12.36 - ACTIONS BY TREASURER. - Iowa Statutes

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Statutes > Iowa > Title-1 > Subtitle-4 > Chapter-12 > 12-36

        12.36  ACTIONS BY TREASURER.
         1.  The treasurer of state shall accept or reject a linked
      investment loan package or any portion of the package based on the
      type or terms of the loan involved, the availability of state funds,
      or the compliance of the eligible borrower or eligible lending
      institution.
         2.  Upon acceptance of the linked investment loan package or any
      portion of the package, the treasurer of state shall deposit funds
      with the eligible lending institution and the eligible lending
      institution shall issue to the treasurer of state one or more
      certificates of deposit with interest at a rate determined pursuant
      to section 12.32, subsection 3.  The treasurer of state shall not
      deposit funds with an eligible lending institution pursuant to
      sections 12.32, 12.34, 12.35, this section, and sections 12.37
      through 12.43, unless the certificate of deposit earns a rate of
      interest of at least one percent.  Interest earned on the certificate
      of deposit and principal not renewed shall be remitted to the
      treasurer of state at the time the certificate of deposit matures.
      Interest from the linked investments for tomorrow program shall be
      considered earnings of the general fund of the state.  Certificates
      of deposit issued pursuant to sections 12.32, 12.34, 12.35, this
      section, and sections 12.37 through 12.43 are not subject to a
      penalty for early withdrawal.

Section History: Recent Form

         86 Acts, ch 1096, § 6; 89 Acts, ch 234, § 6; 92 Acts, ch 1105, §1;
      96 Acts, ch 1058, § 5; 2001 Acts, ch 24, §4; 2006 Acts, ch 1165, §5
         Referred to in § 12.31, 12.32, 12.34, 12.35

State Codes and Statutes

Statutes > Iowa > Title-1 > Subtitle-4 > Chapter-12 > 12-36

        12.36  ACTIONS BY TREASURER.
         1.  The treasurer of state shall accept or reject a linked
      investment loan package or any portion of the package based on the
      type or terms of the loan involved, the availability of state funds,
      or the compliance of the eligible borrower or eligible lending
      institution.
         2.  Upon acceptance of the linked investment loan package or any
      portion of the package, the treasurer of state shall deposit funds
      with the eligible lending institution and the eligible lending
      institution shall issue to the treasurer of state one or more
      certificates of deposit with interest at a rate determined pursuant
      to section 12.32, subsection 3.  The treasurer of state shall not
      deposit funds with an eligible lending institution pursuant to
      sections 12.32, 12.34, 12.35, this section, and sections 12.37
      through 12.43, unless the certificate of deposit earns a rate of
      interest of at least one percent.  Interest earned on the certificate
      of deposit and principal not renewed shall be remitted to the
      treasurer of state at the time the certificate of deposit matures.
      Interest from the linked investments for tomorrow program shall be
      considered earnings of the general fund of the state.  Certificates
      of deposit issued pursuant to sections 12.32, 12.34, 12.35, this
      section, and sections 12.37 through 12.43 are not subject to a
      penalty for early withdrawal.

Section History: Recent Form

         86 Acts, ch 1096, § 6; 89 Acts, ch 234, § 6; 92 Acts, ch 1105, §1;
      96 Acts, ch 1058, § 5; 2001 Acts, ch 24, §4; 2006 Acts, ch 1165, §5
         Referred to in § 12.31, 12.32, 12.34, 12.35

State Codes and Statutes

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State Codes and Statutes

Statutes > Iowa > Title-1 > Subtitle-4 > Chapter-12 > 12-36

        12.36  ACTIONS BY TREASURER.
         1.  The treasurer of state shall accept or reject a linked
      investment loan package or any portion of the package based on the
      type or terms of the loan involved, the availability of state funds,
      or the compliance of the eligible borrower or eligible lending
      institution.
         2.  Upon acceptance of the linked investment loan package or any
      portion of the package, the treasurer of state shall deposit funds
      with the eligible lending institution and the eligible lending
      institution shall issue to the treasurer of state one or more
      certificates of deposit with interest at a rate determined pursuant
      to section 12.32, subsection 3.  The treasurer of state shall not
      deposit funds with an eligible lending institution pursuant to
      sections 12.32, 12.34, 12.35, this section, and sections 12.37
      through 12.43, unless the certificate of deposit earns a rate of
      interest of at least one percent.  Interest earned on the certificate
      of deposit and principal not renewed shall be remitted to the
      treasurer of state at the time the certificate of deposit matures.
      Interest from the linked investments for tomorrow program shall be
      considered earnings of the general fund of the state.  Certificates
      of deposit issued pursuant to sections 12.32, 12.34, 12.35, this
      section, and sections 12.37 through 12.43 are not subject to a
      penalty for early withdrawal.

Section History: Recent Form

         86 Acts, ch 1096, § 6; 89 Acts, ch 234, § 6; 92 Acts, ch 1105, §1;
      96 Acts, ch 1058, § 5; 2001 Acts, ch 24, §4; 2006 Acts, ch 1165, §5
         Referred to in § 12.31, 12.32, 12.34, 12.35