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

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…

1. The general assembly finds that the general welfare and well-being of the state are directly related to educational levels and skills of the citizens of the state, and that a vital and valid public purpose is served by the creation and implementation of programs which encourag…

1. The assets of the trust shall at all times be preserved, invested, and expended solely and only for the purposes of the trust and shall be held in trust for the participants and beneficiaries. 2. No property rights in the trust shall exist in favor of the state. 3. The assets …

This chapter shall be construed liberally in order to effectuate its purpose. 98 Acts, ch 1172, §11

An Iowa educational savings plan trust is created. The treasurer of state is the trustee of the trust, and has all powers necessary to carry out and effectuate the purposes, objectives, and provisions of this chapter pertaining to the trust, including the power to do all of the f…

The trust may enter into participation agreements with participants on behalf of beneficiaries pursuant to the following terms and agreements: 1. Each participation agreement may require a participant to agree to invest a specific amount of money in the trust for a specific perio…

1. a. The treasurer of state shall segregate moneys received by the trust into two funds: the program fund and the administrative fund. b. All moneys paid by participants in connection with participation agreements shall be deposited as received into separate accounts within the …

A participant may cancel a participation agreement at will. Upon cancellation of a participation agreement, a participant shall be entitled to the return of the participant’s account balance. 98 Acts, ch 1172, §5 ; 99 Acts, ch 96, §1 ; 99 Acts, ch 122, §6, 7, 10 ; 2003 Acts, ch 1…

1. a. A participant retains ownership of all payments made under a participation agreement up to the date of utilization for payment of qualified education expenses for the beneficiary. b. All income derived from the investment of the payments made by the participant shall be con…

A student loan program, student grant program, or other program administered by any agency of the state, except as may be otherwise provided by federal law or the provisions of any specific grant applicable to that law, shall not take into account and shall not consider amounts a…

1. a. The treasurer of state shall submit an annual audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the trust by November 1 to the governor and the general assembly. b. The annual audit shall be made either by t…

1. For federal income tax purposes, the Iowa educational savings plan trust shall be considered a qualified state tuition program exempt from taxation pursuant to section 529 of the Internal Revenue Code . The Iowa educational savings plan trust meets the requirements of section …

This chapter shall be known and may be cited as the “Tobacco Settlement Authority Act” . 2000 Acts, ch 1208, §1, 25

1. a. (1) The authority shall implement the program plan and shall proceed with a securitization to maximize the transference of risks associated with the master settlement agreement. (2) The authority shall issue tax-exempt bonds as necessary in amounts determined by the authori…

1. The authority may issue bonds and, if bonds are issued, shall make the proceeds from the bonds available to the state pursuant to the sales agreement to fund capital projects, certain debt service on outstanding obligations that funded capital projects, and attorney fees relat…

1. a. A tobacco settlement trust fund is established, separate and apart from all other public moneys or funds of the state, under the control of the authority. The fund shall consist of moneys paid to the authority and not pledged to the payment of bonds or otherwise obligated. …

1. Moneys of the authority, except as otherwise provided in this chapter or specified in a trust indenture or resolution pursuant to which the bonds are issued, shall be paid to the authority and shall be deposited in a financial institution designated by the authority. The money…

The authority and contracts entered into by the authority in carrying out its public and essential governmental functions are exempt from the laws of the state which provide for competitive bids and hearings in connection with contracts, except as provided in section 12.30 . 2000…

1. The authority shall submit to the governor, the general assembly, and the attorney general, on or before December 31, annually, a report including information regarding all of the following: a. Its operations and accomplishments. b. Its receipts and expenditures during the pre…

Prior to the date which is three hundred sixty-six days after which the authority no longer has any bonds outstanding, the authority is prohibited from filing a voluntary petition under chapter nine of the federal bankruptcy code, 11 U.S.C. §901 et seq., or such corresponding cha…

The authority shall dissolve no later than two years from the date of final payment of all outstanding bonds and the satisfaction of all outstanding obligations of the authority, except to the extent necessary to remain in existence to fulfill any outstanding covenants or provisi…

This chapter , being deemed necessary for the welfare of the state and its people, shall be liberally construed to effect its purpose. 2000 Acts, ch 1208, §18, 25

As used in this chapter , unless the context otherwise requires: 1. “Authority” means the tobacco settlement authority created in this chapter . 2. “Board” means the governing board of the authority. 3. “Bonds” means bonds, notes, and other obligations and financing arrangements …

1. A tobacco settlement authority is created and constitutes a public instrumentality and agency of the state, separate and distinct from the state, exercising public and essential governmental functions. 2. The purposes of the authority include all of the following: a. To implem…

1. The general assembly reaffirms and reenacts the purposes stated for the use of moneys deposited in the healthy Iowans tobacco trust, as the purposes were enacted in 2000 Iowa Acts, ch. 1232, §12 , and codified in section 12.65, Code 2007 , as the purposes for the endowment for…

This chapter shall not restrict or limit the powers which the authority has under any other law of this state, but is cumulative as to any such powers. A proceeding, notice, or approval is not required for the creation of the authority or the issuance of obligations or an instrum…

1. The powers of the authority are vested in and shall be exercised by a board consisting of the treasurer of state, the auditor of state, and the director of the department of management. Notwithstanding the provisions of section 12.30, subsection 2 , regarding ex officio nonvot…

1. The staff of the office of the treasurer of state shall also serve as staff of the authority under the supervision of the treasurer. 2. State officers, agencies, and departments may render services to the authority within their respective functions, as requested by the authori…

Members of the board and persons acting on the authority’s behalf, while acting within the scope of their employment or agency, are not subject to personal liability resulting from carrying out the powers and duties conferred on them under this chapter . 2000 Acts, ch 1208, §7, 2…

1. The authority has all the general powers necessary to carry out its purposes and duties and to exercise its specific powers, including but not limited to all of the following powers: a. The power to issue its bonds and to enter into other funding options as provided in this ch…

1. a. The governor or the governor’s designee shall sell and assign all or a portion of the state’s share to the authority pursuant to one or more sales agreements for the purpose of securitization as described in the program plan and as specified in section 12E.10 . The attorney…

The general assembly is deeply concerned over the human rights situation in Sudan which calls for stepped-up international efforts to end the crisis in Sudan’s Darfur region, and concurs with United States policy which has officially declared that genocide is ongoing in the Sudan…

As used in this chapter , unless the context otherwise requires: 1. “Active business operations” means all business operations that are not inactive business operations. 2. “Business operations” means engaging in commerce in any form in Sudan, including by acquiring, developing, …

1. a. By July 1, 2007, the public fund shall make its best efforts to identify all scrutinized companies in which the public fund has direct or indirect holdings or could possibly have such holdings in the future and shall create and make available to the public a scrutinized com…

1. The public fund shall not acquire publicly traded securities of a company on the public fund’s most recent scrutinized companies list with active business operations so long as such company remains on the public fund’s scrutinized companies list as a company with active busine…

1. Scrutinized companies list. Each public fund shall, within thirty days after the scrutinized companies list is created or updated as required by section 12F.3 , make the list available to the public. 2. Annual report. On October 1, 2008, and each October 1 thereafter, each pub…

With respect to actions taken in compliance with this chapter , including all good faith determinations regarding companies as required by this chapter , the public fund shall be exempt from any conflicting statutory or common law obligations, including any such obligations in re…

The requirements of sections 12F.3 , 12F.4 , and 12F.5 of this chapter shall not apply upon the occurrence of any of the following: 1. The Congress or president of the United States declares that the Darfur genocide has been halted for at least twelve months. 2. The United States…

The general assembly finds that the general welfare of this state and well-being of its citizens is directly related to the financial education of those citizens. While the state has limited resources to promote financial literacy, a vital and valid public purpose shall be served…

An Iowa financial literacy program is created within the office of the treasurer of state. The treasurer of state shall have all powers necessary to carry out and effectuate the purposes, objectives, and provisions pertaining to the program, including the authority to do all of t…

The general assembly is deeply concerned over the support the country of Iran has provided for acts of international terrorism. Therefore, the general assembly intends that state funds and funds administered by the state, including public employee retirement funds, should not be …