No. 30177: R628-2. Investment of Funds of Public Education Foundations Established Under Section 53A-4-205 or Funds Acquired by Gift, Devise or Bequest

DAR File No.: 30177
Filed: 07/10/2007, 03:12
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:

This rule is enacted under Subsection 51-7-13(2)(c) which allows funds of public education foundations to be invested under council rule. The Council has rulemaking authority in Subsection 51-7-18(2)(b).

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 supporting or opposing 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 Council reviewed this rule in its June 2007 meeting. There were no public education foundations present and there was one representative from a higher education institution present. There have been no comments in opposition to this rule, and none were heard in this meeting. The Council reviewed the rule in detail and agreed to a minor reference change to bring that section in line with the Money Management Act. Because of the long term, permanent nature of public education foundation funds, there has to be a rule in place with different investment structures than what is needed for most pubic funds that are generally short-term funds. This rule provides for investment in high quality longer term securities and funds. Having these criteria in a rule allows the Council to respond rapidly to any changes in the markets. 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