Bill Text: IA SSB3022 | 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.
Spectrum: Committee Bill
Status: (N/A - Dead) 2018-01-31 - Subcommittee recommends passage. [SSB3022 Detail]
Download: Iowa-2017-SSB3022-Introduced.html
Senate
Study
Bill
3022
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
STATE
GOVERNMENT
BILL
BY
CHAIRPERSON
SMITH)
A
BILL
FOR
An
Act
concerning
public
investment
maturity
limitations
1
relating
to
the
operating
funds
of
political
subdivisions.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
5387XC
(2)
87
ec/rn
S.F.
_____
Section
1.
Section
12B.10A,
subsection
1,
paragraph
c,
Code
1
2018,
is
amended
to
read
as
follows:
2
c.
Operating
funds
may
only
be
invested
in
investments
3
which
mature
within
three
hundred
ninety-seven
days
or
less
4
and
which
are
authorized
by
law
for
the
investing
public
5
entity.
However,
that
portion
of
operating
funds
in
excess
of
6
an
amount
equal
to
thirty-three
percent
of
operating
funds
may
7
be
invested
in
certificates
of
deposit
at
federally
insured
8
depository
institutions
approved
pursuant
to
chapter
12C
which
9
mature
within
five
years
or
less.
10
EXPLANATION
11
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
12
the
explanation’s
substance
by
the
members
of
the
general
assembly.
13
This
bill
provides
that
a
political
subdivision
may
invest
14
that
portion
of
operating
funds
in
excess
of
33
percent
15
of
operating
funds
in
certificates
of
deposit
which
mature
16
within
five
years
or
less.
Current
law
requires
political
17
subdivisions
to
invest
operating
funds
in
investments
which
18
mature
within
397
days
or
less.
19
-1-
LSB
5387XC
(2)
87
ec/rn
1/
1
