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House Journal: Page 1549: Thursday, April 13, 1995

 4   following:
 5     "Section 1.  Section 12.32, Code 1995, is amended
 6   to read as follows:
 7     12.32  DEFINITIONS.
 8     As used in this division, unless the context
 9   otherwise requires:
10     1.  "Eligible borrower" means any person who is in
11   the business or is entering the business of producing,
12   processing, or marketing horticultural crops or
13   nontraditional crops in this state or any person in
14   this state who is qualified to participate in one of
15   the programs in this division.
16     2.  "Eligible lending institution" means a
17   financial institution that is empowered to make
18   commercial loans, and is eligible pursuant to chapter
19   12C to be a depository of state funds, and agrees to
20   participate in the linked investments for tomorrow
21   program.
22     3.  "Linked investment" means a certificate of
23   deposit placed pursuant to this division by the
24   treasurer of state with an eligible lending
25   institution, at an interest rate not more than three
26   two percent below current market rates on the
27   condition that the institution agrees to lend the
28   value of the deposit, according to the investment
29   agreement provided in section 12.37 12.35, to an
30   eligible borrower at a rate not to exceed four percent
31   above the rate paid on the certificate of deposit.
32     Sec. ___.  Section 12.34, Code 1995, is amended to
33   read as follows:
34     12.34  LINKED INVESTMENTS -- LIMITATIONS.
35     1.  The treasurer of state may invest up to ten
36   percent of the balance of the state pooled money fund
37   average balance of the pooled money investment fund
38   for the previous fiscal year in certificates of
39   deposit in eligible lending institutions pursuant to
40   this division.
41     2.  Certificates of deposit placed by the treasurer
42   on or after July 1, 1995, pursuant to this division
43   may be renewed at the option of the treasurer but the
44   length of time from the beginning of the initial
45   certificate of deposit for a given borrower until the
46   maturity of the final renewal shall not exceed six
47   years.
48     3.  A preference shall be given to those persons
49   who are less able than other persons to secure funds
50   without participation in the linked investment

Page 2  

 1   program.
 2     2. 4.  The treasurer shall adopt rules pursuant to
 3   chapter 17A to implement this division including, but
 4   not limited to, rules identifying horticultural crops
 5   and nontraditional crops for which the linked
 6   investments may be loaned.

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 1)

© 1995 Cornell College and League of Women Voters of Iowa

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