No. 37031 (5-year Review): Rule R628-18. Conditions and Procedures for Use of Interest Rate Contracts

DAR File No.: 37031
Filed: 11/06/2012 02:19:03 PM

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:

This rule is enacted by the authority of Subsection 51-7-17(3) and allows public entities to enter into investment rate contracts that comply with the requirements in council rule. Under Subsection 51-7-18(2)(x) there is rulewriting authority for providing the conditions and procedures to be followed by public entities if they utilize investment 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 received 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. The rule needs to be in place to allow public entities to utilize these contracts in a safe and consistent way. Also, there are several public entities that are using investment rate contracts. 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 180 UTAH STATE CAPITOL COMPLEX
350 N STATE ST
SALT LAKE CITY, UT 84114

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:

William Wallace, Chair

Effective:

11/06/2012

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