53C-1-204 - Policies established by board -- Director.
53C-1-204. Policies established by board -- Director.
(1) (a) The board shall establish policies for the management of the School andInstitutional Trust Lands Administration.
(b) The policies shall:
(i) be consistent with the Utah Enabling Act, the Utah Constitution, and state law;
(ii) reflect undivided loyalty to the beneficiaries consistent with fiduciary duties;
(iii) require the return of not less than fair market value for the use, sale, or exchange ofschool and institutional trust assets;
(iv) seek to optimize trust land revenues and increase the value of trust land holdingsconsistent with the balancing of short and long-term interests, so that long-term benefits are notlost in an effort to maximize short-term gains;
(v) maintain the integrity of the trust and prevent the misapplication of its lands and itsrevenues; and
(vi) have regard for and seek General Fund appropriation compensation for the generalpublic's use of natural and cultural resources consistent with the duties of the administration astrustee for the beneficiaries.
(2) The board shall ensure that the administration is managed according to law.
(3) The board shall establish due process procedures governing adjudicative proceedingsconducted by the administration.
(4) The board and the director shall recommend to the governor and the Legislature anynecessary or desirable changes in statutes relating to the trust or their trust responsibilities.
(5) Policies adopted by the Board of State Lands and Forestry prior to the effective dateof this act regarding school and institutional trust lands, shall remain in effect until amended orrepealed by the board.
(6) The board shall develop policies for the long-term benefit of the trust utilizing thebroad discretion and power granted to it in this title.
(7) (a) (i) On at least three occasions during each calendar year and in cooperation withthe director, the board shall consult with an advisory committee consisting of five countycommissioners appointed by the Utah Association of Counties concerning the impact of trustland management practices on rural economies.
(ii) The director shall notify the chair of the committee prior to any proposed boardactions. At the request of the committee and prior to taking the proposed action, the board shallmeet with the committee at the next scheduled board meeting.
(b) The association shall appoint the commissioners from five different counties basedon such factors as a county's total acreage of trust lands, the revenues generated from trust landsin the county, and the potential for economic development of trust lands within the county.
(c) The advisory committee may request additional consultations it considers necessaryor appropriate, to be scheduled within a reasonable time after receipt of the request by theadministration.
(8) The board shall utilize the services of the attorney general as provided in Section53C-1-305.
(9) The board may:
(a) (i) establish advisory committees to advise the board, director, or administration onpolicies affecting the management of the trust, and pay the compensation and travel expenses inaccordance with rules adopted by the Division of Finance; and
(ii) after conferring with the director, hire consultants to advise the board, director, oradministration on issues affecting the management of the trust, and pay compensation to theconsultants from money appropriated for that purpose;
(b) with the consent of the state risk manager, authorize the director to manage lands orinterests in lands held by any other public or private party, if:
(i) all management costs are compensated by the parties;
(ii) there is a commensurate return to the beneficiaries; and
(iii) the additional responsibilities do not detract from the administration'sresponsibilities and its duty of undivided loyalty to the beneficiaries;
(c) issue subpoenas or authorize a hearing officer to issue subpoenas, to compel theattendance of witnesses and the production of documents in adjudicative proceedings authorizedby law and administer oaths in the performance of official duties; and
(d) submit in writing to the director a request for responses, to be made within areasonable time, to questions concerning policies and practices affecting the management of thetrust.
(10) Board members shall be given access to all administration records and personnelconsistent with law and as necessary to permit the board to accomplish its responsibilities toensure that the administration is in full compliance with applicable policies and law.
Amended by Chapter 237, 2000 General Session