32B-2-301 (Effective 07/01/11) - State property -- Liquor Control Fund.
32B-2-301 (Effective 07/01/11). State property -- Liquor Control Fund.
(1) The following are property of the state:
(a) the money received by the department in the administration of this title, except asotherwise provided; and
(b) property acquired, administered, possessed, or received by the department.
(2) (a) There is created an enterprise fund known as the "Liquor Control Fund."
(b) Except as provided in Section 32B-3-205, money received in the administration ofthis title shall be paid to the department and transferred to the Liquor Control Fund.
(c) The state treasurer shall by warrant draw from the Liquor Control Fund the expenses,debts, and liabilities incurred by the department in connection with the administration of this titleor any other expense necessary for the administration of this title, including:
(i) salaries;
(ii) premiums, if any, on a bond for which the department pays premiums; and
(iii) an expenditure incurred in establishing, operating, or maintaining a state store orpackage agency.
(d) The department shall transfer annually from the Liquor Control Fund to the GeneralFund a sum equal to the amount of net profit earned from the sale of liquor since the precedingtransfer of money under this Subsection (2)(d). The transfer shall be made by no later thanSeptember 30 after a fiscal year.
(3) (a) By the end of each day, the department shall:
(i) make a deposit to a qualified depository, as defined in Section 51-7-3; and
(ii) report the deposit to the state treasurer.
(b) A commissioner or department employee is not personally liable for a loss caused bythe default or failure of a qualified depository.
(c) Money deposited in a qualified depository is entitled to the same priority of paymentas other public funds of the state.
(4) If the cash balance of the Liquor Control Fund is not adequate to cover a warrantdrawn against the Liquor Control Fund by the state treasurer, the cash resources of the GeneralFund may be used to the extent necessary. At no time may the fund equity of the Liquor ControlFund fall below zero.
Enacted by Chapter 276, 2010 General Session