House Journal: Page 948: Monday, March 25, 2002
40 accepted public funds."
41 27. Page 9, by adding after line 35 the
42 following:
43 "Sec. . Section 12C.26, Code 2001, is amended
44 by striking the section and inserting in lieu thereof
45 the following:
46 12C.26 REFUND FROM SINKING FUNDS.
47 1. If at the end of any calendar year the amount
48 in the sinking fund exceeds three million one hundred
49 thousand dollars, then to the extent the amount in the
50 sinking fund exceeds three million dollars, the
Page 7
1 treasurer shall, on or before January 31 of the
2 following year, refund to each bank that paid an
3 assessment after the year 1999 to the sinking fund
4 resulting from the closing of a bank, its pro rata
5 share of the unreimbursed portion of the total
6 assessment paid by all banks. If assessments remain
7 unreimbursed by reason of the closing of more than one
8 bank, the reimbursements shall be made to the banks
9 that paid assessments by reason of the bank which
10 closed first until those banks are reimbursed in full,
11 and then to the banks that paid assessments by reason
12 of the bank which closed next. Such a refund shall
13 not be made to a bank if the refund would exceed the
14 amount of previous assessments paid by the bank.
15 2. Upon recovery of a loss of public funds due to
16 a closed credit union, the treasurer of state may
17 refund all or a portion of the recovered amount to the
18 credit unions that paid an assessment under this
19 chapter as a result of the closing of that credit
20 union."
21 28. Page 10, by striking lines 29 through 32 and
22 inserting the following: "adopt and promulgate such
23 rules and regulations as in the superintendent's
24 opinion will be necessary to properly and effectively
25 carry out and enforce, properly and effectively, the
26 provisions of this chapter and chapter 12C applicable
27 to banks."
28 29. Page 11, line 34, by inserting after the word
29 "may" the following: "recommend to the committee
30 established under section 12C.6 that the bank be
31 removed from the list of financial institutions
32 eligible to accept public funds under section 12C.6A
33 and may".
34 30. Page 11, line 35, by inserting after the
35 words "quarter and" the following: "up to".
36 31. Page 12, by striking lines 1 through 6, and
37 inserting the following: "the bank do any one or more
38 of the following:
© 2002 Cornell College and
League of Women Voters of Iowa
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