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1965-1968 Utah Attorney General Reports and Opinions 1 (1965-1968)

handle is hein.sag/sagut0056 and id is 1 raw text is: ICE OF THE ATTORNEY GENERl
STATE CAPIT3L
SALT LAKE CITY. UTAH
January 4, 1965
Leonard W. McDonald
Executive Director
Utah State Retirement Office.
Room 136, State Capitol
REQUESTED BYs     Ieonard W. McDonald, Executive Director,
Utah State Retirement Offiac.
OPINION BYs       A. Pratt Kesler, Attorney General.
QUESTi0N*        My the Retirement system puchase Inter-American
Development Bank pbond~s with retirement funds?
CONCLUSION%       No. See Opinion.
It would appear that under section 49-1-47, Utah
Code Annotated, 1953, as amended by Laws of Utah, Chapter 100,
Section 16, the Public Employe's Retiremqnt System could not
purchase twenty year bonds of the Inter-American Development
Bank which are being offered on or about October 29, 1964.
Section 49-1-47, Utah Code Annotated, provides in
(a) of that section that:
Bonds or other indebtedness of the United States of
America or any of its agencies or instrumehtalities
when such obligations are guaranteed as to prin-
cipal and interest by the United States of America
or by any agency or instrumentality there f.
It should be noted that there is no guararitee what-
soever by the United States or any agency of the United States
government as tothe bonds of theolnter-American Development
Bank.
The United States has subscribed to approximately
42% of the stock of said corporation which is an international
corporation together with some other twenty countries of the

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