Board of Loan Commissioners
Entity: 602
Entity Type: State Government
Abstract
The Board was created in 1896. When no funds are available in the state treasury for an authorized expenditure, the Board of Loan Commissioners has the power by law to borrow money for the state for a limited time under specified conditions. In addition, the board was given the power to negotiate loans from state fund balances to pay for specific state projects authorized by the legislature.
Biography/History Notes
When no funds are available in the state treasury for an authorized expenditure, the Board of Loan Commissioners has the power by law to borrow money for the state for a limited time under specified conditions. In addition, the board was given the power to negotiate loans from state fund balances to pay for specific state projects authorized by the legislature.
The Governor, Attorney General, and Secretary of State constitute the State Board of Loan Commissioners. (Source: "State and Local Government in Utah," 1954 ed., pp. 80-81.) The Treasurer now serves in place of the Secretary of State.