Text: SF00322 Text: SF00324 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 SENATE FILE 323 1 2 1 3 AN ACT 1 4 RELATING TO THE STANDARD FOR INVESTMENT OF RETIREMENT FUNDS 1 5 BY MUNICIPAL UTILITIES. 1 6 1 7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 8 1 9 Section 1. Section 12B.10, subsection 6, Code 2001, is 1 10 amended by adding the following new paragraph: 1 11 NEW PARAGRAPH. k. Investments by municipal utility 1 12 retirement systems governed under chapter 412. 1 13 Sec. 2. Section 12B.10B, subsection 3, Code 2001, is 1 14 amended by adding the following new paragraph: 1 15 NEW PARAGRAPH. j. Municipal utility retirement systems 1 16 governed under chapter 412. 1 17 Sec. 3. Section 12B.10C, Code 2001, is amended by adding 1 18 the following new subsection: 1 19 NEW SUBSECTION. 9. Municipal utility retirement systems 1 20 governed under chapter 412. 1 21 Sec. 4. Section 412.4, Code 2001, is amended to read as 1 22 follows: 1 23 412.4 PAYMENTS AND INVESTMENTS. 1 24 The council, board of waterworks trustees, or other board 1 25 or commission, whichever is authorized by law to manage and 1 26 operate any such waterworks, or other municipally owned and 1 27 operated public utility, shall have the right and power to 1 28 contract with any legal reserve insurance company authorized 1 29 to conduct its business in the state, or any bank located in 1 30 Iowa having trust powers for the investment of funds 1 31 contributed to an annuity or pension system, for the payment 1 32 of the pensions or annuities provided in such pension or 1 33 annuity retirement system, and may pay the premiums or make 1 34 the contribution of such contract out of the fund provided in 1 35 section 412.2. Funds shall be invested in accordance with the 2 1 investment policy for the retirement fund, as established by 2 2 the governing body of the public utility. In establishing the 2 3 investment policy, the council, board or commission shall be 2 4 governed by the standards set forth in section 97B.7, 2 5 subsection 2, paragraph "b". However, permissible investments 2 6 shall be limited to those investments authorized in section 2 7 12B.10, subsection 5, and investments in diversified 2 8 commingled investment funds holding only publicly traded 2 9 securities and under the management of an investment advisor 2 10 registered with the federal securities and exchange commission 2 11 under the Investment Advisor Act of 1940. Funds contributed 2 12 to a bank pursuant to such a contract shall be invested in the 2 13 manner prescribed in section 633.123A or chapter 633, division 2 14 XX, part 4, subpart C, and may be commingled with and invested 2 15 as a part of a common or master fund managed for the benefit 2 16 of more than one public utility. 2 17 2 18 2 19 2 20 MARY E. KRAMER 2 21 President of the Senate 2 22 2 23 2 24 2 25 BRENT SIEGRIST 2 26 Speaker of the House 2 27 2 28 I hereby certify that this bill originated in the Senate and 2 29 is known as Senate File 323, Seventy-ninth General Assembly. 2 30 2 31 2 32 2 33 MICHAEL E. MARSHALL 2 34 Secretary of the Senate 2 35 Approved , 2001 3 1 3 2 3 3 3 4 THOMAS J. VILSACK 3 5 Governor
Text: SF00322 Text: SF00324 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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