Text: HF00323 Text: HF00325 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 12D.1 LEGISLATIVE INTENT.
1 2 The general assembly intends that state funds and funds
1 3 administered by the state shall not be invested in companies
1 4 engaged in the manufacture of tobacco products.
1 5 Sec. 2. NEW SECTION. 12D.2 PROHIBITED INVESTMENTS.
1 6 1. The treasurer of state shall not invest funds belonging
1 7 to the state of Iowa or funds from the public safety peace
1 8 officers' retirement, accident, and disability system in the
1 9 stocks, securities, or other obligations of a company engaged
1 10 in the manufacture of tobacco products.
1 11 2. The state board of regents shall not invest funds
1 12 belonging to the institutions under the control of the state
1 13 board of regents in the stocks, securities, or other
1 14 obligations of a company engaged in the manufacture of tobacco
1 15 products.
1 16 3. The department of personnel shall not invest funds from
1 17 the Iowa public employees' retirement fund in the stocks,
1 18 securities, or other obligations of a company engaged in the
1 19 manufacture of tobacco products.
1 20 4. This section does not prohibit any of the following:
1 21 a. The purchase of securities issued by the United States
1 22 government or agreements to purchase or repurchase such
1 23 securities or securities issued by firms not otherwise
1 24 prohibited from purchase under this chapter.
1 25 b. Custodial agreements or accounts used for purchases and
1 26 sales of securities otherwise acceptable under this chapter.
1 27 c. The deposit of funds with a paying agent for bonds of
1 28 the state board of regents issued prior to January 1, 1995.
1 29 Sec. 3. NEW SECTION. 12D.3 DIVESTITURE.
1 30 1. The treasurer of state, the state board of regents, and
1 31 the department of personnel shall make no additional
1 32 investments of the type prohibited under section 12D.2
1 33 subsequent to June 30, 1995. The sale of securities and
1 34 investments held by the treasurer of state, the state board of
1 35 regents, and the department of personnel on July 1, 1995, that
2 1 are prohibited under section 12D.2 shall be completed by July
2 2 1, 2000. Not less than one-fifth of the value of the
2 3 investments held on July 1, 1995, shall be sold in the fiscal
2 4 year beginning July 1, 1998.
2 5 2. As long as funds remain in investments prohibited under
2 6 section 12D.2, the treasurer of state, the state board of
2 7 regents, and the department of personnel shall file with the
2 8 general assembly, on or before January 20 of each year, a
2 9 report listing all investments administered by the treasurer
2 10 of state, the state board of regents, and the department of
2 11 personnel which are prohibited under section 12D.2 and their
2 12 value as of the preceding December 31.
2 13 3. For purposes of this chapter, "value" consists of cash,
2 14 the par value or unpaid balance of all unmatured or unpaid
2 15 investments requiring the payment of a fixed amount at payment
2 16 date, and the cost price of all other investments.
2 17 EXPLANATION
2 18 This bill creates new chapter 12D which provides that the
2 19 treasurer of state, the state board of regents, and the
2 20 department of personnel shall not make investments in the
2 21 stocks, securities, or other obligations of a company engaged
2 22 in the manufacture of tobacco products. The treasurer of
2 23 state, the state board of regents, and the department of
2 24 personnel are required to divest themselves of any investment
2 25 prohibited under section 12D.2 by no later than July 1, 2000.
2 26 As long as funds remain in investments prohibited under
2 27 section 12D.2, the treasurer of state, the state board of
2 28 regents, and the department of personnel are to file with the
2 29 general assembly, on or before January 20 of each year, a
2 30 report listing all investments administered by the treasurer
2 31 of state, the state board of regents, and the department of
2 32 personnel which are prohibited under section 12D.2 and their
2 33 value as of the preceding December 31.
2 34 LSB 2410HH 76
2 35 mj/cf/24
Text: HF00323 Text: HF00325 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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