2006 Utah Code - 63-38f-1216 — Powers of Utah fund of funds.

     63-38f-1216.   Powers of Utah fund of funds.
     (1) The Utah fund of funds may:
     (a) engage consultants and legal counsel;
     (b) expend funds;
     (c) invest funds;
     (d) enter into contracts;
     (e) insure against loss;
     (f) hire employees;
     (g) issue equity interests to designated investors that have purchased certificates from the board; and
     (h) perform any other act necessary to carry out its purposes.
     (2) (a) The Utah fund of funds shall engage a venture capital investment fund allocation manager.
     (b) The compensation paid to the fund manager shall be in addition to the management fee paid to the corporation under Section 63-38f-1211.
     (3) The Utah fund of funds may:
     (a) issue debt and borrow the funds needed to accomplish its goals;
     (b) not secure its debt with contingent tax credits issued by the board;
     (c) open and manage bank and short-term investment accounts as considered necessary by the venture capital investment fund allocation manager; and
     (d) expend moneys to secure investment ratings for investments by designated investors in the Utah fund of funds.

Renumbered and Amended by Chapter 148, 2005 General Session