House Journal: Page 945: Monday, March 25, 2002
43 c. Establish procedures for the valuation of
44 collateral that does not have a readily ascertainable
45 market value.
46 d. Establish procedures for substituting different
47 collateral for collateral pledged under this section.
48 e. Establish procedures to determine the amount of
49 the uninsured public funds of each bank or branch of
50 an out-of-state bank as of the date of closing of a
Page 4
1 closed bank and the amount of the assessment to be
2 made upon each bank.
3 f. Establish additional procedures necessary to
4 administer this chapter and other rules as may be
5 necessary to accomplish the purposes of this chapter.
6 g. Provide forms and procedures for compliance
7 with this chapter, including electronic compliance.
8 h. Establish amounts and procedures for payment of
9 fees to cover the costs of administration of this
10 chapter.
11 6. The collateral used to secure public deposits
12 shall be in one or more of the following forms
13 acceptable to the treasurer of state:
14 a. Investment securities and shares in which a
15 bank is permitted to invest under section 524.901,
16 subsections 1, 2, and 3.
17 b. Investment securities, as defined in section
18 524.901, subsection 1, paragraph "a", representing
19 general obligations of a state or a political
20 subdivision of a state that is geographically
21 contiguous with the state, provided that such
22 investment securities are rated within the four
23 highest grades according to a reputable rating service
24 or represent unrated issues of equivalent value.
25 c. Investment securities, as defined in section
26 524.901, subsection 1, paragraph "a", representing
27 general obligations of a state or a political
28 subdivision of a state that is not contiguous with the
29 state, provided that such investment securities are
30 rated within the two highest grades according to a
31 reputable rating service.
32 d. Nontransferable letters of credit upon which
33 the payment of principal and interest is fully secured
34 or guaranteed by the United States of America or an
35 agency or instrumentality, including government-
36 sponsored enterprises of the United States of America.
37 e. Private insurance policies or bonds written by
38 companies approved by the superintendent.
39 7. A bank may borrow collateral to be pledged
40 under subsection 2 if the collateral is free of any
41 liens, security interests, claims, or encumbrances."
© 2002 Cornell College and
League of Women Voters of Iowa
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