(1) Any investment held by a public treasurer that as of June 30, 2015, is not in compliance with the provisions of this chapter is subject to review by the council.
(2)
(a) No later than July 31, 2015, a public treasurer who holds an investment described in Subsection (1) shall provide the council a written report that outlines a reasonable plan to bring the investment into compliance.
(b) A plan described in Subsection (2)(a) is subject to annual review by the council.
(c) The council may authorize, with substantial justification, an exception to the five-year maturity requirements of Section 51-7-11.