Text: H01108                            Text: H01110
Text: H01100 - H01199                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

House Amendment 1109

Amendment Text

PAG LIN
  1  1    Amend House File 571 as follows:
  1  2    #1.  Page 1, line 7, by inserting after the word
  1  3 "loan" the following:  "or savings association".
  1  4    #2.  Page 1, by inserting after line 17 the
  1  5 following:
  1  6    "Sec.    .  Section 12C.1, subsection 3, paragraph
  1  7 b, Code 1999, is amended to read as follows:
  1  8    b.  If a depository is a bank, then public deposits
  1  9 in the bank shall be secured pursuant to sections
  1 10 12C.21, 12C.23, and 12C.24."
  1 11    #3.  Page 3, by striking lines 4 through 11 and
  1 12 inserting the following:
  1 13    "(2)  Public bonds or obligations of this state or
  1 14 a political subdivision of this state.
  1 15    (3)  Public bonds or obligations of another state
  1 16 or a political subdivision of another state whose
  1 17 bonds are rated within the two highest classifications
  1 18 of prime as established by at least one of the
  1 19 standard rating services approved by the
  1 20 superintendent of banking pursuant to chapter 17A.
  1 21    (4)  To the extent of the guarantee, loans,
  1 22 obligations, or".
  1 23    #4.  By striking page 3, line 22, through page 4,
  1 24 line 5, and inserting the following:
  1 25    "(5)  First lien mortgages which are valued
  1 26 according to practices acceptable to the treasurer of
  1 27 state.
  1 28    (6)  Investments in an open-end management
  1 29 investment company registered with the federal
  1 30 securities and exchange commission under the federal
  1 31 Investment Company Act of 1940, 15 U.S.C. } 80(a),
  1 32 which is operated in accordance with 17 C.F.R. }
  1 33 270.2a-7.
  1 34    Direct obligations of, or obligations that are
  1 35 insured or fully guaranteed as to principal and
  1 36 interest by, the United States of America, which may
  1 37 be used to secure the deposit of public funds under
  1 38 subparagraph (1), include investments in an investment
  1 39 company or investment trust registered under the
  1 40 federal Investment Company Act of 1940, 15 U.S.C. }
  1 41 80a, the portfolio of which is limited to the United
  1 42 States government obligations described in
  1 43 subparagraph (1) and to repurchase agreements fully
  1 44 collateralized by the United States government
  1 45 obligations described in subparagraph (1), if the
  1 46 investment company or investment trust takes delivery
  1 47 of the collateral either directly or through an
  1 48 authorized custodian."
  1 49    #5.  Page 4, by striking lines 30 and 31, and
  1 50 inserting the following:
  2  1    "c.  The securities shall be deposited with the
  2  2 federal reserve bank of Chicago, Illinois, the federal
  2  3 home loan bank".
  2  4    #6.  Page 5, by striking line 18 and inserting the
  2  5 following:  "Moines, Iowa, shall report a description,
  2  6 the par value, and the market value".
  2  7    #7.  Page 5, by striking lines 21 and 22 and
  2  8 inserting the following:  "union."
  2  9    #8.  Page 7, line 9, by inserting after the word
  2 10 "principal" the following:  "and accrued interest".
  2 11    #9.  Page 7, lines 12 and 13, by striking the words
  2 12 "public body treasurer" and inserting the following:
  2 13 "treasurer public body".
  2 14    #10.  Page 11, by striking lines 27 through 29 and
  2 15 inserting the following:
  2 16    "b.  The recovery of any loss to public depositors
  2 17 shall begin with applicable deposit insurance.  The".
  2 18    #11.  Page 12, by striking lines 23 through 25 and
  2 19 inserting the following:  "deposits held by all banks.
  2 20 Each bank shall pay its assessment to the treasurer".
  2 21    #12.  Page 13, by inserting after line 15 the
  2 22 following:
  2 23    "Sec. ___.  Section 12C.21, Code 1999, is repealed.
  2 24    Sec. ___.  EFFECTIVE DATE.  This Act, being deemed
  2 25 of immediate importance, takes effect upon enactment."
  2 26    #13.  Title page, line 3, by inserting after the
  2 27 word "deposits" the following:  ", and providing an
  2 28 effective date".
  2 29    #14.  By renumbering as necessary.  
  2 30 
  2 31 
  2 32                               
  2 33 CHAPMAN of Linn 
  2 34 HF 571.301 78
  2 35 mj/cf

Text: H01108                            Text: H01110
Text: H01100 - H01199                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

Comments about this site or page? webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.

Last update: Fri Mar 3 13:35:02 CST 2000
URL: /DOCS/GA/78GA/Legislation/H/01100/H01109/000303.html
jhf