1. The treasurer of state may invest up to the lesser of one hundred eight million dollars or ten percent of the balance of the state pooled money fund in certificates of deposit in eligible lending institutions as provided in this division. The moneys invested pursuant to this section shall be used as follows:
a. The treasurer of state may invest up to sixty-eight million dollars to support programs provided in this division other than the traditional livestock producers linked investment loan program as provided in section 12.43A and the value-added agricultural linked investment loan program as provided in section 12.43B.
b. The treasurer of state shall invest the remaining amount as follows:
(1) At least twenty million dollars shall be invested in order to support the traditional livestock producers linked investment loan program as provided in section 12.43A.
(2) At least twenty million dollars shall be invested in order to support the value-added agricultural linked investment loan program as provided in section 12.43B.
2. a. The treasurer of state shall adopt rules pursuant to chapter 17A to administer this division.
b. The treasurer of state in cooperation with the board of directors of the agricultural development authority as established in section 175.3 shall adopt rules for the administration of the traditional livestock producers linked investment loan program as provided in section 12.43A. The treasurer of state in cooperation with the agricultural products advisory council established in section 15.203 shall adopt rules for the administration of the value-added agricultural linked investment loan program as provided in section 15.204.
3. A certificate of deposit, which is placed by the treasurer of state with an eligible lending institution on or after July 1, 1996, may be renewed at the option of the treasurer. The following shall apply to the certificate of deposit:
a. For a linked investment other than a qualified linked investment, the initial certificate of deposit for a given borrower shall have a maturity of one year. The certificate of deposit may be renewed on an annual basis for a total term not to exceed five years.
b. For a qualified linked investment, the initial certificate of deposit for a given borrower shall have a maturity of one year. The certificate of deposit may be renewed on an annual basis for a total term not to exceed three years.
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; 99 Acts, ch 177, § 2, 7, 9
Referred to in §12.43A, 12.43B, 15.204
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
Investment agreements in effect on May 24, 1999, excepted from provisions of 1999 amendments; agency review and report on programs; 99 Acts, ch 177, §7-9
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