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1 8 repealed.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 Section 15.204, Code 2003, is repealed.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