Text: SF02185 Text: SF02187 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 12B.10, subsection 6, Code 1999, is
1 2 amended by adding the following new paragraph:
1 3 NEW PARAGRAPH. i. Investments made by city hospitals as
1 4 provided in section 392.6. However, investments by city
1 5 hospitals are limited to the following:
1 6 (1) The same types of investments as the treasurer of
1 7 state and other state agencies may make under this section.
1 8 (2) Investment in common stocks.
1 9 EXPLANATION
1 10 This bill amends Code section 12B.10, which provides
1 11 requirements for the investment of public funds, including
1 12 investment standards which provide for the safety of
1 13 principal, maintaining levels of liquidity, and obtaining a
1 14 reasonable return on investments, in accordance with written
1 15 policies. The Code section currently provides that the
1 16 treasurer of state and the treasurer of each political
1 17 subdivision must keep moneys coming into their possession as
1 18 public moneys in a secure place, including a depository, such
1 19 as a financial institution. The Code section provides that
1 20 the treasurer of state and the treasurer of each political
1 21 subdivision may invest public funds not currently needed in
1 22 investments authorized by the section.
1 23 These investments include obligations of the United States
1 24 government, certificates of deposit, prime bankers'
1 25 acceptances that mature within 270 days, commercial paper or
1 26 short-term corporate debt, certain repurchase agreements,
1 27 investments authorized for the Iowa public employees'
1 28 retirement system, and open-end management investment
1 29 companies registered with the federal securities and exchange
1 30 commission. The Code section prohibits the investment in
1 31 futures and option contracts.
1 32 Code section 12B.10 also provides that a number of
1 33 investments are not subject to these requirements and
1 34 standards, including but not limited to investments by the
1 35 public safety peace officers' retirement system, investments
2 1 by the Iowa public employees' retirement system, investments
2 2 by the Iowa finance authority, and investments by the state
2 3 board of regents.
2 4 The bill adds to this class of exempt investments,
2 5 investments made by city hospitals. The bill provides that
2 6 investments by city hospitals are limited to the same types of
2 7 investments made by the treasurer of state and other state
2 8 agencies or investments in common stock.
2 9 LSB 6201ST 78
2 10 da/cf/24
Text: SF02185 Text: SF02187 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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