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House votes to bring school-district foundations under state Money Management Act amid liability debate
Summary
First substitute HB232 passed 49–23 to subject school-district foundations to the State Money Management Act and clarify investment rules; supporters said the change protects donated funds, opponents warned of added state liability and loss of private autonomy.
Representative Cheryl Allen, who declared a conflict as director of the Davis School District Foundation, sponsored first substitute House Bill 232 to bring school-district foundations under the State Money Management Act and allow them to participate in the state's risk management fund.
Allen said college and university foundations…
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