67-4-17 - Federal/state cash transfers. - Utah Statutes

67-4-17. Federal/state cash transfers.
(1) (a) The state treasurer and the Division of Finance shall enter into an agreement withthe United States Secretary of the Treasury that establishes procedures and requirements forimplementing the United States Cash Management Improvement Act of 1990.
(b) The agreement shall stipulate that:
(i) the time elapsed between the transfer of funds from the United States Treasury and theredemption of warrants shall be minimized; and
(ii) if the state:
(A) deposits federal funds before the time funds are paid out of the state treasury for theredemption of warrants issued for federal programs, the Division of Finance may pay to theUnited States Treasury, out of interest earnings on the funds, an interest amount as required byfederal regulation; or
(B) disburses its own funds for federal programs, the Division of Finance shall bill thefederal government for interest from the time state funds are paid out to redeem warrants until thefederal funds are received.
(2) To the degree allowed by federal regulation, all direct costs of calculating the interestmay be:
(a) deducted from any interest payments made to the United States Treasury; or
(b) included in any billings to the United States Treasury.

Enacted by Chapter 195, 1991 General Session