House Study Bill 59 - Introduced HOUSE FILE _____ BY (PROPOSED COMMITTEE ON LOCAL GOVERNMENT BILL BY CHAIRPERSON WAGNER) A BILL FOR An Act providing an exemption from standards and requirements 1 otherwise applicable to the investment of public funds 2 by specified state departments, agencies, and political 3 subdivisions. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 2137HC (1) 84 rn/sc

H.F. _____ Section 1. Section 12B.10, subsection 6, Code 2011, is 1 amended by adding the following new paragraph: 2 NEW PARAGRAPH . l. Investments in a qualified trust 3 established pursuant to governmental accounting standards board 4 statement number forty-three that is governed by a board of 5 trustees of a joint investment trust organized pursuant to 6 chapter 28E and that is registered with the federal securities 7 and exchange commission under the federal Investment Company 8 Act of 1940, 15 U.S.C. § 80(a). 9 EXPLANATION 10 This bill provides an exemption from standards and 11 requirements otherwise applicable to the investment of public 12 funds pursuant to Code section 12B.10. The exemption allows a 13 joint investment trust organized pursuant to Code chapter 28E 14 that has established a qualified trust for cities and counties 15 to fund future liabilities for “other postemployee benefits” 16 as defined in specified government accounting standards board 17 statements to invest in long-term securities such as equities. 18 -1- LSB 2137HC (1) 84 rn/sc 1/ 1