51-7-16 - State Money Management Council -- Members -- Terms -- Vacancies -- Chair and vice chair-- Executive secretary -- Meetings -- Quorum -- Members' disclosure of interests -- Per diem and ex
51-7-16. State Money Management Council -- Members -- Terms -- Vacancies --Chair and vice chair-- Executive secretary -- Meetings -- Quorum -- Members' disclosure ofinterests -- Per diem and expenses.
(1) (a) There is created a State Money Management Council composed of five membersappointed by the governor after consultation with the state treasurer and with the consent of theSenate.
(b) The members of the council shall be qualified by training and experience in the fieldof investment or finance as follows:
(i) at least one member, but not more than two members, shall be experienced in thebanking business;
(ii) at least one member, but not more than two members, shall be an elected treasurer;
(iii) at least one member, but not more than two members, shall be an appointed publictreasurer; and
(iv) two members, but not more than two members, shall be experienced in the field ofinvestment.
(c) No more than three members of the council may be from the same political party.
(2) (a) Except as required by Subsection (2)(b), the council members shall be appointedfor terms of four years.
(b) Notwithstanding the requirements of Subsection (2)(a), the governor shall, at the timeof appointment or reappointment, adjust the length of terms to ensure that the terms of councilmembers are staggered so that approximately half of the council is appointed every two years.
(c) When a vacancy occurs in the membership for any reason, the replacement shall beappointed for the unexpired term.
(d) All members shall serve until their successors are appointed and qualified.
(3) (a) The council members shall elect a chair and vice chair.
(b) The state treasurer shall serve as executive secretary of the council without vote.
(4) (a) The council shall meet at least once per quarter at a regular date to be fixed by thecouncil and at other times at the call of the chair, the state treasurer, or any two members of thecouncil.
(b) Three members are a quorum for the transaction of business.
(c) Actions of the council require a vote of a majority of those present.
(d) All meetings of the council and records of its proceedings are open for inspection bythe public at the state treasurer's office during regular business hours except for:
(i) reports of the commissioner of financial institutions concerning the identity, liquidity,or financial condition of qualified depositories and the amount of public funds each is eligible tohold; and
(ii) reports of the director concerning the identity, liquidity, or financial condition ofcertified dealers.
(5) (a) Each member of the council shall file a sworn or written statement with thelieutenant governor that discloses any position or employment or ownership interest that he hasin any financial institution or investment organization.
(b) Each member shall file the statement required by this Subsection (5) when hebecomes a member of the council and when substantial changes in his position, employment, orownership interests occur.
(6) A member may not receive compensation or benefits for the member's service, but
may receive per diem and travel expenses in accordance with:
(a) Section 63A-3-106;
(b) Section 63A-3-107; and
(c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and63A-3-107.
Amended by Chapter 286, 2010 General Session