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                  HB 52
              UTAH GEOLOGICAL SURVEY SAMPLE
              LIBRARY TRUST FUND
              1996 GENERAL SESSION
              STATE OF UTAH
              Sponsor: M. Keele Johnson
          AN ACT RELATING TO THE UTAH GEOLOGICAL SURVEY; CREATING AN
          EXPENDABLE TRUST FUND TO HELP SUPPORT THE ACTIVITIES OF THE UTAH
          GEOLOGICAL SURVEY SAMPLE LIBRARY; AND PROVIDING AN EFFECTIVE DATE.
          This act affects sections of Utah Code Annotated 1953 as follows:
          ENACTS:
          63-73-21 , Utah Code Annotated 1953
          Be it enacted by the Legislature of the state of Utah:
              Section 1. Section 63-73-21 is enacted to read:
              63-73-21. Utah Geological Survey Sample Library Trust Fund.
              (1) There is created an expendable trust fund known as the Utah Geological Survey
          Sample Library Trust Fund.
              (2) The fund consists of monies from the following revenue sources:
              (a) donations or contributions from individuals, companies, organizations, or government
          entities; and
              (b) interest generated by the fund.
              (3) The director shall administer the fund.
              (4) (a) Donations and other contributions to the fund and unallocated interest as provided
          in Subsection (5)(d) shall constitute the fund's principal.
              (b) The principal may be expended only with the concurrence of the board.
              (5) (a) Interest generated by the fund may be expended to support the sample library as
          provided in Subsections (b) through (d).
              (b) For the first two years of the fund's existence, interest generated by the fund shall
          accrue to the fund and may not be expended.
              (c) After two years, an amount of money equal to or less than the interest generated by the
          fund in the previous fiscal year may be expended annually in support of the sample library.
              (d) Funds that are eligible to be spent, but remain unallocated at the end of any fiscal year,
          revert to the fund and become part of the fund's principle.
              Section 2. Effective date.
              This act takes effect on July 1, 1996.

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