1. The board of trustees shall be the trustees of the several funds created by this chapter as provided in section 97A.8 and shall have full power to invest and reinvest such funds subject to the terms, conditions, limitations and restrictions imposed by subsection 2 of this section, and subject to like terms, conditions, limitations, and restrictions said trustees shall have full power to hold, purchase, sell, assign, transfer, or dispose of any of the securities and investments in which any of the funds created herein shall have been invested, as well as of the proceeds of said investments and any moneys belonging to said funds. The board of trustees may authorize the treasurer of state to exercise any of the duties of this section. When so authorized the treasurer of state shall report any transactions to the board of trustees at its next monthly meeting.
2. The several funds created by this chapter may be invested in:
a. Bonds or other evidences of indebtedness issued, assumed, or guaranteed by the United States of America, or by any agency or instrumentality thereof.
b. In savings accounts or time deposits in Iowa banks approved as depositories by the executive council.
c. In any investments authorized for the Iowa public employees' retirement system in section 97B.7, subsection 2, paragraph "b".
3. The treasurer of the state shall be the custodian of the several funds. All payments from said funds shall be made by the treasurer only upon vouchers signed by two persons designated by the board of trustees. A duly attested copy of the resolution of the board of trustees designating such persons and bearing on its face specimen signatures of such persons shall be filed with the treasurer of state as the treasurer's authority for making payments on such vouchers. No voucher shall be drawn unless it shall previously have been allowed by resolution of the board of trustees.
4. A member of the board of trustees or an employee of the department of personnel shall not have a direct interest in the gains or profits of any investment made by the board of trustees. A trustee shall not receive any pay or emolument for the trustee's services. A trustee or employee of the department of personnel shall not directly or indirectly use the assets of the system except to make current and necessary payments as authorized by the board of trustees, nor shall a trustee or employee of the department of personnel become an endorser or surety or become in any manner an obligor for moneys loaned by or borrowed from the board of trustees.
5. The board of trustees may invest funds of the fire and police retirement systems created under the provisions of chapter 411 in the manner prescribed in this section.
[C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 97A.7]
86 Acts, ch 1245, § 248
Iowa General Assembly
Search: Iowa Code 1995
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