DAR File No. 41846

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.: 41846
Filed: 06/27/2017 08:49:11 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 established 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 Trust concerning this rule since the last five-year notice of review.

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

This rules 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. This rule is necessary for the day-to-day operations of the Trust. Therefore, this rule should be continued.

The full text of this rule may be inspected, during regular business hours, at the Office of Administrative Rules, or at:

School and Institutional Trust Lands
AdministrationRoom 500
675 E 500 S
SALT LAKE CITY, UT 84102-2818

Direct questions regarding this rule to:

• John Andrews at the above address, by phone at 801-538-5180, by FAX at 801-538-5118, or by Internet E-mail at jandrews@utah.gov

Effective:

06/27/2017

Authorized by:

David Ure, Director