Senate File 405 - Introduced SENATE FILE 405 BY J. TAYLOR A BILL FOR An Act relating to the frequency of meetings of a committee 1 created to establish the minimum rate to be earned on state 2 funds placed in time deposits. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 2560XS (1) 89 jda/rn

S.F. 405 Section 1. Section 12C.6, subsection 2, paragraph a, Code 1 2021, is amended to read as follows: 2 a. A committee composed of the superintendent of banking, 3 the superintendent of credit unions, the auditor of state or 4 a designee, and the treasurer of state shall meet on or about 5 the first of each month or at least annually and at other times 6 as the committee may prescribe and by majority action shall 7 establish a minimum rate to be earned on state funds placed in 8 time deposits. 9 EXPLANATION 10 The inclusion of this explanation does not constitute agreement with 11 the explanation’s substance by the members of the general assembly. 12 This bill relates to the frequency of meetings of a committee 13 composed of the superintendent of banking, the superintendent 14 of credit unions, the auditor of state, and the treasurer of 15 state to establish the minimum rate to be earned on state 16 funds placed in time deposits. The bill provides that the 17 committee shall meet at least annually and at other times as 18 the committee may prescribe to establish a minimum rate to be 19 earned on state funds placed in time deposits. 20 -1- LSB 2560XS (1) 89 jda/rn 1/ 1