 |
Utah Administrative Code (Current through November 1, 2019) |
 |
R628. Money, Management Council |
|
|
R628-21. Conditions and Procedures for the Use of Reciprocal Deposits |
| R628-21-1. Authority |
|
Latest version.
|
|
This rule is issued pursuant to Section 51-7-17(4)(b) and 51-7-18(2)(b). |
| R628-21-2. Scope |
|
Latest version.
|
|
This rule applies to all public treasurers who purchase reciprocal deposits and to all qualified depositories providing reciprocal deposits. |
| R628-21-3. Purpose |
|
Latest version.
|
|
The purpose of this rule is to establish requirements for the investing of public funds in reciprocal deposits. |
| R628-21-4. Definitions |
|
Latest version.
|
|
For purposes of this rule the following terms are defined in Section 51-7-3 of the Act and when used in this rule have the same meaning as in the Act: (1) Council; (2) Commissioner; (3) Public funds; (4) Public treasurer; (5) Qualified depository, and; (6) Reciprocal deposits. |
| R628-21-5. General Rule |
|
Latest version.
|
|
(1) A public treasurer may invest public funds in reciprocal deposits only through qualified depositories that use a deposit account registry service. The public funds placed with a qualified depository into reciprocal deposits does not apply towards the maximum public funds allotment for that qualified depository as described in R628-11. (2) Reciprocal deposits may only be initiated by qualified depository institutions and then re-deposited through a deposit account registry service as follows: (a) in one or more FDIC insured depository institutions in amounts up to the relevant FDIC-insured deposit limit for a depositor in each depository institution; and (b) in exchange for reciprocal FDIC-insured deposits made through the deposit account registry service to the qualified depository. |
| R628-21-6. Insurance Requirements for a Deposit Account Registry Service |
|
Latest version.
|
|
A deposit account registry service shall provide the public entity with proof of errors and omissions coverage equal to five percent of Utah public funds under management but not less than $1,000,000 nor more than $10,000,000 per occurrence. |
| R628-21-7. Reporting Requirements |
|
Latest version.
|
|
(1) A public entity shall file a written report with the Council of reciprocal deposits on or before July 31 and January 31 of each year for deposits held on June 30 and December 31 respectively. (2) Within 10 days of the end of each month, each qualified depository institution holding reciprocal deposits on behalf of public treasurers shall file a report with the Commissioner of the total month-end amount of Utah public funds in reciprocal deposits initially deposited into the qualified depository institution and currently re-deposited in one or more FDIC insured depository institutions. |