12.34  Linked investments--limitations--rules--maturity and renewal of certificates.

1.  The treasurer of state may invest up to the lesser of sixty-eight million dollars or ten percent of the balance of the state pooled money fund in certificates of deposit in eligible lending institutions pursuant to this division.

2.  The treasurer shall adopt rules pursuant to chapter 17A to administer this division.

3.  Certificates of deposit placed by the treasurer on or after July 1, 1996, pursuant to this division may be renewed at the option of the treasurer. The initial certificate of deposit for a given borrower shall have a maturity of one year and may be renewed for eight additional one-year periods.

Section History: Recent form

  86 Acts, ch 1096, § 4; 89 Acts, ch 234, § 4; 96 Acts, ch 1058, § 2, 3, 9, 10, 12; 97 Acts, ch 195, §4, 10


  Renewals of investments made prior to April 4, 1996, for targeted small business linked investments program or main street linked investments program; 96 Acts, ch 1058, § 9, 10, and 12

  1997 amendment to subsection 1 does not apply to loans in effect on May 29, 1997; 97 Acts, ch 195, §10

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