No. 30681: R628-18. Conditions and Procedures for Use of Interest Rate Contracts.

DAR File No.: 30681
Filed: 11/06/2007, 02:35
Received by: NL

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:

The Utah Money Management Act, at Subsection 51-7-17(3), allows public entities to enter into investment rate contracts that comply with the requirements in council rule. The council has rulewriting authority in Subsection 51-7-18(2)(x) specific for providing the conditions and procedures that public entities need to follow for interest rate contracts.

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 comments on 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:

The Money Management Act in Subsection 51-7-17(3) states that public entities may enter into investment rate contracts per council rule. This rule needs to be in place to allow public entities to utilize these contracts, if needed, in a safe and consistent way. Therefore, this rule should be continued.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Money Management Council
Administration
Room E315 EAST OFFICE BLDG
STATE CAPITOL COMPLEX
PO BOX 142315
SALT LAKE CITY UT 84114-2315

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 [e-mail]

Authorized by:

Bruce B. Cohne, Chair