2006 Utah Code - 63-88-103 — Board of Trustees of the Utah Navajo Trust Fund.

     63-88-103.   Board of Trustees of the Utah Navajo Trust Fund.
     (1) (a) There is created a Board of Trustees of the Utah Navajo Trust Fund composed of three members:
     (i) the State Treasurer;
     (ii) the Director of the Division of Finance; and
     (iii) a state officer or employee appointed by the governor, with the consent of the Senate, to a four-year term.
     (b) The State Treasurer is chair of the board.
     (c) Three members of the board are a quorum.
     (d) (i) State government officer and employee members who do not receive salary, per diem, or expenses from their agency for their service may receive per diem and expenses incurred in the performance of their official duties from the board at the rates established by the Division of Finance under Sections 63A-3-106 and 63A-3-107.
     (ii) State government officer and employee members may decline to receive per diem and expenses for their service.
     (2) (a) The board shall either:
     (i) contract with a person to act as trust administrator by following the procedures and requirements of Chapter 56, Utah Procurement Code and, where not provided for by this chapter, define the trust administrator's duties and responsibilities; or
     (ii) if unable to find a qualified person under Subsection (2)(a)(i) to act as trust administrator for a reasonable cost, hire a qualified person to act as trust administrator and, where not provided for by this chapter, define the trust administrator's duties and responsibilities.
     (b) If the board hires a trust administrator under authority of Subsection (2)(a)(ii), the board may hire, or authorize the trust administrator to hire, other persons necessary to assist the trust administrator and the board to perform the duties required by this chapter.
     (3) The board shall:
     (a) on behalf of the state, act as trustee of the trust fund and exercise the state's fiduciary responsibilities;
     (b) meet at least once every other month;
     (c) review and approve all policies, projections, rules, criteria, procedures, forms, standards, and performance goals established by the trust administrator;
     (d) review and approve the trust fund budget prepared by the trust administrator;
     (e) review all progress reports from programs financed by the trust fund;
     (f) review financial records of the trust fund, including trust fund receipts, expenditures, and investments; and
     (g) do any other things necessary to perform the state of Utah's fiduciary obligations under the trust fund.
     (4) The attorney general shall:
     (a) act as legal counsel and provide legal representation to the Board of Trustees; and
     (b) attend, or direct an attorney from the attorney general's office to attend, each meeting of the Board of Trustees.

Amended by Chapter 258, 2005 General Session