Utah Administrative Code

The Utah Administrative Code is the body of all effective administrative rules as compiled and organized by the Division of Administrative Rules (see Subsection 63G-3-102(5); see also Sections 63G-3-701 and 702).

NOTE: For a list of rules that have been made effective since August 1, 2019, please see the codification segue page.

NOTE TO RULEFILING AGENCIES: Use the RTF version for submitting rule changes.


R628. Money Management Council, Administration.

Rule R628-4. Bonding of Public Treasurers.

As in effect on August 1, 2019

Table of Contents

R628-4-1. Authority.

This rule is issued pursuant to Section 51-7-15.

R628-4-2. Fidelity Bond or Crime Insurance.

A. Every public treasurer shall secure a fidelity bond or crime insurance in the amount shown in R628-4-4. Bonds must be issued by a corporate surety licensed to do business in the state of Utah and having a current A.M. Best Rating of "A" or better.

1. Crime insurance must be issued by:

a) an insurer licensed to do business in the state of Utah and having a current A.M. Best Rating of "A" or better; or

b) an interlocal agency created under Section 11-13-101 operating as a joint self-insurance fund. A joint self-insurance fund providing crime coverage under this section must maintain a restricted account in the PTIF equal to 50% of the per occurrence limit of coverage.

B. Bonds should be effective as of the date the treasurer assumes the duties of the office or is sworn in.

R628-4-3. Budgeted Gross Revenue.

The basis used shall be the budgeted gross revenue for the previous accounting year. Budgeted gross revenue includes all funds collected or handled by the public treasurer. For purposes of this rule, taxes, fees, service charges, interest, proceeds from sale of assets, and borrowing proceeds are examples of revenue categories which are considered.

R628-4-4. Amount of Bond or Crime Insurance.

                                                     TABLE

Budget                       Percent for Bond

$        0  to  $    10,000  n/a  but not less than  $        0
    10,001  to      100,000  9%   but not less than       5,000
   100,001  to      500,000  8%   but not less than       9,000
   500,001  to    1,000,000  7%   but not less than      40,000
 1,000,001  to    5,000,000  6%   but not less than      70,000
 5,000,001  to   10,000,000  5%   but not less than     300,000
10,000,001  to   25,000,000  4%   but not less than     500,000
25,000,001  to   50,000,000  3%   but not less than   1,000,000
50,000,001  to  500,000,000  2%   but not less than   1,500,000
over            500,000,000       not less than      10,000,000
                                                            

KEY

bonding requirements, public treasurers, accounts, state and local affairs

Date of Enactment or Last Substantive Amendment

August 21, 2017

Notice of Continuation

October 5, 2015

Authorizing, Implemented, or Interpreted Law

51-7-15


Additional Information

Contact

For questions regarding the content or application of rules under Title R628, please contact the promulgating agency (Money Management Council, Administration). A list of agencies with links to their homepages is available at http://www.utah.gov/government/agencylist.html or from http://www.rules.utah.gov/contact/agencycontacts.htm.