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Utah Code Title 67. State Officers and Employees § 67-4-19. Investments of public funds in precious metals by state treasurer--Precious metals study and report to Legislature

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

(1) As used in this section, “precious metal” means the same as that term is defined in Section 61-1-13.

(2)(a) Subject to Subsection (2)(b), the state treasurer may invest a portion of public funds in the following accounts in precious metals:

(i) the State Disaster Recovery Restricted Account, created in Section 53-2a-603;

(ii) the General Fund Budget Reserve Account, created in Section 63J-1-312;

(iii) the Income Tax Fund Budget Reserve Account, created in Section 63J-1-313; and

(iv) the Medicaid Growth Reduction and Budget Stabilization Account, created in Section 63J-1-315.

(b)(i) The amount of public funds that the state treasurer may invest in precious metals in an account described in Subsection (2)(a) may not, at the time the investment is made, exceed 10% of the total amount of public funds in that account.

(ii) The requirements of Subsections 51-7-14(2) and (3) apply to the state treasurer's investments in precious metals under Subsection (2)(a).

(iii) Any public funds in an account described in Subsection (2)(a) not invested by the state treasurer in precious metals under this Subsection (2) shall be invested as provided in Title 51, Chapter 7, State Money Management Act.

(3) The state treasurer shall:

(a) conduct a study analyzing the role of precious metals in augmenting, stabilizing, and ensuring the economic security and prosperity of the state, the families and residents of the state, and businesses in the state; and

(b) submit to the Revenue and Taxation Interim Committee on or before the committee's 2024 October interim committee meeting any recommendations for legislation resulting from the outcome of the study conducted under Subsection (3)(a).

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Cite this article: FindLaw.com - Utah Code Title 67. State Officers and Employees § 67-4-19. Investments of public funds in precious metals by state treasurer--Precious metals study and report to Legislature - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-67-state-officers-and-employees/ut-code-sect-67-4-19/

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