study and report to Legislature. (1) As used in this section, "precious metal" means the same as that term is defined in Section 61-1-13. (2) (a) Subject to Subsection (2)(b), the state treasurer may invest a portion of public funds in the following accounts in precious metals: (i) the State Disaster Recovery Restricted Account, created in Section 53-2a-603; (ii) the General Fund Budget Reserve Account, created in Section 63J-1-312; (iii) the Income Tax Fund Budget Reserve Account, created in Section 63J-1-313; and (iv) the Medicaid Growth Reduction and Budget Stabilization Account, created in Section 63J-1-315. (b) (i) The amount of public funds that the state treasurer may invest in precious metals in an account described in Subsection (2)(a) may not, at the time the investment is made, exceed 10% of the total amount of public funds in that account. (ii) The requirements of Subsections 51-7-14(2) and (3) apply to the state treasurer's investments in precious metals under Subsection (2)(a). (iii) Any public funds in an account described in Subsection (2)(a) not invested by the state treasurer in precious metals under this Subsection (2) shall be invested as provided in Title 51, Chapter 7, State Money Management Act. (3) The state treasurer may deduct any administrative costs incurred by investing in precious metals under Subsection (2)(a), including delivery and vaulting costs, from earnings generated by the investments in the funds described in Subsections (2)(a)(i) through (iv). (4) In calendar years 2026 and 2027, the state treasurer shall: (a) conduct an annual study analyzing the role of precious metals in augmenting, stabilizing, and ensuring the economic security and prosperity of the state, the families and residents of the state, and businesses in the state; and (b) submit any legislative recommendations resulting from the study described in Subsection (4) (a) to the Revenue and Taxation Interim Committee on or before the committee's October interim committee meeting.
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