Deposits in general — definitions.

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 ?; ; ; Normal ; heading 1 ; heading 2 ; heading 3 ; heading 4 ; heading 5 ; heading 6 ; heading 7 ; heading 8 ; heading 9 ; Balloon Text ; Block Text ; Body Text ; Body Text 2 ; Body Text 3 ; Body Text First Indent ; Body Text First Indent 2 ; Body Text Indent 2 ; Body Text Indent 3 ; caption ; Closing ; annotation text ; annotation subject ; Date ; Document Map ; E-mail Signature ; endnote text ; envelope address ; envelope return ; footer ; footnote text ; header ; HTML Address ; HTML Preformatted ; index 1 ; index 2 ; index 3 ; index 4 ; index 5 ; index 6 ; index 7 ; index 8 ; index 9 ; index heading ; List ; List 2 ; List 3 ; List 4 ; List 5 ; List Bullet ; List Bullet 2 ; List Bullet 3 ; List Bullet 4 ; List Bullet 5 ; List Continue ; List Continue 2 ; List Continue 3 ; List Continue 4 ; List Continue 5 ; List Number ; List Number 2 ; List Number 3 ; List Number 4 ; List Number 5 ; macro ; Message Header ; Normal (Web) ; Normal Indent ; Note Heading ; Plain Text ; Salutation ; Signature ; Subtitle ; table of authorities ; table of figures ; Title ; toa heading ; toc 1 ; toc 2 ; toc 3 ; toc 4 ; toc 5 ; toc 6 ; toc 7 ; toc 8 ; toc 9 ; \~\~ \~\~ \~\~ \~\~ \~\~ 12C.1 \~\~ Deposits in general — definitions. \~\~ 1. \~\~ a. \~\~ All funds held by the following officers or institutions shall be deposited in one or more depositories first approved by the appropriate governing body as indicated: \~\~ \~\~ (1) \~\~ For the treasurer of state, by the executive council. \~\~ (2) \~\~ For judicial officers and court employees, by the supreme court. \~\~ (3) \~\~ For the county treasurer, recorder, auditor, and sheriff, by the board of supervisors. \~\~ (4) \~\~ For the city treasurer or other designated financial officer of a city, by the city council. \~\~ (5) \~\~ For the county public hospital or merged area hospital, by the board of hospital trustees. \~\~ (6) \~\~ For a memorial hospital, by the memorial hospital commission. \~\~ (7) \~\~ For a school corporation, by the board of school directors. \~\~ (8) \~\~ For a city utility or combined utility system established under chapter 388 , by the utility board. \~\~ (9) \~\~ For an electric power agency as defined in section 28F.2 or 390.9 , by the governing body of the electric power agency. \~\~ b. \~\~ However, the treasurer of state and the treasurer of each political subdivision or the designated financial officer of a city shall invest all funds not needed for current operating expenses in time certificates of deposit in approved depositories pursuant to this chapter or in investments permitted by section 12B.10 . The list of public depositories and the amounts severally deposited in the depositories are matters of public record. \~\~ c. \~\~ This subsection does not limit the definition of “public funds” contained in subsection 2 . Notwithstanding provisions of this section to the contrary, public funds of a state government deferred compensation plan established by the executive council may also be invested in the investment products authorized under section 509A.12 . \~\~ 2. \~\~ As used in this chapter unless the context otherwise requires: \~\~ a. \~\~ “Bank” means a corporation or limited liability company engaged in the business of banking and organized under the laws of this state, another state, or the United States. “Bank” also means a savings and loan, savings association, or savings bank organized under the laws of another state or the United States. \~\~ b. \~\~ “Credit union” means a cooperative, nonprofit association incorporated under chapter 533 or the federal Credit Union Act , 12 U.S.C. §1751 et seq. , and that is insured by the national credit union administration and includes an office of a credit union. \~\~ c. \~\~ “Depository” means a bank or a credit union in which public funds are deposited under this chapter . \~\~ d. \~\~ “Financial institution” means a bank or a credit union. \~\~ e. \~\~ “Public funds” and “public deposits” mean any of the following: \~\~ (1) \~\~ The moneys of the state or a political subdivision or instrumentality of the state including a county, school corporation, special district, drainage district, unincorporated town or township, municipality, or municipal corporation or any agency, board, or commission of the state or a political subdivision. Moneys of the state include moneys which are transmitted to a depositary for purposes of completing an electronic financial transaction pursuant to section 159.35 . \~\~ (2) \~\~ The moneys of any court or public body noted in subsection 1 . \~\~ (3) \~\~ The moneys of a legal or administrative entity created pursuant to chapter 28E . \~\~ (4) \~\~ The moneys of an electric power agency as defined in section 28F.2 or 390.9 . \~\~ (5) \~\~ Federal and state grant moneys of a quasi-public state entity that are placed in a depository pursuant to this chapter . \~\~ (6) \~\~ Moneys placed in a depository for the purpose of completing an electronic financial transaction pursuant to section 8.89 or 331.427 . \~\~ f. \~\~ “Public officer” means the person authorized by and acting for a public body to deposit public funds of the public body. \~\~ g. \~\~ “Superintendent” means the superintendent of banking of this state when the depository is a bank, and the superintendent of credit unions of this state when the depository is a credit union. \~\~ h. \~\~ “Uninsured public funds” means any amount of public funds of a public funds depositor on deposit in an account at a financial institution that exceeds the amount of public funds in that account that are insured by the federal deposit insurance corporation or the national credit union administration. \~\~ 3. \~\~ A deposit of public funds in a depository pursuant to this chapter shall be secured as follows: \~\~ a. \~\~ If a depository is a credit union, then public deposits in the credit union shall be secured pursuant to sections 12C.16 through 12C.19 and sections 12C.23 and 12C.24 . \~\~ b. \~\~ If a depository is a bank, public deposits in the bank shall be secured pursuant to sections 12C.23A and 12C.24 . \~\~ 4. \~\~ Ambiguities in the application of this section shall be resolved in favor of preventing the loss of public funds on deposit in a depository. [C24, 27, §139, 4319, 5548, 5651, 7404; C31, 35, §7420-d1; C39, § 7420.01; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81 , S81, §453.1 ; 81 Acts, ch 148, §1 ; 82 Acts, ch 1202, §1 ] 83 Acts, ch 97, §1, 3 ; 83 Acts, ch 186, §1014, 10201 ; 84 Acts, ch 1230, §5 ; 85 Acts, ch 194, §2 ; 89 Acts, ch 39, §12 ; 92 Acts, ch 1156, §20 – 22 C93, §12C.1 93 Acts, ch 48, §3 ; 97 Acts, ch 185, §5 ; 99 Acts, ch 117, §1 – 4, 15 ; 99 Acts, ch 208, §42, 74 ; 2001 Acts, ch 158, §4 ; 2001 Acts, 1st Ex, ch 4, §1, 2, 36 ; 2002 Acts, ch 1096, §1, 2, 17 ; 2003 Acts, ch 18, §1 ; 2003 Acts, ch 48, §1 ; 2003 Acts, ch 179, §58, 84 ; 2010 Acts, ch 1018, §1, 2 ; 2010 Acts, ch 1028, §1, 2, 14 ; 2011 Acts, ch 132, §39, 106 ; 2012 Acts, ch 1017, §36 ; 2013 Acts, ch 129, §26 ; 2019 Acts, ch 24, §5 Referred to in §12B.10 , 12B.10A , 12B.10C , 12C.7 , 12C.8 , 12E.2 , 16.45 , 80.45A , 176A.8 , 179.1 , 181.1 , 183A.1 , 184.1 , 184A.1 , 185.1 , 185C.1 , 350.6 , 468.528 , 602.8102(64) , 633D.2 , 654.17C