Senate Study Bill 1294 



                                       SENATE FILE       
                                       BY  (PROPOSED COMMITTEE ON
                                            LOCAL GOVERNMENT BILL
                                            BY CHAIRPERSON QUIRMBACH)


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

                                      A BILL FOR

  1 An Act providing an exemption from standards and requirements
  2    otherwise applicable to the investment of public funds by
  3    specified state departments, agencies, and political
  4    subdivisions.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  6 TLSB 2093SC 83
  7 rn/rj/8

PAG LIN



  1  1    Section 1.  Section 12B.10, subsection 6, Code 2009, is
  1  2 amended by adding the following new paragraph:
  1  3    NEW PARAGRAPH.  l.  Investments in a qualified trust
  1  4 established pursuant to governmental accounting standards
  1  5 board statement numbers forty=three and forty=five which is
  1  6 governed by a board of trustees of a joint investment trust
  1  7 organized pursuant to chapter 28E and that is registered with
  1  8 the federal securities and exchange commission under the
  1  9 federal Investment Company Act of 1940, 15 U.S.C. } 80(a).
  1 10                           EXPLANATION
  1 11    This bill provides an exemption from standards and
  1 12 requirements otherwise applicable to the investment of public
  1 13 funds pursuant to Code section 12B.10.  The exemption allows a
  1 14 joint investment trust organized pursuant to Code chapter 28E
  1 15 that has established a qualified trust for cities and counties
  1 16 to fund future liabilities for "other postemployee benefits"
  1 17 as defined in specified government accounting standards board
  1 18 statements to invest in long=term securities such as equities.
  1 19 LSB 2093SC 83
  1 20 rn/rj/8