51-7-18 - Duties of council.
51-7-18. Duties of council.
(1) The council shall:
(a) advise the state treasurer and other public treasurers about investment policies;
(b) cooperate with the commissioner of financial institutions by promoting measures andrules that will assist in strengthening the banking and credit structure of the state;
(c) at least annually, review the rules adopted under the authority of this chapter thatrelate to the deposit and investment of public funds;
(d) at least annually, distribute the rules and amendments to rules adopted under theauthority of this chapter that relate to the deposit and investment of public funds to all publictreasurers; and
(e) provide, at least semiannually, a list of certified dealers that meet criteria establishedby this chapter and council rules.
(2) The council may:
(a) recommend proposed changes in statutes governing the deposit and investment ofpublic funds to the Legislature;
(b) make rules governing:
(i) the financial reporting requirements of qualified depositories in which public fundsmay be deposited;
(ii) the conditions and procedures for maintaining and revoking a financial institution'sdesignation as a qualified depository;
(iii) the definition of depository capital;
(iv) the conditions for maintaining deposits at a permitted depository;
(v) the conditions and procedures for maintaining and revoking a primary reportingdealer's or a broker dealer's designation as a certified dealer;
(vi) certified investment advisers who deal with public treasurers, including establishingstandards and requirements for the use, qualification, and regulation of certified investmentadvisers;
(vii) the conditions and procedures for maintaining and revoking a federal coveredadviser's or an investment adviser's designation as a certified investment adviser;
(viii) the conditions and procedures by which public treasurers may deposit and investpublic funds;
(ix) quality criteria for corporate obligations;
(x) the conditions and procedures by which public entities may use interest rate contractsauthorized by Subsection 51-7-17(3); and
(xi) other rules necessary to carry out its functions, powers, duties, and responsibilitiesunder this chapter.
(3) The council may not make rules requiring a qualified depository to pledge or depositany of its assets in order to secure a deposit of public funds, except that public deposits in excessof the maximum amount shall be collateralized as provided in Subsections 51-7-18.1(5)(b) and(6).
(4) Subject to legislative funding, the state treasurer shall supply qualified staff to thecouncil.
(5) If any rule or act of the council would constitute an infringement upon the statetreasurer's constitutional duties and powers to have custody of and invest public money, theconflicting rule or act is advisory and not mandatory.
Amended by Chapter 248, 2004 General Session