Agency Histories

The Board consists of the following five members: the state treasurer; the director or the director's designee; and three members appointed by the governor and confirmed by the Senate. The governor appoints members of the board based on demonstrated expertise and competence in: the supervision of investment managers; the fiduciary management of investment funds; or the management and administration of tax credit allocation programs. The duties of the Board are to establish criteria and procedures for the allocation and issuance of contingent tax credits to designated investors by means of certificates issued by the board, provided that a contingent tax credit may not be issued unless the Utah fund of funds: first agrees to treat the amount of the tax credit redeemed by the state as a loan from the state to the Utah fund of funds; and agrees to repay the loan upon terms and conditions established by the board; establish criteria and procedures for assessing the likelihood of future certificate redemptions by designated investors, including: criteria and procedures for evaluating the value of investments made by the Utah fund of funds; and the returns from the Utah fund of funds; establish criteria and procedures for registering and redeeming contingent tax credits by designated investors holding certificates issued by the board; establish a target rate of return or range of returns for the investment portfolio of the Utah fund of funds; establish criteria and procedures governing commitments obtained by the board from designated purchasers including: entering into commitments with designated purchasers; and drawing on commitments to redeem certificates from designated investors; have power to: expend funds; invest funds; issue debt and borrow funds; enter into contracts; and insure against loss.