1. (1)

   1. (a) There is created a board of trustees of the fund composed of the following three members:

      1. (i) the state treasurer;
      2. (ii) the director of the Division of Finance; and
      3. (iii) the director of the Governor's Office of Planning and Budget or the director's designee.
   2. (b) The state treasurer is chair of the board.
   3. (c) Three members of the board is a quorum.

   4. (d) A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with:

      1. (i) Section 63A-3-106;
      2. (ii) Section 63A-3-107; and
      3. (iii) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.

2. (2)

   1. (a) The board shall:

      1. (i) contract with a person to act as trust administrator in accordance with Title 63G, Chapter 6a, Utah Procurement Code, and when not provided for by this chapter, define the trust administrator's duties; or
      2. (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, when not provided for in this chapter, define the trust administrator's duties.
   2. (b) If the board hires a trust administrator under 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. (3) The board shall:

   1. (a) on behalf of the state, act as trustee of the fund and exercise the state's fiduciary responsibilities;
   2. (b) meet at least quarterly;
   3. (c) review and approve a policy, projection, rule, criteria, procedure, form, standard, or performance goal established by the trust administrator;
   4. (d) review and approve the fund budget prepared by the trust administrator;
   5. (e) review a progress report from a program financed by the fund;
   6. (f) review a financial record of the fund, including a fund receipt, expenditure, or investment; and
   7. (g) do any other thing necessary to perform the state's fiduciary obligations under the fund.

4. (4) The attorney general shall:

   1. (a) act as legal counsel and provide legal representation to the board; and
   2. (b) attend or direct an attorney from the attorney general's office to attend each meeting of the board.
5. (5) The board may consult with knowledgeable state personnel to advise the board on policy and technical matters.
6. (6) A record of information relating to an investment activity of the fund is exempt from Title 63G, Chapter 2, Government Records Access and Management Act.

Amended by Chapter 297, 2026 General Session