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Senate approves Money Management Act changes; clarifies charter schools are public entities
Summary
Senate passed a second substitute to House Bill 268 to extend an exemption to the five-year investment maturity limit for certain public agency insurance pools, allow the Money Management Council to consider longer maturities with justification, and clarify charter schools are subject to the Money Management Act.
The Utah Senate approved a second substitute to House Bill 268 that alters the Money Management Act’s investment rules and clarifies the status of charter schools.
Senator Bramble presented the substitute and said it permits an exemption to the five-year maturity limit for investments held by public agency insurance mutuals (for example, the Utah local governments trust), allowing maturities up to 20 years in those specific circumstances. The bill also gives the Money Management Council discretion to consider other exemptions with substantial justification. “It clarifies that charter schools are public entities and are therefore subject to the Money Management Act,” Bramble said.
After sponsor remarks the Senate moved to a roll-call vote. The transcript records the second substitute having received 23 'aye' votes, 0 'nay' votes, and 6 absent, and the measure was transmitted to the House for further consideration per regular procedure.
What happens next: as recorded on the floor, the measure proceeds in the interchamber process and any final implementation details would be handled in subsequent administrative guidance or committee follow-up.
Source: Floor presentation and roll-call as recorded in the session transcript.
