House Journal: Page 737: Thursday, March 18, 1999

 9   in the bank shall be secured pursuant to sections

10   12C.21, 12C.23, and 12C.24."
11     3.  Page 3, by striking lines 4 through 11 and
12   inserting the following:
13     "(2)  Public bonds or obligations of this state or
14   a political subdivision of this state.
15     (3)  Public bonds or obligations of another state
16   or a political subdivision of another state whose
17   bonds are rated within the two highest classifications
18   of prime as established by at least one of the
19   standard rating services approved by the
20   superintendent of banking pursuant to chapter 17A.
21     (4)  To the extent of the guarantee, loans,
22   obligations, or".
23     4.  By striking page 3, line 22, through page 4,
24   line 5, and inserting the following:
25     "(5)  First lien mortgages which are valued
26   according to practices acceptable to the treasurer of
27   state.
28     (6)  Investments in an open-end management
29   investment company registered with the federal
30   securities and exchange commission under the federal
31   Investment Company Act of 1940, 15 U.S.C. § 80(a),
32   which is operated in accordance with 17 C.F.R. §
33   270.2a-7.
34     Direct obligations of, or obligations that are
35   insured or fully guaranteed as to principal and
36   interest by, the United States of America, which may
37   be used to secure the deposit of public funds under
38   subparagraph (1), include investments in an investment
39   company or investment trust registered under the
40   federal Investment Company Act of 1940, 15 U.S.C. §
41   80a, the portfolio of which is limited to the United
42   States government obligations described in
43   subparagraph (1) and to repurchase agreements fully
44   collateralized by the United States government
45   obligations described in subparagraph (1), if the
46   investment company or investment trust takes delivery
47   of the collateral either directly or through an
48   authorized custodian."
49     5.  Page 4, by striking lines 30 and 31, and
50   inserting the following:
Page 2  
 1     "c.  The securities shall be deposited with the
 2   federal reserve bank of Chicago, Illinois, the federal
 3   home loan bank".
 4     6.  Page 5, by striking line 18 and inserting the
 5   following:  "Moines, Iowa, shall report a description,
 6   the par value, and the market value".
 7     7.  Page 5, by striking lines 21 and 22 and

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