12.8  Investment or deposit of surplus--appropriation--investment income--lending securities.

The treasurer of state shall invest or deposit, as provided by law, any of the public funds not currently needed for operating expenses and shall do so upon receipt of monthly notice from the director of revenue and finance of the amount not so needed. In the event of loss on redemption or sale of securities invested as prescribed by law, and if the transaction is reported to the executive council, neither the treasurer nor director of revenue and finance is personally liable but the loss shall be charged against the funds which would have received the profits or interest of the investment and there is appropriated from the funds the amount so required.

Investment income may be used to maintain compensating balances, pay transaction costs for investments made by the treasurer of state, and pay administrative and related overhead costs incurred by the treasurer of state in the management of money. The treasurer of state shall coordinate with the affected departments to determine how compensating balances, transaction costs, or money management and related costs will be established. All charges against a retirement system must be documented and notification of the charges shall be made to the appropriate administration of the retirement system affected.

The treasurer of state, with the approval of the investment board of the Iowa public employees' retirement system, may conduct a program of lending securities in the Iowa public employees' retirement system portfolio. When securities are loaned as provided by this paragraph, the treasurer shall act in the manner provided for investment of moneys in the Iowa public employees' retirement fund under section 97B.7. The treasurer of state shall report at least annually to the investment board of the Iowa public employees' retirement system on the program and shall provide additional information on the program upon the request of the investment board or the employees of the Iowa public employees' retirement system division of the department of personnel.

Section History: Early form

  [C24, 27, 31, 35, 39, § 141; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 12.8]

Section History: Recent form

  84 Acts, ch 1180, § 6; 85 Acts, ch 227, §6; 88 Acts, ch 1242, § 1; 91 Acts, ch 268, §123; 94 Acts, ch 1001, §1

Internal References

  Referred to in § 12C.7


  Investment or deposit, § 12B.10

  For future amendment effective July 1, 2002, see 2001 Acts, ch 68, §1, 24

Previous Section 12.7

Next Section 12.9

Return To Home index

© 2002 Cornell College and League of Women Voters of Iowa

Comments about this site or page? webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.

Last update: Thu Jan 24 10:51:05 CST 2002