House File 2592 H-8170 Amend House File 2592 as follows: 1 1. By striking everything after the enacting clause and 2 inserting: 3 < Section 1. Section 12B.10, subsection 5, Code 2026, is 4 amended by adding the following new paragraph: 5 NEW PARAGRAPH . c. A political subdivision may obtain a 6 competitive quote directly from an eligible institution for an 7 investment exceeding twelve months or using nonstandard terms. 8 Sec. 2. Section 12B.10, subsection 7, unnumbered paragraph 9 1, Code 2026, is amended to read as follows: 10 Notwithstanding sections 12C.2 , 12C.4 , and 12C.6 , and any 11 other provision of law relating to the deposits of public 12 funds, if public funds are deposited in a depository, as 13 defined in section 12C.1 , any uninsured portion of the public 14 funds invested through the depository may be invested in 15 insured deposits or certificates of deposit arranged by 16 the depository that are placed in or issued by one or more 17 federally insured banks , credit unions, or savings associations 18 regardless of location for the account of the public funds 19 depositor if all of the following requirements are satisfied: 20 Sec. 3. Section 12B.10A, subsection 2, Code 2026, is amended 21 by adding the following new paragraph: 22 NEW PARAGRAPH . d. Among authorized investments of the same 23 type and comparable maturity, a political subdivision investing 24 public funds shall select the investment offering the highest 25 rate of return. 26 Sec. 4. NEW SECTION . 12B.10D Public funds investment 27 transparency. 28 1. a. A financial institution or joint investment trust 29 eligible to receive public funds pursuant to the laws of this 30 state shall maintain publicly accessible historical rate 31 data for a minimum of one year and shall post on a publicly 32 accessible internet site at least once per week all of the 33 following: 34 (1) Current rates for daily liquid or demand deposit 35 -1- HF 2592.3217 (1) 91 sc/ns 1/ 3 #1.

products available to a public entity. 1 (2) Fixed-term investment rates available to a public 2 entity that range from one month to twelve months. 3 (3) Any applicable investment threshold, capacity limit, or 4 minimum or maximum deposit amount associated with those rates. 5 b. Any rate that a financial institution or joint investment 6 trust posts on an internet site must reflect offerings 7 available to a public entity at the time of publication and 8 clearly identify any promotional or limited availability rate. 9 2. A local government investing operating funds directly in 10 a publicly offered deposit product or joint investment trust 11 shall document the settlement date of each investment, the 12 investment type, the amount invested, and the rate received in 13 a public quarterly financial report. 14 Sec. 5. Section 12C.17, subsection 1, paragraph c, Code 15 2026, is amended to read as follows: 16 c. The securities shall be deposited with the federal 17 reserve bank, the federal home loan bank of Des Moines, Iowa, 18 a corporate central credit union organized under section 19 533.213 a securities broker-dealer registered as a member of 20 the financial industry regulatory authority , or a corporate 21 credit union whose activities are subject to regulation by the 22 national credit union administration pursuant to a bailment 23 agreement or a pledge custody agreement. 24 Sec. 6. Section 12C.17, subsection 4, Code 2026, is amended 25 to read as follows: 26 4. Upon written request from the appropriate public officer 27 but not less than monthly, the federal reserve bank, the 28 federal home loan bank of Des Moines, Iowa, a corporate central 29 credit union organized under section 533.213 a securities 30 broker-dealer registered as a member of the financial industry 31 regulatory authority , or a corporate credit union whose 32 activities are subject to regulation by the national credit 33 union administration shall report a description, the par value, 34 and the market value of any pledged collateral by a credit 35 -2- HF 2592.3217 (1) 91 sc/ns 2/ 3