Rep. Norm Thurston — Voting Record

Bill

Number

H.B. 67 (2025GS)

Sponsor

Rep. Ivory, Ken

Final action

Governor Signed 3/25/2025

Outcome

Became law — signed by Gov. Spencer J. Cox

Summary

What it does

• This bill:
• allows the state treasurer to deduct administrative costs for investing in precious metals from earnings generated by the investments in certain funds; and
• makes technical changes.

Every vote on this bill

Bill text

7
67-4-19
0
Precious Metals Investment and Administration Amendments
2025 GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Ken Ivory
Senate Sponsor: Keven J. Stratton
LONG TITLE
General Description:
This bill allows the state treasurer to deduct administrative costs for investing in precious 
metals from earnings generated by the investments in certain funds.
Highlighted Provisions:
This bill:
allows the state treasurer to deduct administrative costs for investing in precious metals 
from earnings generated by the investments in certain funds; and
makes technical changes.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
67-4-19
, as enacted by Laws of Utah 2024, Chapter 492
Be it enacted by the Legislature of the state of Utah:
Section 1, Section 
67-4-19
 is amended to read:
67-4-19
. Investments of public funds in precious metals by state treasurer -- 
Precious metals study and report to Legislature.
(1)
As used in this section, "precious metal" means the same as that term is defined in 
Section 
61-1-13
.
(2)
(a)
Subject to Subsection (2)(b), the state treasurer may invest a portion of public 
funds in the following accounts in precious metals:
(i)
the State Disaster Recovery Restricted Account, created in Section 
53-2a-603
;
(ii)
the General Fund Budget Reserve Account, created in Section 
63J-1-312
;
(iii)
the Income Tax Fund Budget Reserve Account, created in Section 
63J-1-313
; and
(iv)
the Medicaid Growth Reduction and Budget Stabilization Account, created in 
Section 
63J-1-315
.
(b)
(i)
The amount of public funds that the state treasurer may invest in precious 
metals in an account described in Subsection (2)(a) may not, at the time the 
investment is made, exceed 10% of the total amount of public funds in that 
account.
(ii)
The requirements of Subsections 
51-7-14
(2) and (3) apply to the state treasurer's 
investments in precious metals under Subsection (2)(a).
(iii)
Any public funds in an account described in Subsection (2)(a) not invested by 
the state treasurer in precious metals under this Subsection (2) shall be invested as 
provided in Title 51, Chapter 7, State Money Management Act.
(3)
The state treasurer may deduct any administrative costs incurred by investing in 
precious metals under Subsection (2)(a), including delivery and vaulting costs, from 
earnings generated by the investments in the funds described in Subsections 
(2)(a)(i)
through (iv).
(3)
The state treasurer shall:
(a)
conduct a study analyzing the role of precious metals in augmenting, stabilizing, and 
ensuring the economic security and prosperity of the state, the families and residents 
of the state, and businesses in the state; and
(b)
submit to the Revenue and Taxation Interim Committee on or before the 
committee's 2024 October interim committee meeting any recommendations for 
legislation resulting from the outcome of the study conducted under Subsection (3)(a).
Section 2. 
Effective Date.
This bill takes effect on 
May 7, 2025
.
3-6-25 1:54 PM