1. (1) A qualified depository may request the state treasurer to make a deposit in the qualified depository if the qualified depository:

   1. (a) has identified and approved for financing a qualified project; and
   2. (b) requests no more than 100% of the financing for a qualified project.

2. (2) Subject to Subsection (3), the state treasurer shall approve the qualified depository's request for deposit:

   1. (a) unless the state treasurer determines the qualified depository does not merit deposit under fiduciary duties and prudent investment practices within the parameters of this chapter;

   2. (b) in an amount that is equal to the lesser of:

      1. (i) the deposit amount requested;
      2. (ii) $60,000,000; or
      3. (iii) 50% of the qualified depository's maximum amount of public deposits determined in accordance with Section 51-7-18.1; and
   3. (c) as sufficient money becomes available in the fund and in accordance with Subsection 72-2-134(4)(a).
3. (3) The state treasurer may not approve a request for deposit after December 31, 2027.
4. (4) The state treasurer shall notify Utah Housing Corporation of any qualified projects for which the state treasurer makes a deposit in a qualified depository.

Amended by Chapter 391, 2025 General Session