DAR File No. 40228
This notice was published in the March 15, 2016, issue (Vol. 2016, No. 6) of the Utah State Bulletin.
Money Management Council, Administration
Collateralization of Public Funds
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 40228
Filed: 02/26/2016 03:16:00 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:
Section 51-7-18 allows the Council to make rules requiring collateral on public funds deposits from qualified depositories only in the event that the public funds on deposit are more than the maximum uninsured public funds allotment. This section allows that the amounts over the uninsured allotment shall be collateralized as provided in Section 51-7-18.1.
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 supporting or opposing the rule have been received.
Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:
This rule needs to be continued to allow the Council to receive collateral, so that public funds are covered and protected from possible loss in the event that a qualified depository's uninsured public funds held allotment is reduced, or there are financial issues with a qualified depository.
The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:Money Management Council
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 firstname.lastname@example.org
Kirt Slaugh, Chair
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/2016/b20160315.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 email@example.com. For questions about the rulemaking process, please contact the Division of Administrative Rules.