Senate Study Bill 3032

                                       SENATE/HOUSE FILE       
                                       BY  (PROPOSED IOWA FINANCE
                                            AUTHORITY BILL)


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

                                      A BILL FOR

  1 An Act relating to the investment of moneys of the Iowa finance
  2    authority in funds within the office of the treasurer of
  3    state.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 5271DP 80
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PAG LIN

  1  1    Section 1.  Section 16.5, Code 2003, is amended by adding
  1  2 the following new subsection:
  1  3    NEW SUBSECTION.  18.  Establish one or more funds within
  1  4 the office of the treasurer of state and invest moneys of the
  1  5 authority therein.  Notwithstanding section 8.33 or 12C.7, or
  1  6 any other provision to the contrary, moneys invested by the
  1  7 authority pursuant to this subsection shall not revert to the
  1  8 general fund of the state and interest accrued on the moneys
  1  9 shall be moneys of the authority and shall not be credited to
  1 10 the general fund.
  1 11                           EXPLANATION
  1 12    This bill relates to the investment of moneys of the Iowa
  1 13 finance authority in funds within the office of the treasurer
  1 14 of state.
  1 15    The bill provides that the authority may establish one or
  1 16 more funds within the office of the treasurer of state and
  1 17 invest moneys of the authority in such funds.  The bill
  1 18 provides that, notwithstanding any provision to the contrary,
  1 19 moneys invested by the authority in such funds shall not
  1 20 revert to the general fund and interest accrued shall be
  1 21 moneys of the authority and shall not be credited to the
  1 22 general fund.
  1 23 LSB 5271DP 80
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