No. 34220 (5-year Review): Rule R628-13. Collateralization of Public Funds

DAR File No.: 34220
Filed: 11/07/2010 04:21:52 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:

Section 51-7-18 allows the Council to make rules requiring collateral on public funds deposits from qualified depositories only in the event that the public funds on deposit are more that the maximum uninsured public funds allotment. This section states that the amounts over the uninsured allotment shall be collateralized as provided in Subsections 51-7-18.1(5) and (6).

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

No written comments supporting or opposing the rule have been 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:

This rule needs to be continued to allow the Council to receive collateral so that public funds are covered and protected from possible loss in the event that a qualified depository's uninsured public funds held allotment is dropped or there are financial issues with a qualified depository.

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
350 N STATE ST
STE 180
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:

11/07/2010

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