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Utah Code Title 51. Public Funds and Accounts § 51-12-201. Investment opportunities

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

(1) A qualified depository may request the state treasurer to make a deposit in the qualified depository if the qualified depository:

(a) has identified and approved for financing a qualified project; and

(b) requests no more than 100% of the financing for a qualified project.

(2) Subject to Subsection (3), the state treasurer shall approve the qualified depository's request for deposit:

(a) unless the state treasurer determines the qualified depository does not merit deposit under fiduciary duties and prudent investment practices within the parameters of this chapter;

(b) in an amount that is equal to the lesser of:

(i) the deposit amount requested;

(ii) $60,000,000; or

(iii) 50% of the qualified depository's maximum amount of public deposits determined in accordance with Section 51-7-18.1; and

(c) as sufficient money becomes available in the fund and in accordance with Subsection 72-2-134(4)(a).

(3) The state treasurer may not approve a request for deposit after December 31, 2025.

(4) The state treasurer shall notify Utah Housing Corporation of any qualified projects for which the state treasurer makes a deposit in a qualified depository.

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Cite this article: FindLaw.com - Utah Code Title 51. Public Funds and Accounts § 51-12-201. Investment opportunities - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-51-public-funds-and-accounts/ut-code-sect-51-12-201/

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