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House passes amendments to Fund of Funds to increase transparency, limit debt financing
Summary
HB 243 passed after heated debate. Sponsors said the bill restores the Fund of Funds to an equity-based investment model, places legislative representation on its board, and narrows state exposure to tax-credit-backed debt; opponents warned an incomplete audit and potential loan-default risk.
The Utah House on March 6 passed second substitute House Bill 243, a package of amendments intended to increase oversight and transparency of the state's Fund of Funds and to restrict its use of debt-based financing.
Sponsor Representative (name given in debate) said the bill "turns the lights on" at the Fund of Funds by increasing disclosure and adding legislative oversight, including placing one or two legislators on the fund's governing board. He described the…
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