63B-1b-202 - Custodial officer -- Powers and duties.
63B-1b-202. Custodial officer -- Powers and duties.
(1) (a) There is created within the Division of Finance an officer responsible for the care,custody, safekeeping, collection, and accounting of all bonds, notes, contracts, trust documents,and other evidences of indebtedness:
(i) owned or administered by the state or any of its agencies; and
(ii) except as provided in Subsection (1)(b), relating to revolving loan funds.
(b) Notwithstanding Subsection (1)(a), the officer described in Subsection (1)(a) is notresponsible for the care, custody, safekeeping, collection, and accounting of a bond, note,contract, trust document, or other evidence of indebtedness relating to the:
(i) Agriculture Resource Development Fund, created in Section 4-18-6;
(ii) Utah Rural Rehabilitation Fund, created in Section 4-19-4;
(iii) Petroleum Storage Tank Loan Fund, created in Section 19-6-405.3;
(iv) Olene Walker Housing Loan Fund, created in Section 9-4-702;
(v) Business Development for Disadvantaged Rural Communities Restricted Account,created in Section 63M-1-2003; and
(vi) Brownfields Fund, created in Section 19-8-120.
(2) (a) Each authorizing agency shall deliver to this officer for the officer's care, custody,safekeeping, collection, and accounting all bonds, notes, contracts, trust documents, and otherevidences of indebtedness:
(i) owned or administered by the state or any of its agencies; and
(ii) except as provided in Subsection (1)(b), relating to revolving loan funds.
(b) This officer shall:
(i) establish systems, programs, and facilities for the care, custody, safekeeping,collection, and accounting for the bonds, notes, contracts, trust documents, and other evidencesof indebtedness submitted to the officer under this Subsection (2); and
(ii) shall make available updated reports to each authorizing agency as to the status ofloans under their authority.
(3) The officer described in Section 63B-1b-201 shall deliver to the officer described inSubsection (1)(a) for the care, custody, safekeeping, collection, and accounting by the officerdescribed in Subsection (1)(a) of all bonds, notes, contracts, trust documents, and other evidencesof indebtedness closed as provided in Subsection 63B-1b-201(2)(b).
Renumbered and Amended by Chapter 382, 2008 General Session