House File 2385 - Enrolled

PAG LIN

1	1	HOUSE FILE 2385
1	2
1	3	AN ACT
1	4 RELATING TO ALLOWABLE INVESTMENTS BY THE TREASURER OF STATE AND
1	5	OTHER AUTHORIZED STATE AGENCIES.
1	6
1	7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1	8
1	9	Section 1.	Section 12B.10, subsection 4, paragraph a, Code
1 10 2007, is amended by adding the following new subparagraph:
1 11	NEW SUBPARAGRAPH.	(9)	Obligations of the Iowa finance
1 12 authority issued pursuant to chapter 16, bearing interest at
1 13 market rates, provided that at the time of purchase the Iowa
1 14 finance authority has an issuer credit rating within the two
1 15 highest classifications or the obligations to be purchased are
1 16 rated within the two highest classifications, as established
1 17 by at least one of the standard rating services approved by
1 18 the superintendent of banking by rule adopted pursuant to
1 19 chapter 17A.
1 20	Sec. 2.	Section 12C.9, subsection 1, Code 2007, is amended
1 21 to read as follows:
1 22	1.	The treasurer of state and all other state agencies
1 23 authorized to invest funds and the treasurer or other
1 24 designated financial officer of each political subdivision
1 25 including each school corporation shall invest the proceeds of
1 26 notes, bonds, refunding bonds, and other evidences of
1 27 indebtedness, and funds being accumulated for the payment of
1 28 principal and interest or reserves in investments set out in
1 29 section 12B.10, subsection 4, paragraph "a", subparagraphs (1)
1 30 through (7) (9), section 12B.10, subsection 5, paragraph "a",
1 31 subparagraphs (1) through (7), an investment contract, or
1 32 tax=exempt bonds.	The investment shall be as defined and
1 33 permitted by section 148 of the Internal Revenue Code and
1 34 applicable regulations under that section.	An investment
35 contract or tax=exempt bonds shall be rated within the two
1 highest classifications as established by at least one of the
2	2 standard rating services approved by the superintendent of
2	3 banking by rule adopted pursuant to chapter 17A. 2	4
2	5
2	6
2	7	PATRICK J. MURPHY
2	8	Speaker of the House
2	9
2 10
2 11
2 12	JOHN P. KIBBIE
2 13	President of the Senate
2 14
2 15	I hereby certify that this bill originated in the House and
2 16 is known as House File 2385, Eighty=second General Assembly. 2 17
2 18
2 19
2 20	MARK BRANDSGARD
2 21	Chief Clerk of the House
2 22 Approved	, 2008
2 23
2 24
2 25  	
2 26 CHESTER J. CULVER
2 27 Governor