Iowa Code 12B.10C – Regulation of public funds custodial agreements
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1. The treasurer of state, in consultation with the attorney general, shall adopt rules under chapter 17A requiring the inclusion in public funds custodial agreements of any provisions necessary to prevent loss of public funds.
Terms Used In Iowa Code 12B.10C
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- public funds: means public funds as defined in section 12C. See Iowa Code 12B.10C
- public funds: means all funds that are public funds within the meaning of section 12C. See Iowa Code 12B.10A
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. As used in this section, “public funds custodial agreement” means any contractual arrangement pursuant to which one or more persons, including but not limited to investment advisors, investment companies, trustees, agents and custodians, are authorized to act as a custodian of or to designate another person to act as a custodian of public funds or any security or document of ownership or title evidencing public funds investments other than custodial agreements between an open-end management investment company registered with the federal securities and exchange commission under the federal Investment Company Act of 1940, 15 U.S.C. § 80a-1 and a custodian bank.
3. As used in this section“public funds” means public funds as defined in section 12C.1. However, this section does not apply to public funds that are invested under the provisions of a resolution or indenture for the issuance of bonds, notes, certificates, warrants, or other evidences of indebtedness. To the extent that a provision of this section conflicts with federal law, it shall be construed to avoid the conflict.
4. The following entities are not subject to this section:
a. The public safety peace officers’ retirement system governed by chapter 97A.
b. The Iowa public employees’ retirement system governed by chapter 97B.
c. Investments by the Iowa finance authority governed by chapter 16.
d. A pension and annuity retirement system governed by chapter 294.
e. The statewide fire and police retirement system governed by chapter 411.
f. The judicial retirement system governed by chapter 602, article 9.
g. The deferred compensation plan established by the executive council pursuant to section 509A.12.
h. The tobacco settlement authority governed by chapter 12E.
i. Municipal utility retirement systems governed under chapter 412.
j. The state board of regents governed by chapter 262.
k. The veterans trust fund established in section 35A.13.