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Senate approves bill to establish Navajo trust fund administrator; bill carries three-year sunset
Summary
The Utah Senate approved the second substitute to SB 91 to set up a trust-administrator structure for royalties benefiting Southern Utah Navajos, citing audit concerns and a decline in the fund. The measure authorizes a trustee committee, a request for proposals for an administrator, and estimates annual administration costs of $220,000–$300,000.
Senate Bill 91, a bill to establish a trust administrator for the Southern Utah Navajo trust funds, passed the Utah Senate on Feb. 7, 1992, after extended debate on oversight, cost and legal exposure.
Senator Dixie Levitt, sponsor of the second substitute, said the state had been trustee since federal action in 1933 and that the fund — which historically received about $62,000,000 in royalties — is now down to approximately $9,200,000. Levitt told the Senate the bill establishes a trustee committee (including the state treasurer, a finance office designee and a governor’s designee), directs a request for proposals to contract an outside trust administrator…
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