Compensation from the Utah fund of funds to the corporation -- Redemption reserve.
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(1) The corporation shall be compensated for its involvement in the Utah fund of funds through the payment of the management fee described in Section 63N-6-305.
(2) Before any returns may be reinvested in the Utah fund of funds:
(a) any returns shall be paid to designated investors, including the repayment by the Utah fund of funds of any outstanding loans;
(b) any returns in excess of those payable to designated investors shall be deposited in the redemption reserve and shall be:
(i) held by the corporation as a first priority reserve for the redemption of certificates; and
(ii) used by the corporation to provide money for the state as directed by statute;
(c) any returns received by the corporation from investment of amounts held in the redemption reserve that are not used to provide money for the state as directed by statute shall be added to the redemption reserve until the redemption reserve has reached a total of $250,000,000; and
(d) if at the end of a calendar year the redemption reserve exceeds the $250,000,000 limitation referred to in Subsection (2)(c), the corporation may reinvest the excess in the Utah fund of funds.
(3) Funds held by the corporation in the redemption reserve shall be invested in accordance with Title 51, Chapter 7, State Money Management Act.
(4)
(a) By June 30, 2021, the corporation shall transfer $20,000,000 from the redemption reserve or other assets of the corporation to the state treasurer.
(b) The state treasurer shall deposit the money described in Subsection (4)(a) into the restricted account.