67-11-6 - Establishment of Contribution Fund -- Powers, authority, and jurisdiction of state agency -- Withdrawals from fund -- Payments into United States Treasury. - Utah Statutes

67-11-6. Establishment of Contribution Fund -- Powers, authority, and jurisdictionof state agency -- Withdrawals from fund -- Payments into United States Treasury.
(1) There is hereby established a special fund to be known as the Contribution Fund. Such fund shall consist of and there shall be deposited in such fund:
(a) all contributions, interests, and penalties collected under Sections 67-11-4 and67-11-5;
(b) all money appropriated thereto under this chapter;
(c) any property or securities and earnings thereof acquired through the use of moneybelonging to the fund;
(d) interest earned upon any money in the fund; and
(e) all sums recovered upon the bond of the custodian or otherwise for losses sustainedby the fund and all other money received from the fund from any other source.
(2) All money in the fund shall be mingled and undivided. Subject to the provisions ofthis chapter, the state agency is vested with full power, authority, and jurisdiction over the fund,including all money and property or securities belonging to it, and may perform any and all actswhether or not specifically designated, which are necessary to the administration of the fund andare consistent with the provisions of this chapter.
(3) The Contribution Fund shall be established and held separate and apart from anyother funds or money of the state and shall be used and administered exclusively for the purposeof this chapter. Withdrawals from such fund shall be made for, and solely for:
(a) payment of amounts required to be paid to the secretary of the treasury of the UnitedStates pursuant to an agreement entered into under Section 67-11-3;
(b) payment of refunds provided for in Subsection 67-11-4(3); and
(c) refunds for overpayments, not otherwise adjustable, made by a political subdivisionor instrumentality.
(4) The custodian of the Contribution Fund shall pay to the secretary of the treasury ofthe United States from the Contribution Fund such amounts and at such time or times as may bedirected by the state agency in accordance with any agreement entered into under Section67-11-3 and the Social Security Act.
(5) The treasurer of the state shall be ex officio treasurer and custodian of theContribution Fund and shall administer the fund in accordance with the provisions of this chapterand the directions of the state agency and shall pay all warrants drawn upon it in accordance withthe provisions of this section and with such rules as the state agency may prescribe pursuantthereto.
(6) In addition to the contributions collected and paid into the Contribution Fund underSections 67-11-4 and 67-11-5, there shall be paid into the Contribution Fund such sums as arefound to be necessary in order to make the payments to the secretary of the treasury which thestate is obligated to make pursuant to an agreement entered into under Section 67-11-3. Theamount which is necessary to make the portion of such additional payment to the secretary of thetreasury which is attributable to the coverage of the employees of each department, commission,council, branch, agency, or other division or organization of the state which employs personscovered by the Social Security Act pursuant to an agreement entered into under Section 67-11-3shall be paid from the funds which have been appropriated, authorized, or allocated to suchdepartment.

Amended by Chapter 306, 2007 General Session