Text: HF00405 Text: HF00407 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 12C.6A, subsection 4, paragraph g, Code
1 2 1999, is amended to read as follows:
1 3 g. Participation in local community and rural development
1 4 and redevelopment projects, and in state and federal business
1 5 and economic development programs, including investment in an
1 6 Iowa agricultural industry finance corporation formed under
1 7 the Iowa agricultural industry finance Act pursuant to chapter
1 8 15E or in an investment fund controlled by an Iowa
1 9 agricultural industry finance corporation.
1 10 EXPLANATION
1 11 In 1998, the general assembly enacted Senate File 2415
1 12 (1998 Iowa Acts, ch. 1207) which allowed the formation of
1 13 agricultural industry finance corporations for the purpose of
1 14 encouraging local agricultural producer-led ventures to expand
1 15 production and processing of high value agricultural products.
1 16 This bill amends provisions relating to investments made by
1 17 banks.
1 18 Code section 12C.6A requires that public funds of the state
1 19 be deposited in a financial institution which demonstrates a
1 20 commitment to serve the needs of the local community in which
1 21 it is chartered to do business. This required commitment may
1 22 be demonstrated by participation in local community and rural
1 23 development and redevelopment projects, and in state and
1 24 federal business and economic development programs. This bill
1 25 provides that the bank's participation may include investment
1 26 in an Iowa agricultural industry finance corporation or an
1 27 investment fund controlled by an Iowa agricultural industry
1 28 finance corporation.
1 29 LSB 2772HH 78
1 30 da/gg/8
Text: HF00405 Text: HF00407 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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