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House Journal: Page 1551: Thursday, April 13, 1995

11   of a linked investment loan package.  Certificates
of
12   deposits placed by the treasurer of state shall mature
13   in three hundred sixty-five days or less.  Interest
14   earned on the certificate of deposit and principal not
15   renewed shall be remitted to the treasurer of state at
16   the time the certificate of deposit matures.
17   Certificates of deposit placed pursuant to this
18   division are not subject to a penalty for early
19   withdrawal.
20     3.  The eligible lending institution shall enter
21   into an investment agreement with the treasurer of
22   state, which shall include requirements necessary to
23   carry out this division.  The requirements shall
24   reflect the market conditions prevailing in the
25   eligible lending institution's lending area.  The
26   agreement may include a specification of the period of
27   time in which the lending institution is to lend funds
28   upon the placement of a linked investment, and shall
29   include provisions for the certificates of deposit to
30   be placed for one-year maturities that may be renewed
31   for eight additional one-year periods.  Interest shall
32   be paid at the times determined by the treasurer of
33   state.
34     Sec. ___.  Section 12.38, Code 1995, is amended to
35   read as follows:
36     12.38  REPORTS.
37     By February 1 of each year, the treasurer of state
38   shall report on the linked investments for tomorrow
39   program, the rural small business transfer linked
40   investment loan program, the targeted small business
41   linked investments program, and the main street linked
42   investments loan program programs for the preceding
43   calendar year to the governor, the department of
44   economic development, the speaker of the house of
45   representatives, and the president of the senate.  The
46   speaker of the house shall transmit copies of this
47   report to the house co-chair of the the joint economic
48   development appropriations subcommittee and the chairs
49   of the standing committees in the house which
50   customarily consider legislation regarding agriculture

Page 4

 1   and commerce, and the president of the senate shall
 2   transmit copies of this report to the senate co-chair
 3   of the joint economic development appropriations
 4   subcommittee and the chairs of the standing committees
 5   in the senate which customarily consider legislation
 6   regarding agriculture and commerce.  The report shall
 7   set forth the linked investments made by the treasurer
 8   of state under the program during the year, the date
 9   of the investments, the total amount deposited, the
10   number of deposits, and an estimate of foregone
11   interest, the borrowing rate applicable to each
12   borrower, and shall include information regarding the
13   nature, terms, and amounts of the loans upon which the
14   linked investments were based and the eligible

Iowa General Assembly

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

© 1995 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

Last update: Sun Jan 14 21:05:02 CST 1996
URL: /DOCS/GA/76GA/Session.1/HJournal/01500/01551.html
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