Skip to main content
Find a Lawyer

Utah Code Title 11. Cities, Counties, and Local Taxing Units § 11-68-601. Financial reports--Audit--Surety bonds

Current as of January 01, 2025 | Updated by Findlaw Staff

(1)(a) The authority shall, following the close of each fiscal year, submit an annual report of the authority's activities for the preceding year to the governor and the Legislature.

(b) The report shall contain:

(i) a complete operating report detailing the authority's activities; and

(ii) financial statements of the authority audited by a certified public accountant according to generally accepted auditing standards.

(2)(a) At least once a year, the state auditor shall:

(i) audit the books and accounts of the authority; or

(ii) contract with a nationally recognized independent certified public accountant to conduct the audit and review the audit report when the audit is completed.

(b) The authority shall reimburse the state auditor for the costs of the audit.

(c) If the audit is conducted by an independent auditor, the independent auditor shall submit a copy of the audit to the state auditor for review within 90 days after the end of the fiscal year covered by the audit.

(3)(a) The authority shall maintain a surety bond in the penal sum of $25,000 for each member of the board.

(b) The authority shall maintain a surety bond in the penal sum of $50,000 for the executive director.

(c) The authority shall ensure that each surety bond is:

(i) conditioned upon the faithful performance of the duties of office to which the surety bond attaches;

(ii) issued by a surety company authorized to transact business in the state as a surety; and

(iii) filed in the office of the State Treasurer.

(d) The authority shall pay the cost of the surety bonds.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Utah Code Title 11. Cities, Counties, and Local Taxing Units § 11-68-601. Financial reports--Audit--Surety bonds - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-11-cities-counties-and-local-taxing-units/ut-code-sect-11-68-601/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard