§ 53D-2-204 — Land Trusts Protection and Advocacy Account -- Funding of advocacy office operations.

(1) As used in this section:

(1)(a) "Account" means the Land Trusts Protection and Advocacy Account created in this section.
(1)(b) "School and Institutional Trust Fund Office director" or "SITFO director" means the director of the School and Institutional Trust Fund Office, appointed under Section 53D-1-401.
(1)(c) "Trust fund" means the same as that term is defined in Section 53D-1-102.
(1)(d) "Trust fund earnings" means the same as that term is defined in Section 53D-1-203.
(2) There is created an enterprise fund known as the Land Trusts Protection and Advocacy Account.
(3) The account is funded by money deposited into the account as provided in Subsection (4).
(4) (4)(a) Except as provided in Subsection (4)(c), the SITFO director shall deposit into the account a total amount of money, taken proportionately from trust fund earnings according to the value of the various funds established for the trust beneficiaries, that is equal to the annual appropriation that the Legislature makes to the advocacy office.
(4)(b) The advocacy office may use money in the account to pay for the advocacy office's operating costs.
(4)(c) If the amount of money deposited into the account under Subsection (4)(a) in any fiscal year exceeds the amount required by the advocacy office during that fiscal year to fund advocacy office operations, the SITFO director shall, in the following fiscal year, reduce the amount deposited into the account under Subsection (4)(a) by the amount of the unspent appropriation.

Legislative History

Amended by Chapter 191, 2019 General Session