Rep. Norm Thurston — Voting Record

Bill

Number

H.B. 572 First Substitute (2024GS)

Sponsor

Rep. Spendlove, R.

Final action

Governor Signed 3/21/2024

Outcome

Became law — signed by Gov. Spencer J. Cox

Summary

What it does

• This bill:
• creates the Utah Homes Investment Program (the program);
• directs the state treasurer to invest certain funds into the program;
• provides for the terms of investment in the program;
• exempts investments in the program from the Money Management Act; and
• makes the request for investment and investment agreement private under the Government Records and Access Management Act.

Every vote on this bill

Bill text

STATE TREASURER INVESTMENT AMENDMENTS
GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Robert M. Spendlove
Senate Sponsor: 
____________
LONG TITLE
General Description:
This bill directs the state treasurer to invest in the Utah Homes Investment Program. 
Highlighted Provisions:
This bill:
▸ creates the Utah Homes Investment Program (the program);
▸ directs the state treasurer to invest certain funds into the program;
▸ provides for the terms of investment in the program;
▸ exempts investments in the program from the Money Management Act; and
▸ makes the request for investment and investment agreement private under the
Government Records and Access Management Act.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
51-7-2
, as last amended by Laws of Utah 2023, Chapters 139, 242 and 328
63G-2-302
, as last amended by Laws of Utah 2023, Chapters 329, 471
63I-1-251
, as last amended by Laws of Utah 2021, Chapter 64
ENACTS:
51-12-101
, Utah Code Annotated 1953
51-12-102
, Utah Code Annotated 1953
51-12-201
, Utah Code Annotated 1953
51-12-202
, Utah Code Annotated 1953
51-12-203
, Utah Code Annotated 1953
51-12-204
, Utah Code Annotated 1953
72-2-134
, Utah Code Annotated 1953
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 
51-7-2
 is amended to read:
51-7-2.
Exemptions from chapter.
(1) Except as provided in Subsection (2), the following funds are exempt from this
chapter:
(a) funds invested in accordance with the participating employees' designation or
direction pursuant to a public employees' deferred compensation plan established and operated
in compliance with Section 457 of the Internal Revenue Code of 1986, as amended;
(b) funds of the Utah State Retirement Board;
(c) funds of the Utah Housing Corporation;
(d) endowment funds of higher education institutions, including funds of the Higher
Education Student Success Endowment, created in Section 
53B-7-802
;
(e) permanent and other land grant trust funds established pursuant to the Utah
Enabling Act and the Utah Constitution;
(f) the State Post-Retirement Benefits Trust Fund;
(g) the funds of the Utah Educational Savings Plan;
(h) funds of the permanent state trust fund created by and operated under Utah
Constitution, Article XXII, Section 4;
(i) the funds in the Navajo Trust Fund;
(j) the funds in the Radioactive Waste Perpetual Care and Maintenance Account;
(k) the funds in the Employers' Reinsurance Fund;
(l) the funds in the Uninsured Employers' Fund;
(m) the Utah State Developmental Center Long-Term Sustainability Fund, created in
Section 
26B-1-331
;
(n) the funds in the Risk Management Fund created in Section 
63A-4-201
; [
and
]
(o) the Utah fund of funds created in Section 
63N-6-401
[
.
]
; and
(p) the funds invested in the Utah Homes Investment Program from the Transportation
Infrastructure General Fund Support Subfund created in Section 
72-2-134
.
(2) Except for the funds of the Utah State Retirement Board and the Utah Educational
Savings Plan, the funds described in Subsection (1) are not exempt from Subsections
51-7-14
(2) and (3).
Section 2. Section 
51-12-101
 is enacted to read:
CHAPTER 12. UTAH HOMES INVESTMENT PROGRAM
Part 1. General Provisions
 51-12-101.
Definitions.
As used in this chapter:
(1) "Attainable home" means a residence that costs the purchaser no more than the
amount a qualifying residential unit may be purchased:
(a) in accordance with Subsection 
63H-8-501
(6)(e); and
(b) at the time the state treasurer invests with a financial institution.
(2) "Council" means the Utah Homes Investment Program Oversight Council created
in Section 
51-12-203
.
(3) "Financial institution" means an entity with which the state treasurer may invest in
accordance with Chapter 7, State Money Management Act.
(4) "Fund" means the Transportation Infrastructure General Fund Support Subfund
created in Section 
72-2-134
.
(5) "Political subdivision" means:
(a) the municipality in which the attainable home is located; or
(b) the county, if the attainable home is located in an unincorporated portion of the
county.
(6) (a) "Qualified project" means a new construction housing development project in
the state for which the developer commits to:
(i) offering for sale no fewer than 60% of the total units within the project as attainable
homes;
(ii) including in the deed of sale for an attainable home a restriction, in favor of the
political subdivision, that the attainable home be owner occupied for no fewer than five years;
and
(iii) having a plan to provide information to potential buyers of attainable homes about
the First-Time Homebuyer Assistance Program created in Section 
63H-8-502
.
(b) "Qualified project" includes infrastructure within the housing development project.
Section 3. Section 
51-12-102
 is enacted to read:
 51-12-102.
Reporting.
Before December 31 of each year, the state treasurer shall report to the Executive
Appropriations Committee:
(1) the dollar amount of investments and the number of financial institutions in which
an investment is made in accordance with Part 2, Investment Program; and
(2) the information reported in accordance with Subsection 
51-12-202
(3)(d).
Section 4. Section 
51-12-201
 is enacted to read:
Part 2. Investment Program
 51-12-201.
Investment opportunities.
(1) A financial institution may request the state treasurer to invest in the financial
institution if the financial institution:
(a) has identified and approved for financing a qualified project; and
(b) requests no more than 75% of the financing for a qualified project.
(2) Upon receiving a request from a financial institution, the state treasurer shall
submit the request to the council for review.
(3) Subject to Subsection (5), the state treasurer shall approve the financial institution's
request for investment:
(a) (i) unless the state treasurer determines the financial institution does not merit
investment under prudent investment practices and the state treasurer's fiduciary duties; or
(ii) unless the council determines, by majority vote, either the financial institution or
the qualified project is ineligible; and
(b) as sufficient money becomes available in the fund in accordance with Subsection
72-2-134
(4)(a).
(4) The state treasurer's amount of the investment in a financial institution may not
exceed 75% of the financing amount for each qualified project the financial institution
approves for financing.
(5) The state treasurer may not approve a request for investment after December 31,
2025.
(6) The state treasurer shall notify Utah Housing Corporation of any qualified projects
for which the state treasurer makes an investment in a financial institution.
Section 5. Section 
51-12-202
 is enacted to read:
 51-12-202.
Terms of investment.
(1) The state treasurer shall enter into an investment agreement with a financial
institution that the state treasurer approves in accordance with Section 
51-12-201
.
(2) The investment agreement shall provide that the financial institution:
(a) shall offer loan financing to a developer of a qualified project at a rate no higher
than 150 basis points above the federal funds effective rate at the time of the investment;
(b) shall repay the amount of investment:
(i) with interest at a rate equal to the greater of:
(A) the federal funds effective rate at the time of the investment minus 200 basis
points; or
(B) 0.5%; and
(ii) at the earlier of:
(A) 24 months from the day on which the investment is made;
(B) repayment of the loan financing;
(C) the sale of the last home in the qualified project; or
(D) June 30, 2027;
(c) is responsible for repayment regardless of the completion of the qualified project or
the repayment of the financial institution's loan to the developer of the qualified project; and
(d) shall report to the state treasurer the total number of housing units and the number
of attainable homes each qualified project created.
(3) A financial institution may repay the investment earlier than the time period
described in Subsection (2)(b)(ii) without penalty.
(4) The state treasurer shall deposit the repayment of an investment, including interest,
into the fund.
Section 6. Section 
51-12-203
 is enacted to read:
 51-12-203.
Utah Homes Investment Program Oversight Council.
(1) There is created, within the office of the state treasurer, the Utah Homes Investment
Program Oversight Council.
(2) The council consists of the following members:
(a) the state treasurer, or the state treasurer's designee;
(b) the director of the Division of Finance; and
(c) the director of the Office of the Legislative Fiscal Analyst, or the director's
designee.
(3) (a) The council shall review a request from a financial institution within a
reasonable time after receiving the request from the state treasurer.
(b) The review shall verify that the request is from a financial institution and the
project is a qualified project and that neither is disqualified under Section 
51-12-204
.
(c) The council shall notify the state treasurer of the results of a review.
(4) The council is exempt from the requirements described in Title 52, Chapter 4, Open
and Public Meetings Act.
Section 7. Section 
51-12-204
 is enacted to read:
 51-12-204.
Penalty.
A developer or financial institution that fails to comply with the terms of investment is
disqualified from subsequent participation in the Utah Homes Investment Program.
Section 8. Section 
63G-2-302
 is amended to read:
63G-2-302.
Private records.
(1) The following records are private:
(a) records concerning an individual's eligibility for unemployment insurance benefits,
social services, welfare benefits, or the determination of benefit levels;
(b) records containing data on individuals describing medical history, diagnosis,
condition, treatment, evaluation, or similar medical data;
(c) records of publicly funded libraries that when examined alone or with other records
identify a patron;
(d) records received by or generated by or for:
(i) the Independent Legislative Ethics Commission, except for:
(A) the commission's summary data report that is required under legislative rule; and
(B) any other document that is classified as public under legislative rule; or
(ii) a Senate or House Ethics Committee in relation to the review of ethics complaints,
unless the record is classified as public under legislative rule;
(e) records received by, or generated by or for, the Independent Executive Branch
Ethics Commission, except as otherwise expressly provided in Title 63A, Chapter 14, Review
of Executive Branch Ethics Complaints;
(f) records received or generated for a Senate confirmation committee concerning
character, professional competence, or physical or mental health of an individual:
(i) if, prior to the meeting, the chair of the committee determines release of the records:
(A) reasonably could be expected to interfere with the investigation undertaken by the
committee; or
(B) would create a danger of depriving a person of a right to a fair proceeding or
impartial hearing; and
(ii) after the meeting, if the meeting was closed to the public;
(g) employment records concerning a current or former employee of, or applicant for
employment with, a governmental entity that would disclose that individual's home address,
home telephone number, social security number, insurance coverage, marital status, or payroll
deductions;
(h) records or parts of records under Section 
63G-2-303
 that a current or former
employee identifies as private according to the requirements of that section;
(i) that part of a record indicating a person's social security number or federal employer
identification number if provided under Section 
31A-23a-104
, 
31A-25-202
, 
31A-26-202
,
58-1-301
, 
58-55-302
, 
61-1-4
, or 
61-2f-203
;
(j) that part of a voter registration record identifying a voter's:
(i) driver license or identification card number;
(ii) social security number, or last four digits of the social security number;
(iii) email address;
(iv) date of birth; or
(v) phone number;
(k) a voter registration record that is classified as a private record by the lieutenant
governor or a county clerk under Subsection 
20A-2-101.1
(5)(a), 
20A-2-104
(4)(h), or
20A-2-204
(4)(b);
(l) a voter registration record that is withheld under Subsection 
20A-2-104
(7);
(m) a withholding request form described in Subsections 
20A-2-104
(7) and (8) and any
verification submitted in support of the form;
(n) a record that:
(i) contains information about an individual;
(ii) is voluntarily provided by the individual; and
(iii) goes into an electronic database that:
(A) is designated by and administered under the authority of the Chief Information
Officer; and
(B) acts as a repository of information about the individual that can be electronically
retrieved and used to facilitate the individual's online interaction with a state agency;
(o) information provided to the Commissioner of Insurance under:
(i) Subsection 
31A-23a-115
(3)(a);
(ii) Subsection 
31A-23a-302
(4); or
(iii) Subsection 
31A-26-210
(4);
(p) information obtained through a criminal background check under Title 11, Chapter
40, Criminal Background Checks by Political Subdivisions Operating Water Systems;
(q) information provided by an offender that is:
(i) required by the registration requirements of Title 77, Chapter 41, Sex and Kidnap
Offender Registry or Title 77, Chapter 43, Child Abuse Offender Registry; and
(ii) not required to be made available to the public under Subsection 
77-41-110
(4) or
77-43-108
(4);
(r) a statement and any supporting documentation filed with the attorney general in
accordance with Section 
34-45-107
, if the federal law or action supporting the filing involves
homeland security;
(s) electronic toll collection customer account information received or collected under
Section 
72-6-118
 and customer information described in Section 
17B-2a-815
 received or
collected by a public transit district, including contact and payment information and customer
travel data;
(t) an email address provided by a military or overseas voter under Section
20A-16-501
;
(u) a completed military-overseas ballot that is electronically transmitted under Title
20A, Chapter 16, Uniform Military and Overseas Voters Act;
(v) records received by or generated by or for the Political Subdivisions Ethics Review
Commission established in Section 
63A-15-201
, except for:
(i) the commission's summary data report that is required in Section 
63A-15-202
; and
(ii) any other document that is classified as public in accordance with Title 63A,
Chapter 15, Political Subdivisions Ethics Review Commission;
(w) a record described in Section 
53G-9-604
 that verifies that a parent was notified of
an incident or threat;
(x) a criminal background check or credit history report conducted in accordance with
Section 
63A-3-201
;
(y) a record described in Subsection 
53-5a-104
(7);
(z) on a record maintained by a county for the purpose of administering property taxes,
an individual's:
(i) email address;
(ii) phone number; or
(iii) personal financial information related to a person's payment method;
(aa) a record submitted by a taxpayer to establish the taxpayer's eligibility for an
exemption, deferral, abatement, or relief under:
(i) Title 59, Chapter 2, Part 11, Exemptions;
(ii) Title 59, Chapter 2, Part 12, Property Tax Relief;
(iii) Title 59, Chapter 2, Part 18, Tax Deferral and Tax Abatement; or
(iv) Title 59, Chapter 2, Part 19, Armed Forces Exemptions;
(bb) a record provided by the State Tax Commission in response to a request under
Subsection 
59-1-403
(4)(y)(iii);
(cc) a record of the Child Welfare Legislative Oversight Panel regarding an individual
child welfare case, as described in Subsection 
36-33-103
(3); [
and
]
(dd) a record relating to drug or alcohol testing of a state employee under Section
63A-17-1004
[
.
]
; and
(ee) a request for investment made in accordance with Section 
51-12-201
 and the
investment agreement entered into in accordance with Section 
51-12-202
.
(2) The following records are private if properly classified by a governmental entity:
(a) records concerning a current or former employee of, or applicant for employment
with a governmental entity, including performance evaluations and personal status information
such as race, religion, or disabilities, but not including records that are public under Subsection
63G-2-301
(2)(b) or 
63G-2-301
(3)(o) or private under Subsection (1)(b);
(b) records describing an individual's finances, except that the following are public:
(i) records described in Subsection 
63G-2-301
(2);
(ii) information provided to the governmental entity for the purpose of complying with
a financial assurance requirement; or
(iii) records that must be disclosed in accordance with another statute;
(c) records of independent state agencies if the disclosure of those records would
conflict with the fiduciary obligations of the agency;
(d) other records containing data on individuals the disclosure of which constitutes a
clearly unwarranted invasion of personal privacy;
(e) records provided by the United States or by a government entity outside the state
that are given with the requirement that the records be managed as private records, if the
providing entity states in writing that the record would not be subject to public disclosure if
retained by it;
(f) any portion of a record in the custody of the Division of Aging and Adult Services,
created in Section 
26B-6-102
, that may disclose, or lead to the discovery of, the identity of a
person who made a report of alleged abuse, neglect, or exploitation of a vulnerable adult; and
(g) audio and video recordings created by a body-worn camera, as defined in Section
77-7a-103
, that record sound or images inside a home or residence except for recordings that:
(i) depict the commission of an alleged crime;
(ii) record any encounter between a law enforcement officer and a person that results in
death or bodily injury, or includes an instance when an officer fires a weapon;
(iii) record any encounter that is the subject of a complaint or a legal proceeding
against a law enforcement officer or law enforcement agency;
(iv) contain an officer involved critical incident as defined in Subsection
76-2-408
(1)(f); or
(v) have been requested for reclassification as a public record by a subject or
authorized agent of a subject featured in the recording.
(3) (a) As used in this Subsection (3), "medical records" means medical reports,
records, statements, history, diagnosis, condition, treatment, and evaluation.
(b) Medical records in the possession of the University of Utah Hospital, its clinics,
doctors, or affiliated entities are not private records or controlled records under Section
63G-2-304
 when the records are sought:
(i) in connection with any legal or administrative proceeding in which the patient's
physical, mental, or emotional condition is an element of any claim or defense; or
(ii) after a patient's death, in any legal or administrative proceeding in which any party
relies upon the condition as an element of the claim or defense.
(c) Medical records are subject to production in a legal or administrative proceeding
according to state or federal statutes or rules of procedure and evidence as if the medical
records were in the possession of a nongovernmental medical care provider.
Section 9. Section 
63I-1-251
 is amended to read:
63I-1-251.
Repeal dates: Title 51.
(1) Subsection 
51-7-2
(1)(p), relating to the Transportation Infrastructure General Fund
Support Subfund created in Section 
72-2-134
, is repealed July 1, 2027.
(2) Title 51, Chapter 12, Utah Homes Investment Program, is repealed July 1, 2027.
Section 10. Section 
72-2-134
 is enacted to read:
 72-2-134.
Transportation Infrastructure General Fund Support Subfund.
(1) There is created within the Transportation Investment Fund of 2005 a subfund
known as the "Transportation Infrastructure General Fund Support Subfund."
(2) The subfund consists of:
(a) appropriations by the Legislature;
(b) interest earned on the fund; and
(c) repayments made in accordance with Section 
51-12-201
.
(3) (a) The subfund shall earn interest.
(b) Interest earned on money in the subfund shall be deposited into the subfund.
(4) (a) The state treasurer shall invest up to $300,000,000 from the subfund in
accordance with Title 51, Chapter 12, Utah Homes Investment Program.
(b) Notwithstanding Subsection (4)(a), the state treasurer may otherwise invest funds
described in Subsection (4)(a) if funds are available after qualified projects are approved under
Section 
51-12-201
.
Section 11. 
Effective date.
This bill takes effect on May 1, 2024.