DAR File No. 42301
This notice was published in the December 1, 2017, issue (Vol. 2017, No. 23) of the Utah State Bulletin.
Money Management Council, Administration
Rule R628-18
Conditions and Procedures for Use of Interest Rate Contracts
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 42301
Filed: 11/03/2017 11:27:50 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:
This rule is enacted under Subsection 51-7-17(3) and allows public entities to enter into investment rate contracts that meet the requirements in council rule. Under Subsection 51-7-18(2)(x), the council is given rule writing authority for providing the conditions and procedures for the use of investment rate contracts by public entities.
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 either supporting or opposing 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:
Under Subsection 51-7-17(3), public entities are allowed to enter into investment rate contracts per council rule. In order to allow public entities to use investment contracts in a safe and consistent manner this rule has to be in place. Additionally, there are several public entities that are utilizing investment rate contracts. Because of the use of the instrument, this rule needs to be in place. Therefore, this rule should be continued. Council has reviewed the rule in its monthly meeting and found that it is current and is being utilized and no comments were received in that meeting.
The full text of this rule may be inspected, during regular business hours, at the Office 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
- Marina Scott at the above address, by phone at 801-535-6565, by FAX at , or by Internet E-mail at marina.scott@slcgov.com
Effective:
11/03/2017
Authorized by:
Marina Scott, Chair
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/2017/b20171201.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; Marina Scott at the above address, by phone at 801-535-6565, by FAX at , or by Internet E-mail at marina.scott@slcgov.com. For questions about the rulemaking process, please contact the Office of Administrative Rules.