2006 Utah Code - 63-73-21 — Utah Geological Survey Sample Library Fund.

     63-73-21.   Utah Geological Survey Sample Library Fund.
     (1) There is created a restricted special revenue fund known as the "Utah Geological Survey Sample Library Fund."
     (2) The fund consists of monies from the following revenue sources:
     (a) donations or contributions from individuals, companies, organizations, or government entities; and
     (b) interest generated by the fund.
     (3) The director shall administer the fund.
     (4) (a) Donations and other contributions to the fund and unallocated interest as provided in Subsection (5)(d) shall constitute the fund's principal.
     (b) The principal may be expended only with the concurrence of the board.
     (5) (a) Interest generated by the fund may be expended to support the sample library as provided in Subsections (5)(b) through (d).
     (b) For the first two years of the fund's existence, interest generated by the fund shall accrue to the fund and may not be expended.
     (c) After two years, an amount of money equal to or less than the interest generated by the fund in the previous fiscal year may be expended annually in support of the sample library.
     (d) Funds that are eligible to be spent, but remain unallocated at the end of any fiscal year, revert to the fund and become part of the fund's principle.

Amended by Chapter 256, 2002 General Session