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S.B. 100
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STATE FINANCIAL ADVISOR AMENDMENTS
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2000 GENERAL SESSION
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STATE OF UTAH
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Sponsor: Peter C. Knudson
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AN ACT RELATING TO STATE OFFICERS AND EMPLOYEES; AUTHORIZING THE
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STATE FINANCIAL ADVISOR TO ENTER A COMPETITIVE BID FOR BONDS SOLD BY
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THE STATE AT COMPETITIVE SALE; MAKING TECHNICAL CORRECTIONS; AND
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PROVIDING AN EFFECTIVE DATE.
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This act affects sections of Utah Code Annotated 1953 as follows:
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AMENDS:
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67-4-16, as last amended by Chapter 14, Laws of Utah 1998
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Be it enacted by the Legislature of the state of Utah:
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Section 1.
Section
67-4-16
is amended to read:
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67-4-16. State financial advisor.
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(1) The state treasurer may hire [on a fee-for-service basis] a state financial advisor on a
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fee-for-service basis.
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(2) The state financial advisor shall advise the state treasurer, the director of the Governor's
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Office of Planning and Budget, the director of the Division of Finance, [and] the director of the
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Division of Facilities Construction and Management, and the Legislature and its staff offices on
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the issuance of bonds and other debt, and on all other public debt matters generally.
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(3) The financial advisor may assist in the preparation of the official statement, represent
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the state's creditworthiness before credit rating agencies, and assist in the preparation, marketing,
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or issuance of public debt.
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(4) (a) The state financial advisor or the firm that [he] the advisor represents may not
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negotiate to underwrite debt issued by the state of Utah for which he has provided financial advisor
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services.
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(b) The state financial advisor may enter a competitive bid, either for his own account or
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in cooperation with others, in response to a call for public bids for the sale of state debt.
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(5) (a) Fees directly related to the preparation, marketing, or issuance of public debt,
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including ordinary and necessary expenses, may be paid from the debt proceeds.
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(b) Fees for other services shall be paid from the state treasurer's budget.
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Section 2. Effective date.
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If approved by two-thirds of all the members elected to each house, this act takes effect
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upon approval by the governor, or the day following the constitutional time limit of Utah
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Constitution Article VII, Section 8, without the governor's signature, or in the case of a veto, the
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date of veto override.
Legislative Review Note
as of 12-29-99 1:33 PM
A limited legal review of this legislation raises no obvious constitutional or statutory concerns.