule is used quarterly to update the maximum uninsured allotment amount for public treasurers depositing into qualified depositories. Without this rule, public entities could not utilize financial institutions. This rule needs to be in place to allow the council to monitor the condition of financial institutions that hold public funds and protect public funds deposited in these institutions. 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:
Money Management CouncilAdministration
Room 180 UTAH STATE CAPITOL COMPLEX
350 N STATE ST
SALT LAKE CITY, UT 84114
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
Effective:
10/09/2015
Authorized by:
Mark Watkins, Chair, Money Management Council
Additional Information
More information about a Five-Year Notice of Review and Statement of Continuation is available online.
The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull-pdf/2015/b20151101.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version.
For questions regarding the content or application of this rule, please contact 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. For questions about the rulemaking process, please contact the Division of Administrative Rules.