2011 Utah Code
Title 63M Governor's Programs
Chapter 1 Governor's Office of Economic Development
Section 1216 Powers of Utah fund of funds.

63M-1-1216. 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) issue debt and borrow funds;
(e) enter into contracts;
(f) insure against loss;
(g) hire employees;
(h) issue equity interests to designated investors that have purchased equity interest certificates from the board; and
(i) 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 63M-1-1211.
(3) The Utah fund of funds may:
(a) open and manage bank and short-term investment accounts as considered necessary by the venture capital investment fund allocation manager; and
(b) expend money to secure investment ratings for investments by designated investors in the Utah fund of funds.