53C-3-102 - Deposit and allocation of money received.
53C-3-102. Deposit and allocation of money received.
(1) (a) The director shall pay to the state treasurer all money received, accompanied by astatement showing the respective sources of this money.
(b) Each source shall be classified as to sales, rentals, royalties, interest, fees, penalties,and forfeitures.
(2) All money received from the sale of lands granted by Section 6 of the Utah EnablingAct for the support of the common schools, all money received from the sale of lands selected inlieu of those lands, all money received from the United States under Section 9 of the UtahEnabling Act, all money received from the sale of lands or other securities acquired by the statefrom the investment of those funds, all sums paid for fees, all forfeitures, and all penalties paid inconnection with these sales shall be deposited in the Permanent State School Fund.
(3) All money received from the sale or other disposition of institutional trust landsgranted to the state by the United States under Section 7, 8, or 12 of the Utah Enabling Act, andall sums paid for fees, forfeitures, and penalties received in connection with these sales ordispositions shall go to the respective permanent funds established for the benefit of thoseinstitutions under the Utah Enabling Act and the Utah Constitution.
(4) (a) All lands acquired by the state through foreclosure of mortgages securing schoolor institutional trust funds or through deeds from mortgagors or owners of those lands shallbecome a part of the respective school or institutional trust lands.
(b) All money received from these lands shall be treated as money received from schoolor institutional trust lands.
(5) All money received from the sale of lands acquired by the state through foreclosureof mortgages securing trust funds or through deeds from mortgagors or owners of such lands,whether a profit is realized or a loss sustained on the principal invested, shall be regarded asprincipal and shall go into the principal or permanent fund from which it was originally taken inreimbursement of that fund, with profits being used to offset losses.
(6) (a) All money received by the director as a first or down payment on applications topurchase, permit, or lease trust lands or minerals shall be paid to the state treasurer and held insuspense pending final action on those applications.
(b) After final action the payments received under Subsection (6)(a) shall either becredited to the appropriate fund or account, or refunded to the applicant in accordance with theaction taken.
Enacted by Chapter 294, 1994 General Session