Text: HSB00176 Text: HSB00178 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 12B.10, subsection 6, Code 2001, is 1 2 amended by adding the following new paragraph: 1 3 NEW PARAGRAPH. k. Investments by municipal utility 1 4 retirement systems governed under chapter 412. 1 5 Sec. 2. Section 12B.10B, subsection 3, Code 2001, is 1 6 amended by adding the following new paragraph: 1 7 NEW PARAGRAPH. j. Municipal utility retirement systems 1 8 governed under chapter 412. 1 9 Sec. 3. Section 12B.10C, Code 2001, is amended by adding 1 10 the following new subsection: 1 11 NEW SUBSECTION. 9. Municipal utility retirement systems 1 12 governed under chapter 412. 1 13 Sec. 4. Section 412.4, Code 2001, is amended to read as 1 14 follows: 1 15 412.4 PAYMENTS AND INVESTMENTS. 1 16 The council, board of waterworks trustees, or other board 1 17 or commission, whichever is authorized by law to manage and 1 18 operate any such waterworks, or other municipally owned and 1 19 operated public utility, shall have the right and power to 1 20 contract with any legal reserve insurance company authorized 1 21 to conduct its business in the state, or any bank located in 1 22 Iowa having trust powers for the investment of funds 1 23 contributed to an annuity or pension system, for the payment 1 24 of the pensions or annuities provided in such pension or 1 25 annuity retirement system, and may pay the premiums or make 1 26 the contribution of such contract out of the fund provided in 1 27 section 412.2. Funds may be invested in any investments 1 28 authorized for the Iowa public employees' retirement fund 1 29 under section 97B.7, subsection 2, paragraph "b". Funds 1 30 contributed to a bank pursuant to such a contract shall be 1 31 invested in the manner prescribed in section 633.123A or 1 32 chapter 633, division XX, part 4, subpart C, and may be 1 33 commingled with and invested as a part of a common or master 1 34 fund managed for the benefit of more than one public utility. 1 35 EXPLANATION 2 1 This bill provides that investments by municipal utilities 2 2 governed under Code chapter 412, which relates to municipal 2 3 utility retirement systems, are not subject to the standards 2 4 for investment of public funds specified in Code section 2 5 12B.10, 12B.10B, or 12B.10C. The bill requires that 2 6 investments by municipal utility retirement systems are 2 7 subject to the standards which apply to investments for the 2 8 Iowa public employees' retirement fund contained in Code 2 9 section 97B.7, subsection 2, paragraph "b". 2 10 LSB 2585HC 79 2 11 av/gg/8
Text: HSB00176 Text: HSB00178 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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