Title I, STATE SOVEREIGNTY AND MANAGEMENT (Ch. 1 - 38D)

Notwithstanding chapter 524 , the deposit of public funds in a credit union as defined in section 533.102 or a mutual corporation as defined in section 524.103 does not constitute being a shareholder, stockholder, or owner of a corporation in violation of Article VIII of the Cons…

A local government shall not require a pledge of collateral for that portion of the local government’s deposits in a credit union that is covered by insurance of a federal agency or instrumentality. 84 Acts, ch 1230, §19 C85, §453.15 92 Acts, ch 1156, §24 C93, §12C.15 99 Acts, ch…

1. Before a deposit of public funds is made by a public officer with a credit union in excess of the amount federally insured, the public officer shall obtain security for the deposit by one or more of the following: a. The credit union may give to the public officer a corporate …

1. A credit union which receives public funds shall pledge securities owned by it as required by this chapter in one of the following methods: a. The securities shall be deposited with the county, city, or other public officers at the option of the officers. b. The securities sha…

The condition of the surety bond or the deposit of securities, instruments, or a joint custody receipt, must be that the credit union will promptly pay to the parties entitled public funds, including any interest on the funds, in its custody upon lawful demand and, when required …

1. Securities pledged pursuant to this chapter may be withdrawn on application of the pledging depository institution, and as to securities pledged by a credit union upon approval of the public officer to whom the securities are pledged, if the deposit of securities is no longer …

The approval of a financial institution as a depository of public funds for a public body shall be by written resolution or order that shall be entered of record in the minutes of the approving board, and that shall distinctly name each depository approved, and specify the maximu…

1. On or before the tenth day of February, May, August, and November of each year, each out-of-state bank that has one or more branches in the state shall calculate and certify to the superintendent of banking in the form prescribed by the superintendent the amount of public fund…

1. A bank shall pledge to the treasurer of state the amount of collateral required under subsection 2 by depositing the collateral in restricted accounts at a financial institution that has been designated by the treasurer of state and that is not owned or controlled directly or …

1. a. The pledging of securities by a credit union pursuant to this chapter constitutes consent by the credit union to the disposition of the securities in accordance with this section . b. The acceptance of public funds by a credit union pursuant to this chapter constitutes cons…

1. The acceptance of public funds by a bank pursuant to this chapter constitutes all of the following: a. Agreement by the bank to pledge collateral as required by section 12C.22 . b. Consent by the bank to the disposition of the collateral in accordance with this section . c. Co…

When public deposits are made in accordance with this chapter in a financial institution that is eligible to accept public funds deposits at the time a deposit of public funds is made, a public body depositing public funds, and any person that is an agent, employee, officer, or b…

1. There are created in the treasurer of state’s office the following funds: a. A state sinking fund for public deposits in banks. b. A state sinking fund for public deposits in credit unions. 2. Idle balances in the state sinking fund for public deposits in banks shall be invest…

1. If at the end of any calendar year the amount in the sinking fund exceeds three million one hundred thousand dollars, then to the extent the amount in the sinking fund exceeds three million dollars, the treasurer shall, on or before January 31 of the following year, refund to …

If the treasurer of state determines that a bank fails to comply with section 12C.22, subsections 2 and 3 , the treasurer of state may restrict that bank from accepting uninsured public funds and shall notify the office of thrift supervision, the office of the comptroller of the …

Any notice, information, report, or other communication required by this chapter shall be deemed effective and in compliance with this chapter if sent or given electronically as provided in rules adopted pursuant to chapter 17A by the appropriate superintendent or the treasurer o…

1. If it appears to the superintendent that a bank is violating or has violated, or the superintendent has reasonable cause to believe that a bank is about to violate, any provision of this chapter or any rules adopted pursuant thereto, or if a bank is less than well capitalized …

Deposits by the treasurer of state shall be in depositories located in this state; by a county officer or county public hospital officer or merged area hospital officer, in depositories located in the county or in an adjoining county within this state; by a memorial hospital trea…

If the approved depositories will not accept the deposits under the conditions prescribed or authorized in this chapter , the funds may be deposited, on the same or better terms as were offered to the depositories, in one or more approved depositories conveniently located within …

1. Public deposits shall be deposited with reasonable promptness in a depository legally designated as depository for the funds. 2. a. The treasurer of state, in consultation with subject matter experts as needed, shall establish a minimum rate to be earned on state funds placed …

1. A depository may pay interest to a public officer on deposits of public funds, and a public officer may take or receive interest on deposits of public funds. 2. Interest or earnings on investments and time deposits made in accordance with the provisions of sections 12.8 , 12B.…

An officer who is referred to in section 12C.1 is not liable for loss of funds by reason of the insolvency of the depository institution when the funds have been deposited or invested as provided in this chapter . [C27, §1090-a20; C31, 35, §7420-d8; C39, § 7420.08; C46, 50, 54, 5…

1. The treasurer of state and all other state agencies authorized to invest funds and the treasurer or other designated financial officer of each political subdivision including each school corporation shall invest the proceeds of notes, bonds, refunding bonds, and other evidence…