Senate File 178

                                       SENATE FILE       
                                       BY  SCHUERER


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act repealing the linked investments for tomorrow Act.
  2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  3 TLSB 2451SS 80
  4 tm/sh/8

PAG LIN

  1  1    Section 1.  Section 466.8, subsection 2, Code 2003, is
  1  2 amended to read as follows:
  1  3    2.  The department may make and execute agreements with
  1  4 public or private entities, including lending institutions as
  1  5 defined in section 12.32, as required to administer the
  1  6 program.
  1  7    Sec. 2.  Sections 12.31 through 12.43B, Code 2003, are
  1  8 repealed.
  1  9    Sec. 3.  Section 15.204, Code 2003, is repealed.
  1 10    Sec. 4.  CONTINUATION OF CURRENT AGREEMENTS.  This Act
  1 11 shall not affect the terms or conditions of an investment
  1 12 agreement executed by the treasurer of state with an eligible
  1 13 lending institution that is in effect before the effective
  1 14 date of this Act.  This Act shall not affect the terms or
  1 15 conditions of a loan agreement executed by an eligible lending
  1 16 institution with an eligible borrower that is in effect before
  1 17 the effective date of this Act.
  1 18                           EXPLANATION
  1 19    This bill repeals the linked investments for tomorrow Act
  1 20 in Code chapter 12, which allows the treasurer of state to
  1 21 invest moneys of the state pooled money fund in certificates
  1 22 of deposit in eligible lending institutions.  The state
  1 23 receives a lower interest rate as part of an investment
  1 24 agreement in which the lending institution loans moneys to
  1 25 eligible persons, under programs specified in the chapter, at
  1 26 a reduced rate of interest.
  1 27    The bill makes conforming amendments.
  1 28    The bill provides that the bill would not affect the terms
  1 29 or conditions of an investment agreement executed by the
  1 30 treasurer of state with an eligible lending institution that
  1 31 is in effect before the effective date of the bill.  The bill
  1 32 provides that the bill would not affect the terms or
  1 33 conditions of a loan agreement executed by an eligible lending
  1 34 institution with an eligible borrower that is in effect before
  1 35 the effective date of the bill.
  2  1 LSB 2451SS 80
  2  2 tm/sh/8