Rep. Norm Thurston — Voting Record

Bill

Number

S.B. 194 (2023GS)

Sponsor

Sen. Vickers, E.

Final action

Governor Signed 3/17/2023

Outcome

Became law — signed by Gov. Spencer J. Cox

Summary

What it does

• This bill:
• authorizes certain public and private entities to provide money to the Higher Education Student Success Endowment;
• creates the Utah Higher Education Savings Board of Trustees to act as fiduciary for the Utah Educational Savings Plan;
• allows the board to hold a closed meeting to discuss certain fiduciary or commercial information; and
• makes technical and conforming changes.

Every vote on this bill

Bill text

HIGHER EDUCATION FUNDING AMENDMENTS
GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Evan J. Vickers
House Sponsor: 
Val L. Peterson
LONG TITLE
General Description:
This bill modifies provisions related to higher education.
Highlighted Provisions:
This bill:
▸ authorizes certain public and private entities to provide money to the Higher
Education Student Success Endowment;
▸ creates the Utah Higher Education Savings Board of Trustees to act as fiduciary for
the Utah Educational Savings Plan;
▸ allows the board to hold a closed meeting to discuss certain fiduciary or commercial
information; and
▸ makes technical and conforming changes.
Money Appropriated in this Bill:
None
Other Special Clauses:
This bill provides a special effective date.
Utah Code Sections Affected:
AMENDS:
52-4-103
, as last amended by Laws of Utah 2022, Chapter 422
52-4-205
, as last amended by Laws of Utah 2022, Chapters 237, 290, 332, 335, 422,
and 478
53B-1-301
, as last amended by Laws of Utah 2022, Chapters 147, 274 and 370
53B-7-801
, as enacted by Laws of Utah 2022, Chapter 186
53B-7-802
, as enacted by Laws of Utah 2022, Chapter 186
53B-8a-102.5
, as last amended by Laws of Utah 2020, Chapter 365
53B-8a-104
, as last amended by Laws of Utah 2010, Chapter 6
53B-8a-105
, as last amended by Laws of Utah 2011, Chapter 46
ENACTS:
53B-7-804
, Utah Code Annotated 1953
53B-7-805
, Utah Code Annotated 1953
REPEALS:
53B-11-101
, as enacted by Laws of Utah 1987, Chapter 167
53B-11-102
, as last amended by Laws of Utah 1989, Chapter 22
53B-11-103
, as enacted by Laws of Utah 1987, Chapter 167
53B-12-101
, as last amended by Laws of Utah 2022, Chapter 186
53B-12-102
, as last amended by Laws of Utah 2020, Chapter 365
53B-12-103
, as enacted by Laws of Utah 1987, Chapter 167
53B-12-104
, as last amended by Laws of Utah 2010, Chapter 324
53B-12-105
, as enacted by Laws of Utah 1987, Chapter 167
53B-12-106
, as enacted by Laws of Utah 1987, Chapter 167
53B-12-107
, as last amended by Laws of Utah 2019, Chapter 324
53B-12-108
, as enacted by Laws of Utah 1987, Chapter 167
53B-12-109
, as enacted by Laws of Utah 2022, Chapter 186
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 
52-4-103
 is amended to read:
52-4-103.
Definitions.
As used in this chapter:
(1) "Anchor location" means the physical location from which:
(a) an electronic meeting originates; or
(b) the participants are connected.
(2) "Capitol hill complex" means the grounds and buildings within the area bounded by
300 North Street, Columbus Street, 500 North Street, and East Capitol Boulevard in Salt Lake
City.
(3) (a) "Convening" means the calling together of a public body by a person authorized
to do so for the express purpose of discussing or acting upon a subject over which that public
body has jurisdiction or advisory power.
(b) "Convening" does not include the initiation of a routine conversation between
members of a board of trustees of a large public transit district if the members involved in the
conversation do not, during the conversation, take a tentative or final vote on the matter that is
the subject of the conversation.
(4) "Electronic meeting" means a public meeting convened or conducted by means of a
conference using electronic communications.
(5) "Electronic message" means a communication transmitted electronically, including:
(a) electronic mail;
(b) instant messaging;
(c) electronic chat;
(d) text messaging, as that term is defined in Section 
76-4-401
; or
(e) any other method that conveys a message or facilitates communication
electronically.
(6) "Fiduciary or commercial information" means information:
(a) related to any subject if disclosure:
(i) would conflict with a fiduciary obligation; or
(ii) is prohibited by insider trading provisions; or
(b) that is commercial in nature including:
(i) account owners or borrowers;
(ii) demographic data;
(iii) contracts and related payments;
(iv) negotiations;
(v) proposals or bids;
(vi) investments;
(vii) management of funds;
(viii) fees and charges;
(ix) plan and program design;
(x) investment options and underlying investments offered to account owners;
(xi) marketing and outreach efforts;
(xii) financial plans; or
(xiii) reviews and audits excluding the final report required under Section 
53B-8a-111
.
[
(6)
] 
(7)
 (a) "Meeting" means the convening of a public body or a specified body, with
a quorum present, including a workshop or an executive session, whether in person or by
means of electronic communications, for the purpose of discussing, receiving comments from
the public about, or acting upon a matter over which the public body or specific body has
jurisdiction or advisory power.
(b) "Meeting" does not mean:
(i) a chance gathering or social gathering;
(ii) a convening of the State Tax Commission to consider a confidential tax matter in
accordance with Section 
59-1-405
; or
(iii) a convening of a three-member board of trustees of a large public transit district as
defined in Section 
17B-2a-802
 if:
(A) the board members do not, during the conversation, take a tentative or final vote on
the matter that is the subject of the conversation; or
(B) the conversation pertains only to day-to-day management and operation of the
public transit district.
(c) "Meeting" does not mean the convening of a public body that has both legislative
and executive responsibilities if:
(i) no public funds are appropriated for expenditure during the time the public body is
convened; and
(ii) the public body is convened solely for the discussion or implementation of
administrative or operational matters:
(A) for which no formal action by the public body is required; or
(B) that would not come before the public body for discussion or action.
[
(7)
] 
(8)
 "Monitor" means to hear or observe, live, by audio or video equipment, all of
the public statements of each member of the public body who is participating in a meeting.
[
(8)
] 
(9)
 "Participate" means the ability to communicate with all of the members of a
public body, either verbally or electronically, so that each member of the public body can hear
or observe the communication.
[
(9)
] 
(10)
 (a) "Public body" means:
(i) any administrative, advisory, executive, or legislative body of the state or its
political subdivisions that:
(A) is created by the Utah Constitution, statute, rule, ordinance, or resolution;
(B) consists of two or more persons;
(C) expends, disburses, or is supported in whole or in part by tax revenue; and
(D) is vested with the authority to make decisions regarding the public's business; or
(ii) any administrative, advisory, executive, or policymaking body of an association, as
that term is defined in Section 
53G-7-1101
, that:
(A) consists of two or more persons;
(B) expends, disburses, or is supported in whole or in part by dues paid by a public
school or whose employees participate in a benefit or program described in Title 49, Utah State
Retirement and Insurance Benefit Act; and
(C) is vested with authority to make decisions regarding the participation of a public
school or student in an interscholastic activity, as that term is defined in Section 
53G-7-1101
.
(b) "Public body" includes:
(i) an interlocal entity or joint or cooperative undertaking, as those terms are defined in
Section 
11-13-103
;
(ii) a governmental nonprofit corporation as that term is defined in Section 
11-13a-102
;
(iii) the Utah Independent Redistricting Commission; and
(iv) a project entity, as that term is defined in Section 
11-13-103
.
(c) "Public body" does not include:
(i) a political party, a political group, or a political caucus;
(ii) a conference committee, a rules committee, or a sifting committee of the
Legislature;
(iii) a school community council or charter trust land council, as that term is defined in
Section 
53G-7-1203
;
(iv) a taxed interlocal entity, as that term is defined in Section 
11-13-602
, if the taxed
interlocal entity is not a project entity; or
(v) the following Legislative Management subcommittees, which are established in
Section 
36-12-8
, when meeting for the purpose of selecting or evaluating a candidate to
recommend for employment, except that the meeting in which a subcommittee votes to
recommend that a candidate be employed shall be subject to the provisions of this act:
(A) the Research and General Counsel Subcommittee;
(B) the Budget Subcommittee; and
(C) the Audit Subcommittee.
[
(10)
] 
(11)
 "Public statement" means a statement made in the ordinary course of
business of the public body with the intent that all other members of the public body receive it.
[
(11)
] 
(12)
 (a) "Quorum" means a simple majority of the membership of a public body,
unless otherwise defined by applicable law.
(b) "Quorum" does not include a meeting of two elected officials by themselves when
no action, either formal or informal, is taken.
[
(12)
] 
(13)
 "Recording" means an audio, or an audio and video, record of the
proceedings of a meeting that can be used to review the proceedings of the meeting.
[
(13)
] 
(14)
 "Specified body":
(a) means an administrative, advisory, executive, or legislative body that:
(i) is not a public body;
(ii) consists of three or more members; and
(iii) includes at least one member who is:
(A) a legislator; and
(B) officially appointed to the body by the president of the Senate, speaker of the
House of Representatives, or governor; and
(b) does not include a body listed in Subsection (9)(c)(ii) or (9)(c)(v).
[
(14)
] 
(15)
 "Transmit" means to send, convey, or communicate an electronic message
by electronic means.
Section 2. Section 
52-4-205
 is amended to read:
52-4-205.
Purposes of closed meetings -- Certain issues prohibited in closed
meetings.
(1) A closed meeting described under Section 
52-4-204
 may only be held for:
(a) except as provided in Subsection (3), discussion of the character, professional
competence, or physical or mental health of an individual;
(b) strategy sessions to discuss collective bargaining;
(c) strategy sessions to discuss pending or reasonably imminent litigation;
(d) strategy sessions to discuss the purchase, exchange, or lease of real property,
including any form of a water right or water shares, or to discuss a proposed development
agreement, project proposal, or financing proposal related to the development of land owned by
the state, if public discussion would:
(i) disclose the appraisal or estimated value of the property under consideration; or
(ii) prevent the public body from completing the transaction on the best possible terms;
(e) strategy sessions to discuss the sale of real property, including any form of a water
right or water shares, if:
(i) public discussion of the transaction would:
(A) disclose the appraisal or estimated value of the property under consideration; or
(B) prevent the public body from completing the transaction on the best possible terms;
(ii) the public body previously gave public notice that the property would be offered for
sale; and
(iii) the terms of the sale are publicly disclosed before the public body approves the
sale;
(f) discussion regarding deployment of security personnel, devices, or systems;
(g) investigative proceedings regarding allegations of criminal misconduct;
(h) as relates to the Independent Legislative Ethics Commission, conducting business
relating to the receipt or review of ethics complaints;
(i) as relates to an ethics committee of the Legislature, a purpose permitted under
Subsection 
52-4-204
(1)(a)(iii)(C);
(j) as relates to the Independent Executive Branch Ethics Commission created in
Section 
63A-14-202
, conducting business relating to an ethics complaint;
(k) as relates to a county legislative body, discussing commercial information as
defined in Section 
59-1-404
;
(l) as relates to the Utah Higher Education [
Assistance Authority
] 
Savings Board of
Trustees
 and its appointed board of directors, discussing fiduciary or commercial information
[
as defined in Section 
53B-12-102
];
(m) deliberations, not including any information gathering activities, of a public body
acting in the capacity of:
(i) an evaluation committee under Title 63G, Chapter 6a, Utah Procurement Code,
during the process of evaluating responses to a solicitation, as defined in Section 
63G-6a-103
;
(ii) a protest officer, defined in Section 
63G-6a-103
, during the process of making a
decision on a protest under Title 63G, Chapter 6a, Part 16, Protests; or
(iii) a procurement appeals panel under Title 63G, Chapter 6a, Utah Procurement
Code, during the process of deciding an appeal under Title 63G, Chapter 6a, Part 17,
Procurement Appeals Board;
(n) the purpose of considering information that is designated as a trade secret, as
defined in Section 
13-24-2
, if the public body's consideration of the information is necessary to
properly conduct a procurement under Title 63G, Chapter 6a, Utah Procurement Code;
(o) the purpose of discussing information provided to the public body during the
procurement process under Title 63G, Chapter 6a, Utah Procurement Code, if, at the time of
the meeting:
(i) the information may not, under Title 63G, Chapter 6a, Utah Procurement Code, be
disclosed to a member of the public or to a participant in the procurement process; and
(ii) the public body needs to review or discuss the information to properly fulfill its
role and responsibilities in the procurement process;
(p) as relates to the governing board of a governmental nonprofit corporation, as that
term is defined in Section 
11-13a-102
, the purpose of discussing information that is designated
as a trade secret, as that term is defined in Section 
13-24-2
, if:
(i) public knowledge of the discussion would reasonably be expected to result in injury
to the owner of the trade secret; and
(ii) discussion of the information is necessary for the governing board to properly
discharge the board's duties and conduct the board's business;
(q) as it relates to the Cannabis Production Establishment Licensing Advisory Board,
to review confidential information regarding violations and security requirements in relation to
the operation of cannabis production establishments; or
(r) a purpose for which a meeting is required to be closed under Subsection (2).
(2) The following meetings shall be closed:
(a) a meeting of the Health and Human Services Interim Committee to review a report
described in Subsection 
62A-16-301
(1)(a), and the responses to the report described in
Subsections 
62A-16-301
(2) and (4);
(b) a meeting of the Child Welfare Legislative Oversight Panel to:
(i) review a report described in Subsection 
62A-16-301
(1)(a), and the responses to the
report described in Subsections 
62A-16-301
(2) and (4); or
(ii) review and discuss an individual case, as described in Subsection 
36-33-103
(2);
(c) a meeting of the Opioid and Overdose Fatality Review Committee, created in
Section 
26-7-13
, to review and discuss an individual case, as described in Subsection
26-7-13
(10);
(d) a meeting of a conservation district as defined in Section 
17D-3-102
 for the
purpose of advising the Natural Resource Conservation Service of the United States
Department of Agriculture on a farm improvement project if the discussed information is
protected information under federal law;
(e) a meeting of the Compassionate Use Board established in Section 
26-61a-105
 for
the purpose of reviewing petitions for a medical cannabis card in accordance with Section
26-61a-105
;
(f) a meeting of the Colorado River Authority of Utah if:
(i) the purpose of the meeting is to discuss an interstate claim to the use of the water in
the Colorado River system; and
(ii) failing to close the meeting would:
(A) reveal the contents of a record classified as protected under Subsection
63G-2-305
(82);
(B) reveal a legal strategy relating to the state's claim to the use of the water in the
Colorado River system;
(C) harm the ability of the Colorado River Authority of Utah or river commissioner to
negotiate the best terms and conditions regarding the use of water in the Colorado River
system; or
(D) give an advantage to another state or to the federal government in negotiations
regarding the use of water in the Colorado River system;
(g) a meeting of the General Regulatory Sandbox Program Advisory Committee if:
(i) the purpose of the meeting is to discuss an application for participation in the
regulatory sandbox as defined in Section 
63N-16-102
; and
(ii) failing to close the meeting would reveal the contents of a record classified as
protected under Subsection 
63G-2-305
(83);
(h) a meeting of a project entity if:
(i) the purpose of the meeting is to conduct a strategy session to discuss market
conditions relevant to a business decision regarding the value of a project entity asset if the
terms of the business decision are publicly disclosed before the decision is finalized and a
public discussion would:
(A) disclose the appraisal or estimated value of the project entity asset under
consideration; or
(B) prevent the project entity from completing on the best possible terms a
contemplated transaction concerning the project entity asset;
(ii) the purpose of the meeting is to discuss a record, the disclosure of which could
cause commercial injury to, or confer a competitive advantage upon a potential or actual
competitor of, the project entity;
(iii) the purpose of the meeting is to discuss a business decision, the disclosure of
which could cause commercial injury to, or confer a competitive advantage upon a potential or
actual competitor of, the project entity; or
(iv) failing to close the meeting would prevent the project entity from getting the best
price on the market; and
(i) a meeting of the School Activity Eligibility Commission, described in Section
53G-6-1003
, if the commission is in effect in accordance with Section 
53G-6-1002
, to
consider, discuss, or determine, in accordance with Section 
53G-6-1004
, an individual student's
eligibility to participate in an interscholastic activity, as that term is defined in Section
53G-6-1001
, including the commission's determinative vote on the student's eligibility.
(3) In a closed meeting, a public body may not:
(a) interview a person applying to fill an elected position;
(b) discuss filling a midterm vacancy or temporary absence governed by Title 20A,
Chapter 1, Part 5, Candidate Vacancy and Vacancy and Temporary Absence in Elected Office;
or
(c) discuss the character, professional competence, or physical or mental health of the
person whose name was submitted for consideration to fill a midterm vacancy or temporary
absence governed by Title 20A, Chapter 1, Part 5, Candidate Vacancy and Vacancy and
Temporary Absence in Elected Office.
Section 3. Section 
53B-1-301
 is amended to read:
53B-1-301.
Reports to and actions of the Higher Education Appropriations
Subcommittee.
(1) In accordance with applicable provisions and Section 
68-3-14
, the following
recurring reports are due to the Higher Education Appropriations Subcommittee:
(a) the reports described in Sections 
34A-2-202.5
, 
53B-30-206
, and 
59-9-102.5
 by the
Rocky Mountain Center for Occupational and Environmental Health;
(b) the report described in Section 
53B-7-101
 by the board on recommended
appropriations for higher education institutions, including the report described in Section
53B-8-104
 by the board on the effects of offering nonresident partial tuition scholarships;
(c) the report described in Section 
53B-7-704
 by the Department of Workforce
Services and the Governor's Office of Economic Opportunity on targeted jobs;
(d) the reports described in Section 
53B-7-705
 by the board on performance;
(e) the report described in Section 
53B-8-201
 by the board on the Opportunity
Scholarship Program;
(f) the report described in Section 
53B-8d-104
 by the Division of Child and Family
Services on tuition waivers for wards of the state;
[
(g) the report described in Section 
53B-12-107
 by the Utah Higher Education
Assistance Authority;
]
[
(h)
] 
(g)
 the report described in Section 
53B-13a-103
 by the board on the Utah Promise
Program;
[
(i)
] 
(h)
 the report described in Section 
53B-17-201
 by the University of Utah
regarding the Miners' Hospital for Disabled Miners;
[
(j)
] 
(i)
 the report described in Section 
53B-26-202
 by the Medical Education Council
on projected demand for nursing professionals;
[
(k)
] 
(j)
 the report described in Section 
53B-35-202
 regarding the Higher Education
and Corrections Council; and
[
(l)
] 
(k)
 the report described in Section 
53E-10-308
 by the State Board of Education
and board on student participation in the concurrent enrollment program.
(2) In accordance with applicable provisions and Section 
68-3-14
, the following
occasional reports are due to the Higher Education Appropriations Subcommittee:
(a) upon request, the information described in Section 
53B-8a-111
 submitted by the
Utah Educational Savings Plan;
(b) a proposal described in Section 
53B-26-202
 by an eligible program to respond to
projected demand for nursing professionals; and
(c) a report in 2023 from Utah Valley University and the Utah Fire Prevention Board
on the fire and rescue training program described in Section 
53B-29-202
.
(3) In accordance with applicable provisions, the Higher Education Appropriations
Subcommittee shall complete the following:
(a) as required by Section 
53B-7-703
, the review of performance funding described in
Section 
53B-7-703
;
(b) an appropriation recommendation described in Section 
53B-26-202
 to fund a
proposal responding to projected demand for nursing professionals; and
(c) review of the report described in Section 
63B-10-301
 by the University of Utah on
the status of a bond and bond payments specified in Section 
63B-10-301
.
Section 4. Section 
53B-7-801
 is amended to read:
53B-7-801.
Definitions.
[
As used in this part:
]
[
(1) "Authority" means the Utah Higher Education Assistance Authority.
]
[
(2) "Endowment"
] 
As used in this part, "endowment"
 means the Higher Education
Student Success Endowment created in Section 
53B-7-802
.
Section 5. Section 
53B-7-802
 is amended to read:
53B-7-802.
Higher Education Student Success Endowment.
(1) There is created the Higher Education Student Success Endowment.
(2) The endowment consists of:
(a) the proceeds from divestment of the [
authority's
] 
dissolved Utah Higher Education
Assistance Authority's
 loan portfolio [
in accordance with Section 
53B-12-109
];
(b) appropriations made to the endowment by the Legislature, if any;
(c) income from the investment of the endowment; and
(d) other revenues received from other sources.
(3) The board shall account for the receipt and expenditures of endowment money in
accordance with the policies and guidance of the Division of Finance.
(4) (a) (i) The state treasurer shall invest the endowment money with the primary goal
of providing for stability, income, and growth of the principal.
(ii) The state treasurer may deduct any administrative costs incurred in managing
endowment assets from earnings before distributing the earnings.
(b) Nothing in this section requires a specific outcome in investing.
(c) The state treasurer may employ professional asset managers to assist in the
investment of assets of the endowment.
(d) The state treasurer may only provide compensation to asset managers from earnings
generated by the endowment's investments.
(e) The state treasurer shall invest and manage the endowment assets as a prudent
investor would, by:
(i) considering the purposes, terms, distribution requirements, and other circumstances
of the endowment; and
(ii) exercising reasonable care, skill, and caution in order to meet the standard of care
of a prudent investor.
(f) In determining whether or not the state treasurer has met the standard of care of a
prudent investor, the judge or finder of fact shall:
(i) consider the state treasurer's actions in light of the facts and circumstances existing
at the time of the investment decision or action, and not by hindsight; and
(ii) evaluate the state treasurer's investment and management decisions respecting
individual assets not in isolation, but in context of an endowment portfolio as a whole as a part
of an overall investment strategy that has risk and return objectives reasonably suited to the
endowment.
(5) (a) The endowment shall earn interest.
(b) The state treasurer shall deposit the interest or other revenue earned from
investment of the endowment into the endowment.
(6) The board:
(a) may expend money from the endowment for programs that:
(i) advance the system priorities as established in Subsection 
53B-1-402
(2)(a); and
(ii) support prospective students or current students enrolled at an institution, as
described in Section 
53B-2-101
; and
(b) may not expend money from the endowment for a capital expenditure, including
the construction or lease of a capital facility or operation and maintenance of a capital facility.
(7) The board shall ensure that:
(a) money deposited into the endowment is irrevocable and is expended only for
programs that advance the system priorities as established in Subsection 
53B-1-402
(2)(a); and
(b) creditors of the board of directors may not seize, attach, or otherwise obtain assets
of the endowment.
Section 6. Section 
53B-7-804
 is enacted to read:
 53B-7-804.
State grants to the authority.
To the extent otherwise allowed, a state entity may grant money or property to the
endowment.
Section 7. Section 
53B-7-805
 is enacted to read:
 53B-7-805.
Gifts to the endowment.
A person may make a contribution, gift, grant, bequest, or devise, or loans to the
endowment.
Section 8. Section 
53B-8a-102.5
 is amended to read:
53B-8a-102.5.
Definitions for part.
As used in this part:
(1) "Administrative fund" means the money used to administer the Utah Educational
Savings Plan.
(2) "Board" means [
the board of directors of the Utah Educational Savings Plan, which
is the Utah Board of Higher Education acting in the Utah Board of Higher Education's capacity
as the Utah Higher Education Assistance Authority under Title 53B, Chapter 12, Higher
Education Assistance Authority
] 
the Utah Education Savings Board of Trustees created in
Section 
53B-8a-105
.
(3) "Endowment fund" means the endowment fund established under Section
53B-8a-107
, which is held as a separate fund within the Utah Educational Savings Plan.
(4) "Executive director" means the administrator appointed to administer and manage
the Utah Educational Savings Plan.
(5) "Federally insured depository institution" means an institution whose deposits and
accounts are to any extent insured by a federal deposit insurance agency, including the Federal
Deposit Insurance Corporation and the National Credit Union Administration.
(6) "Grantor trust" means a trust, the income of which is for the benefit of the grantor
under Section 677, Internal Revenue Code.
(7) "Higher education costs" means qualified higher education expenses as defined in
Section 529(e)(3), Internal Revenue Code.
(8) "Owner of the grantor trust" means one or more individuals who are treated as an
owner of a trust under Section 677, Internal Revenue Code, if that trust is a grantor trust.
(9) "Program fund" means the program fund created under Section 
53B-8a-107
, which
is held as a separate fund within the Utah Educational Savings Plan.
(10) "Qualified investment" means an amount invested in accordance with an account
agreement established under this part.
(11) "Tuition and fees" means the quarterly or semester charges imposed to attend an
institution of higher education and required as a condition of enrollment.
Section 9. Section 
53B-8a-104
 is amended to read:
53B-8a-104.
Office facilities, clerical, and administrative support for the Utah
Educational Savings Plan.
(1) The [
board
] 
Utah Board of Higher Education
 shall provide to the plan, by
agreement, administrative [
and clerical
] support and office facilities and space.
(2) Reasonable charges or fees may be levied against the plan pursuant to the
agreement for the services provided by the [
board
] 
Utah Board of Higher Education
.
Section 10. Section 
53B-8a-105
 is amended to read:
53B-8a-105.
Powers and duties of board.
(1) There is created the Utah Education Savings Board of Trustees.
(2) The Utah Board of Higher Education shall:
(a) appoint the members of the board as follows:
(i) not more than three members from the Utah Board of Higher Education; and
(ii) at least four public members, each of whom possesses skills in one or more of the
following:
(A) investments;
(B) accounting;
(C) finance;
(D) banking;
(E) education;
(F) technology; or
(G) financial operations; and
(b) designate a member appointed under Subsection (2)(a) as chair.
(3) Each board member serves at the pleasure of the Utah Board of Higher Education.
[
(1)
] 
(4)
 The board has all powers necessary to carry out and effectuate the purposes,
objectives, and provisions of this chapter pertaining to the plan.
(5) The board shall act as a fiduciary of the plan with:
(a) a duty of care to act solely in the best interest of the plan's account owners and
beneficiaries;
(b) a duty of loyalty putting the plan's interest ahead of other interests; and
(c) a duty to invest with care, skill, prudence, and diligence.
[
(2)
] 
(6)
 The duties, responsibilities, funds, liabilities, and expenses of the board in
oversight and governance of the plan shall be maintained separate and apart from the [
board's
]
Utah Board of Higher Education's
 other duties, responsibilities, funds, liabilities, and expenses.
[
(3)
] 
(7)
 The board shall [
make policies governing the
]:
(a) 
make policies governing the
 administration of the plan; and
[
(b) appointment and duties of the plan's executive director.
]
(b) amend policies related to board governance.
[
(4)
] 
(8)
 (a) The board may appoint advisory committees to aid the board in fulfilling
its duties and responsibilities.
(b) An advisory committee member may receive compensation and be reimbursed for
reasonable expenses incurred in the performance of the member's official duties as determined
by the board.
(9) The board may appoint a board of directors known as the Board of Directors of the
Utah Education Savings Plan to carry out the obligation of separation of functions required
under Subsection (6).
(10) If the board creates a board of directors under Subsection (9):
(a) the board of directors shall consist of at least five members; and
(b) no more than two-thirds of the members of the board of directors may
simultaneously serve as a member of the board.
Section 11. 
Repealer.
This bill repeals:
Section 
53B-11-101
,
Establishment of Student Loan Fund.
Section 
53B-11-102
,
Use of Student Loan Fund.
Section 
53B-11-103
,
Student loan insurance program -- Board is successor to
authority of Coordinating Council -- Maintenance of insurance program.
Section 
53B-12-101
,
Utah Higher Education Assistance Authority designated --
Powers.
Section 
53B-12-102
,
Separation of duties, responsibilities, funds, liabilities, and
expenses -- Appointment of board of directors -- No state or local debt -- Minors eligible
for loans.
Section 
53B-12-103
,
Gifts by persons, corporations, and associations -- Tax
deduction.
Section 
53B-12-104
,
Guarantee Fund -- Sources -- Use -- Valuation and restoration
of assets -- Other funds.
Section 
53B-12-105
,
Agreement with loan holders -- Terms unalterable.
Section 
53B-12-106
,
Guarantee agreements and expenses limited to funds of the
authority.
Section 
53B-12-107
,
Annual report -- Annual audit -- Reimbursement of state
auditor.
Section 
53B-12-108
,
State grants to the authority.
Section 
53B-12-109
,
Dissolution of authority -- Higher Education Student Success
Endowment.
Section 12. 
Effective date.
This bill takes effect on July 1, 2023.