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Senate File 405 - IntroducedA Bill ForAn Act 1relating to the frequency of meetings of a committee
2created to establish the minimum rate to be earned on state
3funds placed in time deposits.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 12C.6, subsection 2, paragraph a, Code
22021, is amended to read as follows:
3a. A committee composed of the superintendent of banking,
4the superintendent of credit unions, the auditor of state or
5a designee, and the treasurer of state shall meet on or about
6the first of each month or at least annually and at other times
7as the committee may prescribe and by majority action shall
8establish a minimum rate to be earned on state funds placed in
9time deposits.
10EXPLANATION
11The inclusion of this explanation does not constitute agreement with
12the explanation’s substance by the members of the general assembly.
13This bill relates to the frequency of meetings of a committee
14composed of the superintendent of banking, the superintendent
15of credit unions, the auditor of state, and the treasurer of
16state to establish the minimum rate to be earned on state
17funds placed in time deposits. The bill provides that the
18committee shall meet at least annually and at other times as
19the committee may prescribe to establish a minimum rate to be
20earned on state funds placed in time deposits.
-1-jda/rn
2created to establish the minimum rate to be earned on state
3funds placed in time deposits.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 12C.6, subsection 2, paragraph a, Code
22021, is amended to read as follows:
3a. A committee composed of the superintendent of banking,
4the superintendent of credit unions, the auditor of state or
5a designee, and the treasurer of state shall meet on or about
6the first of each month or at least annually and at other times
7as the committee may prescribe and by majority action shall
8establish a minimum rate to be earned on state funds placed in
9time deposits.
10EXPLANATION
11The inclusion of this explanation does not constitute agreement with
12the explanation’s substance by the members of the general assembly.
13This bill relates to the frequency of meetings of a committee
14composed of the superintendent of banking, the superintendent
15of credit unions, the auditor of state, and the treasurer of
16state to establish the minimum rate to be earned on state
17funds placed in time deposits. The bill provides that the
18committee shall meet at least annually and at other times as
19the committee may prescribe to establish a minimum rate to be
20earned on state funds placed in time deposits.
-1-jda/rn