No. 28606: R628-10. Rating Requirements to Be a Permitted Depository

DAR File No.: 28606
Filed: 04/11/2006, 12:02
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:

Subsection 51-7-17(4) says that the public treasurer may invest in out of state financial institutions that meet quality criteria set up by the Money Management Council, and Subsection 51-7-18(2)(b)(iv) says that the Money Management Council may write rules that govern deposits at permitted depositories.

 

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 either way.

 

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

This rule is needed to establish a uniform standard for public treasurers to evaluate the financial condition of permitted depositories to determine if placing public funds in these depositories would expose public treasurers to undue risk. Deposits in permitted depositories are an allowed investment for public treasurers and the Money Management Act (Title 51, Chapter 7) requires that rules be written to oversee how a public treasurer may use this type of investment. 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