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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 11-13-523, 2015

The governing board of an interlocal entity may authorize an interfund loan, but the loan must be documented and the board must give public notice, hold a hearing, and authorize it by resolution unless an exception…

Source excerpt

budget amendmentsbudgetinginterest rateinterfund lendinginterfund loansinvestment benchmarkloan interestloan interest rateloan interest ratesnoticenoticespaymentpublic hearingpublic hearings
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 2015
Dates
Enacted 2015
More statute details
Dates
Enacted 2015
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01

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“The governing board of an interlocal entity may authorize an interfund loan, but the loan must be documented and the board must give public notice, hold a hearing, and authorize it by resolution unless an exception applies.”

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Loans by one fund to another.

The governing board of an interlocal entity may authorize an interfund loan, but the loan must be documented and the board must give public notice, hold a hearing, and authorize it by resolution unless an exception applies.

Section 11-13-523

Subsection 11-13-523(4)(a)

The governing board must set the loan interest rate to reflect the potential gain rate that would have applied if the funds had been deposited or invested in a comparable investment.

Section 11-13-523(4)(a)

Subsection 11-13-523(5)(a)

For an interfund loan under Subsection (1), the governing board must hold a public hearing, prepare a written notice with specified details, give notice as required by Section 11-13-509, and authorize the loan by resolution in a public meeting.

Section 11-13-523(5)(a)

Subsection 11-13-523(6)(b)

A short-term advance from an interlocal entity’s cash and investment pool to an individual fund is repaid by the end of the fiscal year.

Section 11-13-523(6)(b)

04

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In force source record

Source record from le.utah.gov · Enacted 2015

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Showing 32 of 32 provisions

Provision 29Amendment 3

Part 11-13-5

part 11-13-5 Fiscal Procedures for Interlocal Entities

§ 11-13-523Loans by one fund to another.Amendment

Source excerpt

The governing board of an interlocal entity may authorize an interfund loan, but the loan must be documented and the board must give public notice, hold a hearing, and authorize it by resolution unless an exception applies.

Loans by one fund to another. Subject to this section, restrictions imposed by bond covenants, restrictions in Section 53-2a-605 , or other controlling regulations, the governing board of an interlocal entity may authorize an interfund loan from one fund to another. An interfund loan under Subsection (1) shall be in writing and specify the terms and conditions of the loan, including the: effective date of the loan; name of the fund loaning the money; name of the fund receiving the money; amount of the loan; subject to Subsection (3), term of and repayment schedule for the loan; subject to Subsection (4), interest rate of the loan; method of calculating interest applicable to the loan; procedures for: applying interest to the loan; and paying interest on the loan; and other terms and conditions the governing board determines applicable. The term and repayment schedule specified under Subsection (2)(e) may not exceed 10 years. In determining the interest rate of the loan specified under Subsection (2)(f), the governing board shall apply an interest rate that reflects the rate of potential gain had the funds been deposited or invested in a comparable investment. Notwithstanding Subsection (4)(a), the interest rate of the loan specified under Subsection (2)(f): if the term of the loan under Subsection (2)(e) is one year or less, may not be less than the rate offered by the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or if the term of the loan under Subsection (2)(e) is more than one year, may not be less than the greater of the rate offered by: the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or a United States Treasury note of a comparable term. For an interfund loan under Subsection (1), the governing board shall: hold a public hearing; prepare a written notice of the date, time, place, and purpose of the hearing, and the proposed terms and conditions of the interfund loan under Subsection (2); provide notice of the public hearing in the same manner as required under Section 11-13-509 as if the hearing were a budget hearing; and authorize the interfund loan by resolution in a public meeting. The notice and hearing requirements in Subsection (5)(a) are satisfied if the interfund loan is included in an original budget or in a subsequent budget amendment previously approved by the governing board for the current fiscal year. Subsections (2) through (5) do not apply to an interfund loan if the interfund loan is: a loan from the interlocal entity general fund to any other fund of the interlocal entity; or a short-term advance from the interlocal entity's cash and investment pool to an individual fund that is repaid by the end of the fiscal year.
Section 11-13-523Verify source
§ 11-13-523(1)Subsection 11-13-523(1)Provision

Source excerpt

Subject to stated restrictions, the governing board of an interlocal entity may authorize an interfund loan from one fund to another.

Subject to this section, restrictions imposed by bond covenants, restrictions in Section 53-2a-605 , or other controlling regulations, the governing board of an interlocal entity may authorize an interfund loan from one fund to another.
Section 11-13-523(1)Verify source
§ 11-13-523(2)Subsection 11-13-523(2)Provision
An interfund loan under Subsection (1) shall be in writing and specify the terms and conditions of the loan, including the: effective date of the loan; name of the fund loaning the money; name of the fund receiving the money; amount of the loan; subject to Subsection (3), term of and repayment schedule for the loan; subject to Subsection (4), interest rate of the loan; method of calculating interest applicable to the loan; procedures for: applying interest to the loan; and paying interest on the loan; and other terms and conditions the governing board determines applicable.
Section 11-13-523(2)Verify source
§ 11-13-523(2)(a)Subsection 11-13-523(2)(a)Provision

Source excerpt

effective date of the loan;

effective date of the loan;
Section 11-13-523(2)(a)Verify source
§ 11-13-523(2)(b)Subsection 11-13-523(2)(b)Provision

Source excerpt

name of the fund loaning the money;

name of the fund loaning the money;
Section 11-13-523(2)(b)Verify source
§ 11-13-523(2)(c)Subsection 11-13-523(2)(c)Provision

Source excerpt

name of the fund receiving the money;

name of the fund receiving the money;
Section 11-13-523(2)(c)Verify source
§ 11-13-523(2)(d)Subsection 11-13-523(2)(d)Provision

Source excerpt

amount of the loan;

amount of the loan;
Section 11-13-523(2)(d)Verify source
§ 11-13-523(2)(e)Subsection 11-13-523(2)(e)Provision

Source excerpt

The loan’s term and repayment schedule are subject to Subsection (3).

subject to Subsection (3), term of and repayment schedule for the loan;
Section 11-13-523(2)(e)Verify source
§ 11-13-523(2)(f)Subsection 11-13-523(2)(f)Provision

Source excerpt

subject to Subsection (4), interest rate of the loan;

subject to Subsection (4), interest rate of the loan;
Section 11-13-523(2)(f)Verify source
§ 11-13-523(2)(g)Subsection 11-13-523(2)(g)Provision

Source excerpt

method of calculating interest applicable to the loan;

method of calculating interest applicable to the loan;
Section 11-13-523(2)(g)Verify source
§ 11-13-523(2)(h)Subsection 11-13-523(2)(h)Provision

Source excerpt

Procedures cover applying interest to the loan and paying interest on the loan.

procedures for: applying interest to the loan; and paying interest on the loan; and
Section 11-13-523(2)(h)Verify source
§ 11-13-523(2)(h)(i)Subsection 11-13-523(2)(h)(i)Provision

Source excerpt

applying interest to the loan; and

applying interest to the loan; and
Section 11-13-523(2)(h)(i)Verify source
§ 11-13-523(2)(h)(ii)Subsection 11-13-523(2)(h)(ii)Provision

Source excerpt

paying interest on the loan; and

paying interest on the loan; and
Section 11-13-523(2)(h)(ii)Verify source
§ 11-13-523(2)(i)Subsection 11-13-523(2)(i)Provision
Section 11-13-523(2)(i)Verify source
§ 11-13-523(3)Subsection 11-13-523(3)Provision

Source excerpt

The term and repayment schedule under Subsection (2)(e) may not exceed 10 years.

The term and repayment schedule specified under Subsection (2)(e) may not exceed 10 years.
Section 11-13-523(3)Verify source
§ 11-13-523(4)Subsection 11-13-523(4)Provision

Source excerpt

The governing board must set the loan interest rate to reflect potential investment gain, and it cannot be below specified benchmark rates depending on the loan term.

In determining the interest rate of the loan specified under Subsection (2)(f), the governing board shall apply an interest rate that reflects the rate of potential gain had the funds been deposited or invested in a comparable investment. Notwithstanding Subsection (4)(a), the interest rate of the loan specified under Subsection (2)(f): if the term of the loan under Subsection (2)(e) is one year or less, may not be less than the rate offered by the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or if the term of the loan under Subsection (2)(e) is more than one year, may not be less than the greater of the rate offered by: the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or a United States Treasury note of a comparable term.
Section 11-13-523(4)Verify source
§ 11-13-523(4)(a)Subsection 11-13-523(4)(a)Provision

Source excerpt

The governing board must set the loan interest rate to reflect the potential gain rate that would have applied if the funds had been deposited or invested in a comparable investment.

In determining the interest rate of the loan specified under Subsection (2)(f), the governing board shall apply an interest rate that reflects the rate of potential gain had the funds been deposited or invested in a comparable investment.
Section 11-13-523(4)(a)Verify source
§ 11-13-523(4)(b)Subsection 11-13-523(4)(b)Provision

Source excerpt

Notwithstanding Subsection (4)(a), the interest rate of the loan specified under Subsection (2)(f): if the term of the loan under Subsection (2)(e) is one year or less, may not be less than the rate offered by the Public Treasurers'

Notwithstanding Subsection (4)(a), the interest rate of the loan specified under Subsection (2)(f): if the term of the loan under Subsection (2)(e) is one year or less, may not be less than the rate offered by the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or if the term of the loan under Subsection (2)(e) is more than one year, may not be less than the greater of the rate offered by: the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or a United States Treasury note of a comparable term.
Section 11-13-523(4)(b)Verify source
§ 11-13-523(4)(b)(i)Subsection 11-13-523(4)(b)(i)Provision

Source excerpt

If the loan term is one year or less, the rate may not be below the Public Treasurers' Investment Fund rate.

if the term of the loan under Subsection (2)(e) is one year or less, may not be less than the rate offered by the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or
Section 11-13-523(4)(b)(i)Verify source
§ 11-13-523(4)(b)(ii)Subsection 11-13-523(4)(b)(ii)Provision

Source excerpt

If a loan term under Subsection (2)(e) is more than one year, the interest rate may not be below the greater of the rate offered by the Public Treasurers' Investment Fund or a comparable U.S. Treasury note.

if the term of the loan under Subsection (2)(e) is more than one year, may not be less than the greater of the rate offered by: the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or a United States Treasury note of a comparable term.
Section 11-13-523(4)(b)(ii)Verify source
§ 11-13-523(4)(b)(ii)(A)Subsection 11-13-523(4)(b)(ii)(A)Provision

Source excerpt

the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or

the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or
Section 11-13-523(4)(b)(ii)(A)Verify source
§ 11-13-523(4)(b)(ii)(B)Subsection 11-13-523(4)(b)(ii)(B)Provision

Source excerpt

a United States Treasury note of a comparable term.

a United States Treasury note of a comparable term.
Section 11-13-523(4)(b)(ii)(B)Verify source
§ 11-13-523(5)Subsection 11-13-523(5)Amendment

Source excerpt

For an interfund loan, the governing board must hold a public hearing, give written notice with required details, provide notice as required by Section 11-13-509, and authorize the loan by resolution in a public meeting.

For an interfund loan under Subsection (1), the governing board shall: hold a public hearing; prepare a written notice of the date, time, place, and purpose of the hearing, and the proposed terms and conditions of the interfund loan under Subsection (2); provide notice of the public hearing in the same manner as required under Section 11-13-509 as if the hearing were a budget hearing; and authorize the interfund loan by resolution in a public meeting. The notice and hearing requirements in Subsection (5)(a) are satisfied if the interfund loan is included in an original budget or in a subsequent budget amendment previously approved by the governing board for the current fiscal year.
Section 11-13-523(5)Verify source
§ 11-13-523(5)(a)Subsection 11-13-523(5)(a)Provision

Source excerpt

For an interfund loan under Subsection (1), the governing board must hold a public hearing, prepare a written notice with specified details, give notice as required by Section 11-13-509, and authorize the loan by resolution in a public meeting.

For an interfund loan under Subsection (1), the governing board shall: hold a public hearing; prepare a written notice of the date, time, place, and purpose of the hearing, and the proposed terms and conditions of the interfund loan under Subsection (2); provide notice of the public hearing in the same manner as required under Section 11-13-509 as if the hearing were a budget hearing; and authorize the interfund loan by resolution in a public meeting.
Section 11-13-523(5)(a)Verify source
§ 11-13-523(5)(a)(i)Subsection 11-13-523(5)(a)(i)Provision

Source excerpt

A person must hold a public hearing.

hold a public hearing;
Section 11-13-523(5)(a)(i)Verify source
§ 11-13-523(5)(a)(ii)Subsection 11-13-523(5)(a)(ii)Provision
Section 11-13-523(5)(a)(ii)Verify source
§ 11-13-523(5)(a)(iii)Subsection 11-13-523(5)(a)(iii)Provision

Source excerpt

provide notice of the public hearing in the same manner as required under Section 11-13-509 as if the hearing were a budget hearing; and

provide notice of the public hearing in the same manner as required under Section 11-13-509 as if the hearing were a budget hearing; and
Section 11-13-523(5)(a)(iii)Verify source
§ 11-13-523(5)(a)(iv)Subsection 11-13-523(5)(a)(iv)Provision

Source excerpt

authorize the interfund loan by resolution in a public meeting.

authorize the interfund loan by resolution in a public meeting.
Section 11-13-523(5)(a)(iv)Verify source
§ 11-13-523(5)(b)Subsection 11-13-523(5)(b)Amendment

Source excerpt

The notice and hearing requirements are satisfied if the interfund loan is included in an original budget or a previously approved budget amendment for the current fiscal year.

The notice and hearing requirements in Subsection (5)(a) are satisfied if the interfund loan is included in an original budget or in a subsequent budget amendment previously approved by the governing board for the current fiscal year.
Section 11-13-523(5)(b)Verify source
§ 11-13-523(6)Subsection 11-13-523(6)Provision

Source excerpt

Subsections (2) through (5) do not apply to certain interfund loans.

Subsections (2) through (5) do not apply to an interfund loan if the interfund loan is: a loan from the interlocal entity general fund to any other fund of the interlocal entity; or a short-term advance from the interlocal entity's cash and investment pool to an individual fund that is repaid by the end of the fiscal year.
Section 11-13-523(6)Verify source
§ 11-13-523(6)(a)Subsection 11-13-523(6)(a)Provision

Source excerpt

a loan from the interlocal entity general fund to any other fund of the interlocal entity; or

a loan from the interlocal entity general fund to any other fund of the interlocal entity; or
Section 11-13-523(6)(a)Verify source
§ 11-13-523(6)(b)Subsection 11-13-523(6)(b)Provision

Source excerpt

A short-term advance from an interlocal entity’s cash and investment pool to an individual fund is repaid by the end of the fiscal year.

a short-term advance from the interlocal entity's cash and investment pool to an individual fund that is repaid by the end of the fiscal year.
Section 11-13-523(6)(b)Verify source

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