2006 Utah Code - 63-88-102 — Trust Fund -- Creation -- Oversight.

     63-88-102.   Trust Fund -- Creation -- Oversight.
     (1) There is created a private-purpose trust fund entitled the "Navajo Trust Fund."
     (2) The fund consists of:
     (a) revenues received by the state that represent the 37-1/2% of the net oil royalties from the Aneth Extension of the Navajo Indian Reservation required by P.L. 72-403, 47 Stat. 1418, to be paid to the state;
     (b) monies received by the trust administrator or Dineh Committee from any contracts executed by:
     (i) the trust administrator;
     (ii) the board; or
     (iii) the Dineh Committee;
     (c) appropriations made to the fund by the Legislature, if any;
     (d) income as defined in Subsection 63-88-101(9); and
     (e) other revenues received from other sources.
     (3) The Division of Finance shall account for the receipt and expenditures of fund monies.
     (4) (a) The state treasurer shall invest fund monies by following the procedures and requirements of Title 51, Chapter 7, State Money Management Act.
     (b) (i) The fund shall earn interest.
     (ii) The state treasurer shall deposit all interest or other revenue earned from investment of the fund back into the fund.
     (5) The state auditor shall:
     (a) conduct an annual audit of the fund's finances, internal controls, and compliance with statutes, rules, policies, and regulations according to the procedures and requirements of Title 67, Chapter 3, Auditor; and
     (b) deliver a copy of that audit report to the:
     (i) board;
     (ii) trust administrator;
     (iii) Dineh Committee;
     (iv) Office of Legislative Research and General Counsel for presentation to the Native American Legislative Liaison Committee, created in Section 36-22-1;
     (v) governor's office;
     (vi) Division of Indian Affairs;
     (vii) U.S. Bureau of Indian Affairs;
     (viii) Navajo Nation; and
     (ix) U.S. Secretary of the Interior.

Amended by Chapter 175, 2001 General Session