Bill Text: IA SF2155 | 2017-2018 | 87th General Assembly | Introduced
Bill Title: A bill for an act concerning public investment maturity limitations relating to the operating funds of political subdivisions. (Formerly SSB 3022.) Effective 7-1-18.
Spectrum: Committee Bill
Status: (Passed) 2018-04-16 - Signed by Governor. S.J. 945. [SF2155 Detail]
Download: Iowa-2017-SF2155-Introduced.html
Senate File 2155 - Introduced SENATE FILE BY COMMITTEE ON STATE GOVERNMENT (SUCCESSOR TO SSB 3022) A BILL FOR 1 An Act concerning public investment maturity limitations 2 relating to the operating funds of political subdivisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 5387SV (1) 87 ec/rn PAG LIN 1 1 Section 1. Section 12B.10A, subsection 1, paragraph c, Code 1 2 2018, is amended to read as follows: 1 3 c. Operating funds may only be invested in investments 1 4 which mature within three hundred ninety=seven days or less 1 5 and which are authorized by law for the investing public 1 6 entity. However, that portion of operating funds in excess of 1 7 an amount equal to thirty=three percent of operating funds may 1 8 be invested in certificates of deposit at federally insured 1 9 depository institutions approved pursuant to chapter 12C which 1 10 mature within five years or less. 1 11 EXPLANATION 1 12 The inclusion of this explanation does not constitute agreement with 1 13 the explanation's substance by the members of the general assembly. 1 14 This bill provides that a political subdivision may invest 1 15 that portion of operating funds in excess of 33 percent 1 16 of operating funds in certificates of deposit which mature 1 17 within five years or less. Current law requires political 1 18 subdivisions to invest operating funds in investments which 1 19 mature within 397 days or less. LSB 5387SV (1) 87 ec/rn
