Senate File 2286 H-8396 Amend Senate File 2286, as amended, passed, and reprinted by 1 the Senate, as follows: 2 1. By striking everything after the enacting clause and 3 inserting: 4 < Section 1. Section 12B.10, subsection 5, Code 2026, is 5 amended by adding the following new paragraph: 6 NEW PARAGRAPH . c. A political subdivision may obtain a 7 competitive quote directly from an eligible institution for an 8 investment exceeding twelve months or using nonstandard terms. 9 Sec. 2. Section 12B.10, subsection 7, unnumbered paragraph 10 1, Code 2026, is amended to read as follows: 11 Notwithstanding sections 12C.2 , 12C.4 , and 12C.6 , and any 12 other provision of law relating to the deposits of public 13 funds, if public funds are deposited in a depository, as 14 defined in section 12C.1 , any uninsured portion of the public 15 funds invested through the depository may be invested in 16 insured deposits or certificates of deposit arranged by 17 the depository that are placed in or issued by one or more 18 federally insured banks , credit unions, or savings associations 19 regardless of location for the account of the public funds 20 depositor if all of the following requirements are satisfied: 21 Sec. 3. Section 12B.10A, subsection 2, Code 2026, is amended 22 by adding the following new paragraph: 23 NEW PARAGRAPH . d. Among authorized investments of the same 24 type and comparable maturity, a political subdivision investing 25 public funds may select the investment offering the highest 26 rate of return. 27 Sec. 4. NEW SECTION . 12B.10D Public funds investment 28 transparency. 29 1. a. A financial institution or joint investment trust 30 eligible to receive public funds pursuant to the laws of this 31 state shall maintain publicly accessible historical rate 32 data for a minimum of one year and shall post on a publicly 33 accessible internet site at least once per week all of the 34 following: 35 -1- SF 2286.3970 (1) 91 sc/ns 1/ 3 #1.

(1) Current rates for daily liquid or demand deposit 1 products available to a public entity. 2 (2) Fixed-term investment rates available to a public 3 entity that range from one month to twelve months. 4 (3) Any applicable investment threshold, capacity limit, or 5 minimum or maximum deposit amount associated with those rates. 6 b. Any rate that a financial institution or joint investment 7 trust posts on an internet site must reflect offerings 8 available to a public entity at the time of publication and 9 clearly identify any promotional or limited availability rate. 10 2. A local government investing operating funds directly in 11 a publicly offered deposit product or joint investment trust 12 shall document the settlement date of each investment, the 13 investment type, the amount invested, and the rate received in 14 a public quarterly financial report. 15 Sec. 5. Section 12C.17, subsection 1, paragraph c, Code 16 2026, is amended to read as follows: 17 c. The securities shall be deposited with the federal 18 reserve bank, the federal home loan bank of Des Moines, Iowa, 19 a corporate central credit union organized under section 20 533.213 a securities broker-dealer registered as a member of 21 the financial industry regulatory authority , or a corporate 22 credit union whose activities are subject to regulation by the 23 national credit union administration pursuant to a bailment 24 agreement or a pledge custody agreement. 25 Sec. 6. Section 12C.17, subsection 4, Code 2026, is amended 26 to read as follows: 27 4. Upon written request from the appropriate public officer 28 but not less than monthly, the federal reserve bank, the 29 federal home loan bank of Des Moines, Iowa, a corporate central 30 credit union organized under section 533.213 a securities 31 broker-dealer registered as a member of the financial industry 32 regulatory authority , or a corporate credit union whose 33 activities are subject to regulation by the national credit 34 union administration shall report a description, the par value, 35 -2- SF 2286.3970 (1) 91 sc/ns 2/ 3