DAR File No.: 40228
Filed: 02/26/2016 03:16:00 PMNOTICE 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 than the maximum uninsured public funds allotment. This section allows that the amounts over the uninsured allotment shall be collateralized as provided in Section 51-7-18.1.
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.
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 reduced, 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
Room 180 UTAH STATE CAPITOL COMPLEX
350 N STATE ST
SALT LAKE CITY, UT 84114Direct 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 apedroza@utah.gov
Effective:
02/26/2016
Authorized by:
Kirt Slaugh, Chair
Document Information
- Effective Date:
- 2/26/2016
- Publication Date:
- 03/15/2016
- Type:
- Five-Year Notices of Review and Statements of Continuation
- Filed Date:
- 02/26/2016
- Agencies:
- Money Management Council, Administration
- Authorized By:
- Kirt Slaugh, Chair
- DAR File No.:
- 40228
- Summary:
No written comments supporting or opposing the rule have been received.
- CodeNo:
- R628-13
- CodeName:
- {41313|R628-13|R628-13. Collateralization of Public Funds}
- Link Address:
- Money Management CouncilAdministrationRoom 180 UTAH STATE CAPITOL COMPLEX350 N STATE STSALT LAKE CITY, UT 84114
- Link Way:
Ann Pedroza, by phone at 801-538-1883, by FAX at 801-538-1465, or by Internet E-mail at apedroza@utah.gov
- AdditionalInfo:
- More information about a Five-Year Notice of Review and Statement of Continuation is available online. The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at http://www.rules.utah.gov/publicat/bull-pdf/2016/b20160315.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version. For questions regarding the content or ...
- Related Chapter/Rule NO.: (1)
- R628-13. Collateralization of Public Funds.