House Journal: Page 1542: Wednesday, April 30, 2003
41 of state and not required for immediate disbursement
42 may be deposited with a trustee or depository as
43 provided in the bond documents and invested or
44 reinvested in any investment as directed by the
45 treasurer of state and specified in the trust
46 indenture, resolution, or other instrument pursuant to
47 which the bonds are issued without regard to any
48 limitation otherwise provided by law.
49 4. The bonds shall be:
50 a. In a form, issued in denominations, executed in
Page 3
1 a manner, and payable over terms and with rights of
2 redemption, and be subject to the terms, conditions,
3 and covenants providing for the payment of the
4 principal of, redemption premiums, if any, interest
5 which may be fixed or variable during any period the
6 bonds are outstanding, and such other terms and
7 conditions as prescribed in the trust indenture,
8 resolution, or other instrument authorizing their
9 issuance.
10 b. Negotiable instruments under the laws of the
11 state and may be sold at prices, at public or private
12 sale, and in a manner, as prescribed by the treasurer
13 of state. Chapters 73A, 74, 74A, and 75 do not apply
14 to the sale or issuance of the bonds.
15 c. Subject to the terms, conditions, and covenants
16 providing for the payment of the principal, redemption
17 premiums, if any, interest, and other terms,
18 conditions, covenants, and protective provisions
19 safeguarding payment, not inconsistent with this
20 section and as determined by the trust indenture,
21 resolution, or other instrument authorizing their
22 issuance.
23 5. The bonds are securities in which public
24 officers and bodies of this state, political
25 subdivisions of this state, insurance companies and
26 associations and other persons carrying on an
27 insurance business, banks, trust companies, savings
28 associations, savings and loan associations, and
29 investment companies; administrators, guardians,
30 executors, trustees, and other fiduciaries; and other
31 persons authorized to invest in bonds or other
32 obligations of the state, may properly and legally
33 invest funds, including capital, in their control or
34 belonging to them.
35 6. Bonds must be authorized by a trust indenture,
36 resolution, or other instrument of the treasurer of
37 state.
38 7. Neither the resolution, trust indenture, nor
39 any other instrument by which a pledge is created
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League of Women Voters of Iowa
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