51-12-201. Investment opportunities.
194 words·~1 min read·
/ut/title-51/chapter-12/51-12-201·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 7/1/2025
51-12-201. Investment opportunities.
(1)A qualified depository may request the state treasurer to make a deposit in the qualified depository if the qualified depository:
(a)has identified and approved for financing a qualified project; and
(b)requests no more than 100% of the financing for a qualified project.
(2)Subject to Subsection (3), the state treasurer shall approve the qualified depository's request for deposit:
(a)unless the state treasurer determines the qualified depository does not merit deposit under fiduciary duties and prudent investment practices within the parameters of this chapter;
(b)in an amount that is equal to the lesser of:
(i)the deposit amount requested;
(ii)$60,000,000; or
(iii)50% of the qualified depository's maximum amount of public deposits determined in accordance with Section 51-7-18.1 ; and
(c)as sufficient money becomes available in the fund and in accordance with Subsection 72-2-134 (4)(a).
(3)The state treasurer may not approve a request for deposit after December 31, 2027.
(4)The state treasurer shall notify Utah Housing Corporation of any qualified projects for which the state treasurer makes a deposit in a qualified depository.
Amended by Chapter 391 , 2025 General Session