12B.10 PUBLIC FUNDS INVESTMENT STANDARDS.
1. a. In addition to investment standards and requirements
otherwise provided by law, the investment of public funds by the
treasurer of state, state agencies authorized to invest funds, and
political subdivisions of this state, shall comply with this section,
except where otherwise provided by another statute specifically
referring to this section.
b. The treasurer of state and the treasurer of each political
subdivision shall at all times keep funds coming into their
possession as public money in a vault or safe to be provided for that
purpose or in one or more depositories approved pursuant to chapter
12C. However, the treasurer of state, state agencies authorized to
invest public funds, and political subdivisions shall invest, unless
otherwise provided, any public funds not currently needed in
investments authorized by this section.
2. The treasurer of state, state agencies authorized to invest
funds, and political subdivisions of this state, when investing or
depositing public funds, shall exercise the care, skill, prudence,
and diligence under the circumstances then prevailing that a prudent
person acting in a like capacity and familiar with such matters would
use to attain the goals of this subsection. This standard requires
that when making investment decisions, a public entity shall consider
the role that the investment or deposit plays within the portfolio of
assets of the public entity and the goals of this subsection. The
primary goals of investment prudence shall be based in the following
order of priority:
a. Safety of principal is the first priority.
b. Maintaining the necessary liquidity to match expected
liabilities is the second priority.
c. Obtaining a reasonable return is the third priority.
3. Investments of public funds shall be made in accordance with
written policies. A written investment policy shall address the
goals set out in subsection 2 and shall also address, but is not
limited to, compliance with state law, diversification, maturity,
quality, and capability of investment management.
The trading of securities in which any public funds are invested
for the purpose of speculation and the realization of short-term
trading profits is prohibited.
Investments by a political subdivision must have maturities that
are consistent with the needs and use of that political subdivision
or agency.
4. a. The treasurer of state and all other state agencies
authorized to invest funds shall only purchase and invest in the
following:
(1) Obligations of the United States government, its agencies,
and instrumentalities.
(2) Certificates of deposit and other evidences of deposit at
federally insured depository institutions approved pursuant to
chapter 12C.
(3) Prime bankers' acceptances that mature within two hundred
seventy days and that are eligible for purchase by a federal reserve
bank, provided that at the time of purchase no more than thirty
percent of the investment portfolio of the treasurer of state or any
other state agency shall be in investments authorized by this
subparagraph and that at the time of purchase no more than five
percent of the investment portfolio shall be invested in the
securities of a single issuer.
(4) Commercial paper or other short-term corporate debt that
matures within two hundred seventy days and that is rated within the
two highest classifications, as established by at least one of the
standard rating services approved by the superintendent of banking by
rule adopted pursuant to chapter 17A, provided that at the time of
purchase no more than five percent of all amounts invested in
commercial paper and other short-term corporate debt shall be
invested in paper and debt rated in the second highest
classification, and provided further that at the time of purchase no
more than thirty percent of the investment portfolio of the treasurer
of state or any other state agency shall be in investments authorized
by this subparagraph and that at the time of purchase no more than
five percent of the investment portfolio shall be invested in the
securities of a single issuer.
(5) Repurchase agreements whose underlying collateral consists of
the investments set out in subparagraphs (1) through (4) if the
treasurer of state or state agency takes delivery of the collateral
either directly or through an authorized custodian. Repurchase
agreements do not include reverse repurchase agreements.
(6) Investments authorized for the Iowa public employees'
retirement system in section 97B.7A, except that investment in common
stocks is not permitted.
(7) An open-end management investment company organized in trust
form registered with the federal securities and exchange commission
under the federal Investment Company Act of 1940, 15 U.S.C. § 80(a),
and operated in accordance with 17 C.F.R. § 270.2a-7.
(8) Investments authorized under subsection 7.
(9) Obligations of the Iowa finance authority issued pursuant to
chapter 16, bearing interest at market rates, provided that at the
time of purchase the Iowa finance authority has an issuer credit
rating within the two highest classifications or the obligations to
be purchased are rated within the two highest classifications, as
established by at least one of the standard rating services approved
by the superintendent of banking by rule adopted pursuant to chapter
17A.
b. Futures and options contracts are not permissible
investments.
5. a. Political subdivisions of this state, including
entities organized pursuant to chapter 28E whose primary function is
other than to jointly invest public funds, shall purchase and invest
only in the following:
(1) Obligations of the United States government, its agencies,
and instrumentalities.
(2) Certificates of deposit and other evidences of deposit at
federally insured depository institutions approved pursuant to
chapter 12C.
(3) Prime bankers' acceptances that mature within two hundred
seventy days and that are eligible for purchase by a federal reserve
bank, provided that at the time of purchase no more than ten percent
of the investment portfolio shall be in investments authorized by
this subparagraph and that at the time of purchase no more than five
percent of the investment portfolio shall be invested in the
securities of a single issuer.
(4) Commercial paper or other short-term corporate debt that
matures within two hundred seventy days and that is rated within the
two highest classifications, as established by at least one of the
standard rating services approved by the superintendent of banking by
rule adopted pursuant to chapter 17A, provided that at the time of
purchase no more than five percent of all amounts invested in
commercial paper and other short-term corporate debt shall be
invested in paper and debt rated in the second highest
classification, and provided further that at the time of purchase no
more than ten percent of the investment portfolio shall be in
investments authorized by this subparagraph and that at the time of
purchase no more than five percent of the investment portfolio shall
be invested in the securities of a single issuer.
(5) Repurchase agreements whose underlying collateral consists of
the investments set out in subparagraph (1) if the political
subdivision takes delivery of the collateral either directly or
through an authorized custodian. Repurchase agreements do not
include reverse repurchase agreements.
(6) An open-end management investment company registered with the
federal securities and exchange commission under the federal
Investment Company Act of 1940, 15 U.S.C. § 80(a), and operated in
accordance with 17 C.F.R. § 270.2a-7.
(7) A joint investment trust organized pursuant to chapter 28E
prior to and existing in good standing on the effective date of this
Act or a joint investment trust organized pursuant to chapter 28E
after April 28, 1992, provided that the joint investment trust shall
either be rated within the two highest classifications by at least
one of the standard rating services approved by the superintendent of
banking by rule adopted pursuant to chapter 17A and operated in
accordance with 17 C.F.R. § 270.2a-7, or be registered with the
federal securities and exchange commission under the federal
Investment Company Act of 1940, 15 U.S.C. § 80(a), and operated in
accordance with 17 C.F.R. § 270.2a-7. The manager or investment
advisor of the joint investment trust shall be registered with the
federal securities and exchange commission under the Investment
Advisor Act of 1940, 15 U.S.C. § 80(b).
(8) Warrants or improvement certificates of a levee or drainage
district.
(9) Investments authorized under subsection 7.
b. Futures and options contracts are not permissible
investments.
6. The following investments are not subject to this section:
a. Investments by the public safety peace officers'
retirement system governed by chapter 97A.
b. Investments by the Iowa public employees' retirement
system governed by chapter 97B.
c. Investments by the Iowa finance authority governed by
chapter 16.
d. Investments by the state board of regents. However,
investments by the state board of regents or institutions governed by
the state board of regents are limited to the following:
(1) Those investments set out in subsection 4.
(2) The common fund for nonprofit organizations.
(3) Common stocks.
(4) For investments of short-term operating funds, the funds
shall not be invested in investments having effective maturities
exceeding sixty-three months.
e. A pension and annuity retirement system governed by
chapter 294.
f. Investments by the statewide fire and police retirement
system governed by chapter 411.
g. Investments by the judicial retirement system governed by
chapter 602, article 9.
h. Investments under the deferred compensation plan
established by the executive council pursuant to section 509A.12.
i. Investments made by city hospitals as provided in section
392.6. However, investments by city hospitals are limited to the
following:
(1) The same types of investments as the treasurer of state and
other state agencies may make under this section.
(2) Investment in common stocks.
j. Investments by the tobacco settlement authority governed
by chapter 12E.
k. Investments by municipal utility retirement systems
governed under chapter 412.
7. Notwithstanding sections 12C.2, 12C.4, 12C.6, 12C.6A, and any
other provision of law relating to the deposits of public funds, if
public funds are deposited in a depository, as defined in section
12C.1, any uninsured portion of the public funds invested through the
depository may be invested in certificates of deposit arranged by the
depository that are issued by one or more federally insured banks or
savings associations regardless of location for the account of the
public funds depositor if all of the following requirements are
satisfied:
a. The full amount of the principal and any accrued interest
of each certificate of deposit issued shall be covered by federal
deposit insurance.
b. The depository, either directly or through an agent or
subcustodian, shall act as custodian of the certificates of deposit.
c. The day the certificates of deposit are issued, the
depository shall have received deposits in an amount eligible for
federal deposit insurance from, and issued certificates of deposit
to, customers of other financial institutions wherever located that
are equal to or greater than the amount of public funds invested
under this subsection by the public funds depositor through the
depository.
8. As used in this section, "public funds" means the same as
defined in section 12C.1, subsection 2.
12B.10 PUBLIC FUNDS INVESTMENT STANDARDS.
1. a. In addition to investment standards and requirements
otherwise provided by law, the investment of public funds by the
treasurer of state, state agencies authorized to invest funds, and
political subdivisions of this state, shall comply with this section,
except where otherwise provided by another statute specifically
referring to this section.
b. The treasurer of state and the treasurer of each political
subdivision shall at all times keep funds coming into their
possession as public money in a vault or safe to be provided for that
purpose or in one or more depositories approved pursuant to chapter
12C. However, the treasurer of state, state agencies authorized to
invest public funds, and political subdivisions shall invest, unless
otherwise provided, any public funds not currently needed in
investments authorized by this section.
2. The treasurer of state, state agencies authorized to invest
funds, and political subdivisions of this state, when investing or
depositing public funds, shall exercise the care, skill, prudence,
and diligence under the circumstances then prevailing that a prudent
person acting in a like capacity and familiar with such matters would
use to attain the goals of this subsection. This standard requires
that when making investment decisions, a public entity shall consider
the role that the investment or deposit plays within the portfolio of
assets of the public entity and the goals of this subsection. The
primary goals of investment prudence shall be based in the following
order of priority:
a. Safety of principal is the first priority.
b. Maintaining the necessary liquidity to match expected
liabilities is the second priority.
c. Obtaining a reasonable return is the third priority.
3. Investments of public funds shall be made in accordance with
written policies. A written investment policy shall address the
goals set out in subsection 2 and shall also address, but is not
limited to, compliance with state law, diversification, maturity,
quality, and capability of investment management.
The trading of securities in which any public funds are invested
for the purpose of speculation and the realization of short-term
trading profits is prohibited.
Investments by a political subdivision must have maturities that
are consistent with the needs and use of that political subdivision
or agency.
4. a. The treasurer of state and all other state agencies
authorized to invest funds shall only purchase and invest in the
following:
(1) Obligations of the United States government, its agencies,
and instrumentalities.
(2) Certificates of deposit and other evidences of deposit at
federally insured depository institutions approved pursuant to
chapter 12C.
(3) Prime bankers' acceptances that mature within two hundred
seventy days and that are eligible for purchase by a federal reserve
bank, provided that at the time of purchase no more than thirty
percent of the investment portfolio of the treasurer of state or any
other state agency shall be in investments authorized by this
subparagraph and that at the time of purchase no more than five
percent of the investment portfolio shall be invested in the
securities of a single issuer.
(4) Commercial paper or other short-term corporate debt that
matures within two hundred seventy days and that is rated within the
two highest classifications, as established by at least one of the
standard rating services approved by the superintendent of banking by
rule adopted pursuant to chapter 17A, provided that at the time of
purchase no more than five percent of all amounts invested in
commercial paper and other short-term corporate debt shall be
invested in paper and debt rated in the second highest
classification, and provided further that at the time of purchase no
more than thirty percent of the investment portfolio of the treasurer
of state or any other state agency shall be in investments authorized
by this subparagraph and that at the time of purchase no more than
five percent of the investment portfolio shall be invested in the
securities of a single issuer.
(5) Repurchase agreements whose underlying collateral consists of
the investments set out in subparagraphs (1) through (4) if the
treasurer of state or state agency takes delivery of the collateral
either directly or through an authorized custodian. Repurchase
agreements do not include reverse repurchase agreements.
(6) Investments authorized for the Iowa public employees'
retirement system in section 97B.7A, except that investment in common
stocks is not permitted.
(7) An open-end management investment company organized in trust
form registered with the federal securities and exchange commission
under the federal Investment Company Act of 1940, 15 U.S.C. § 80(a),
and operated in accordance with 17 C.F.R. § 270.2a-7.
(8) Investments authorized under subsection 7.
(9) Obligations of the Iowa finance authority issued pursuant to
chapter 16, bearing interest at market rates, provided that at the
time of purchase the Iowa finance authority has an issuer credit
rating within the two highest classifications or the obligations to
be purchased are rated within the two highest classifications, as
established by at least one of the standard rating services approved
by the superintendent of banking by rule adopted pursuant to chapter
17A.
b. Futures and options contracts are not permissible
investments.
5. a. Political subdivisions of this state, including
entities organized pursuant to chapter 28E whose primary function is
other than to jointly invest public funds, shall purchase and invest
only in the following:
(1) Obligations of the United States government, its agencies,
and instrumentalities.
(2) Certificates of deposit and other evidences of deposit at
federally insured depository institutions approved pursuant to
chapter 12C.
(3) Prime bankers' acceptances that mature within two hundred
seventy days and that are eligible for purchase by a federal reserve
bank, provided that at the time of purchase no more than ten percent
of the investment portfolio shall be in investments authorized by
this subparagraph and that at the time of purchase no more than five
percent of the investment portfolio shall be invested in the
securities of a single issuer.
(4) Commercial paper or other short-term corporate debt that
matures within two hundred seventy days and that is rated within the
two highest classifications, as established by at least one of the
standard rating services approved by the superintendent of banking by
rule adopted pursuant to chapter 17A, provided that at the time of
purchase no more than five percent of all amounts invested in
commercial paper and other short-term corporate debt shall be
invested in paper and debt rated in the second highest
classification, and provided further that at the time of purchase no
more than ten percent of the investment portfolio shall be in
investments authorized by this subparagraph and that at the time of
purchase no more than five percent of the investment portfolio shall
be invested in the securities of a single issuer.
(5) Repurchase agreements whose underlying collateral consists of
the investments set out in subparagraph (1) if the political
subdivision takes delivery of the collateral either directly or
through an authorized custodian. Repurchase agreements do not
include reverse repurchase agreements.
(6) An open-end management investment company registered with the
federal securities and exchange commission under the federal
Investment Company Act of 1940, 15 U.S.C. § 80(a), and operated in
accordance with 17 C.F.R. § 270.2a-7.
(7) A joint investment trust organized pursuant to chapter 28E
prior to and existing in good standing on the effective date of this
Act or a joint investment trust organized pursuant to chapter 28E
after April 28, 1992, provided that the joint investment trust shall
either be rated within the two highest classifications by at least
one of the standard rating services approved by the superintendent of
banking by rule adopted pursuant to chapter 17A and operated in
accordance with 17 C.F.R. § 270.2a-7, or be registered with the
federal securities and exchange commission under the federal
Investment Company Act of 1940, 15 U.S.C. § 80(a), and operated in
accordance with 17 C.F.R. § 270.2a-7. The manager or investment
advisor of the joint investment trust shall be registered with the
federal securities and exchange commission under the Investment
Advisor Act of 1940, 15 U.S.C. § 80(b).
(8) Warrants or improvement certificates of a levee or drainage
district.
(9) Investments authorized under subsection 7.
b. Futures and options contracts are not permissible
investments.
6. The following investments are not subject to this section:
a. Investments by the public safety peace officers'
retirement system governed by chapter 97A.
b. Investments by the Iowa public employees' retirement
system governed by chapter 97B.
c. Investments by the Iowa finance authority governed by
chapter 16.
d. Investments by the state board of regents. However,
investments by the state board of regents or institutions governed by
the state board of regents are limited to the following:
(1) Those investments set out in subsection 4.
(2) The common fund for nonprofit organizations.
(3) Common stocks.
(4) For investments of short-term operating funds, the funds
shall not be invested in investments having effective maturities
exceeding sixty-three months.
e. A pension and annuity retirement system governed by
chapter 294.
f. Investments by the statewide fire and police retirement
system governed by chapter 411.
g. Investments by the judicial retirement system governed by
chapter 602, article 9.
h. Investments under the deferred compensation plan
established by the executive council pursuant to section 509A.12.
i. Investments made by city hospitals as provided in section
392.6. However, investments by city hospitals are limited to the
following:
(1) The same types of investments as the treasurer of state and
other state agencies may make under this section.
(2) Investment in common stocks.
j. Investments by the tobacco settlement authority governed
by chapter 12E.
k. Investments by municipal utility retirement systems
governed under chapter 412.
7. Notwithstanding sections 12C.2, 12C.4, 12C.6, 12C.6A, and any
other provision of law relating to the deposits of public funds, if
public funds are deposited in a depository, as defined in section
12C.1, any uninsured portion of the public funds invested through the
depository may be invested in certificates of deposit arranged by the
depository that are issued by one or more federally insured banks or
savings associations regardless of location for the account of the
public funds depositor if all of the following requirements are
satisfied:
a. The full amount of the principal and any accrued interest
of each certificate of deposit issued shall be covered by federal
deposit insurance.
b. The depository, either directly or through an agent or
subcustodian, shall act as custodian of the certificates of deposit.
c. The day the certificates of deposit are issued, the
depository shall have received deposits in an amount eligible for
federal deposit insurance from, and issued certificates of deposit
to, customers of other financial institutions wherever located that
are equal to or greater than the amount of public funds invested
under this subsection by the public funds depositor through the
depository.
8. As used in this section, "public funds" means the same as
defined in section 12C.1, subsection 2.
12B.10 PUBLIC FUNDS INVESTMENT STANDARDS.
1. a. In addition to investment standards and requirements
otherwise provided by law, the investment of public funds by the
treasurer of state, state agencies authorized to invest funds, and
political subdivisions of this state, shall comply with this section,
except where otherwise provided by another statute specifically
referring to this section.
b. The treasurer of state and the treasurer of each political
subdivision shall at all times keep funds coming into their
possession as public money in a vault or safe to be provided for that
purpose or in one or more depositories approved pursuant to chapter
12C. However, the treasurer of state, state agencies authorized to
invest public funds, and political subdivisions shall invest, unless
otherwise provided, any public funds not currently needed in
investments authorized by this section.
2. The treasurer of state, state agencies authorized to invest
funds, and political subdivisions of this state, when investing or
depositing public funds, shall exercise the care, skill, prudence,
and diligence under the circumstances then prevailing that a prudent
person acting in a like capacity and familiar with such matters would
use to attain the goals of this subsection. This standard requires
that when making investment decisions, a public entity shall consider
the role that the investment or deposit plays within the portfolio of
assets of the public entity and the goals of this subsection. The
primary goals of investment prudence shall be based in the following
order of priority:
a. Safety of principal is the first priority.
b. Maintaining the necessary liquidity to match expected
liabilities is the second priority.
c. Obtaining a reasonable return is the third priority.
3. Investments of public funds shall be made in accordance with
written policies. A written investment policy shall address the
goals set out in subsection 2 and shall also address, but is not
limited to, compliance with state law, diversification, maturity,
quality, and capability of investment management.
The trading of securities in which any public funds are invested
for the purpose of speculation and the realization of short-term
trading profits is prohibited.
Investments by a political subdivision must have maturities that
are consistent with the needs and use of that political subdivision
or agency.
4. a. The treasurer of state and all other state agencies
authorized to invest funds shall only purchase and invest in the
following:
(1) Obligations of the United States government, its agencies,
and instrumentalities.
(2) Certificates of deposit and other evidences of deposit at
federally insured depository institutions approved pursuant to
chapter 12C.
(3) Prime bankers' acceptances that mature within two hundred
seventy days and that are eligible for purchase by a federal reserve
bank, provided that at the time of purchase no more than thirty
percent of the investment portfolio of the treasurer of state or any
other state agency shall be in investments authorized by this
subparagraph and that at the time of purchase no more than five
percent of the investment portfolio shall be invested in the
securities of a single issuer.
(4) Commercial paper or other short-term corporate debt that
matures within two hundred seventy days and that is rated within the
two highest classifications, as established by at least one of the
standard rating services approved by the superintendent of banking by
rule adopted pursuant to chapter 17A, provided that at the time of
purchase no more than five percent of all amounts invested in
commercial paper and other short-term corporate debt shall be
invested in paper and debt rated in the second highest
classification, and provided further that at the time of purchase no
more than thirty percent of the investment portfolio of the treasurer
of state or any other state agency shall be in investments authorized
by this subparagraph and that at the time of purchase no more than
five percent of the investment portfolio shall be invested in the
securities of a single issuer.
(5) Repurchase agreements whose underlying collateral consists of
the investments set out in subparagraphs (1) through (4) if the
treasurer of state or state agency takes delivery of the collateral
either directly or through an authorized custodian. Repurchase
agreements do not include reverse repurchase agreements.
(6) Investments authorized for the Iowa public employees'
retirement system in section 97B.7A, except that investment in common
stocks is not permitted.
(7) An open-end management investment company organized in trust
form registered with the federal securities and exchange commission
under the federal Investment Company Act of 1940, 15 U.S.C. § 80(a),
and operated in accordance with 17 C.F.R. § 270.2a-7.
(8) Investments authorized under subsection 7.
(9) Obligations of the Iowa finance authority issued pursuant to
chapter 16, bearing interest at market rates, provided that at the
time of purchase the Iowa finance authority has an issuer credit
rating within the two highest classifications or the obligations to
be purchased are rated within the two highest classifications, as
established by at least one of the standard rating services approved
by the superintendent of banking by rule adopted pursuant to chapter
17A.
b. Futures and options contracts are not permissible
investments.
5. a. Political subdivisions of this state, including
entities organized pursuant to chapter 28E whose primary function is
other than to jointly invest public funds, shall purchase and invest
only in the following:
(1) Obligations of the United States government, its agencies,
and instrumentalities.
(2) Certificates of deposit and other evidences of deposit at
federally insured depository institutions approved pursuant to
chapter 12C.
(3) Prime bankers' acceptances that mature within two hundred
seventy days and that are eligible for purchase by a federal reserve
bank, provided that at the time of purchase no more than ten percent
of the investment portfolio shall be in investments authorized by
this subparagraph and that at the time of purchase no more than five
percent of the investment portfolio shall be invested in the
securities of a single issuer.
(4) Commercial paper or other short-term corporate debt that
matures within two hundred seventy days and that is rated within the
two highest classifications, as established by at least one of the
standard rating services approved by the superintendent of banking by
rule adopted pursuant to chapter 17A, provided that at the time of
purchase no more than five percent of all amounts invested in
commercial paper and other short-term corporate debt shall be
invested in paper and debt rated in the second highest
classification, and provided further that at the time of purchase no
more than ten percent of the investment portfolio shall be in
investments authorized by this subparagraph and that at the time of
purchase no more than five percent of the investment portfolio shall
be invested in the securities of a single issuer.
(5) Repurchase agreements whose underlying collateral consists of
the investments set out in subparagraph (1) if the political
subdivision takes delivery of the collateral either directly or
through an authorized custodian. Repurchase agreements do not
include reverse repurchase agreements.
(6) An open-end management investment company registered with the
federal securities and exchange commission under the federal
Investment Company Act of 1940, 15 U.S.C. § 80(a), and operated in
accordance with 17 C.F.R. § 270.2a-7.
(7) A joint investment trust organized pursuant to chapter 28E
prior to and existing in good standing on the effective date of this
Act or a joint investment trust organized pursuant to chapter 28E
after April 28, 1992, provided that the joint investment trust shall
either be rated within the two highest classifications by at least
one of the standard rating services approved by the superintendent of
banking by rule adopted pursuant to chapter 17A and operated in
accordance with 17 C.F.R. § 270.2a-7, or be registered with the
federal securities and exchange commission under the federal
Investment Company Act of 1940, 15 U.S.C. § 80(a), and operated in
accordance with 17 C.F.R. § 270.2a-7. The manager or investment
advisor of the joint investment trust shall be registered with the
federal securities and exchange commission under the Investment
Advisor Act of 1940, 15 U.S.C. § 80(b).
(8) Warrants or improvement certificates of a levee or drainage
district.
(9) Investments authorized under subsection 7.
b. Futures and options contracts are not permissible
investments.
6. The following investments are not subject to this section:
a. Investments by the public safety peace officers'
retirement system governed by chapter 97A.
b. Investments by the Iowa public employees' retirement
system governed by chapter 97B.
c. Investments by the Iowa finance authority governed by
chapter 16.
d. Investments by the state board of regents. However,
investments by the state board of regents or institutions governed by
the state board of regents are limited to the following:
(1) Those investments set out in subsection 4.
(2) The common fund for nonprofit organizations.
(3) Common stocks.
(4) For investments of short-term operating funds, the funds
shall not be invested in investments having effective maturities
exceeding sixty-three months.
e. A pension and annuity retirement system governed by
chapter 294.
f. Investments by the statewide fire and police retirement
system governed by chapter 411.
g. Investments by the judicial retirement system governed by
chapter 602, article 9.
h. Investments under the deferred compensation plan
established by the executive council pursuant to section 509A.12.
i. Investments made by city hospitals as provided in section
392.6. However, investments by city hospitals are limited to the
following:
(1) The same types of investments as the treasurer of state and
other state agencies may make under this section.
(2) Investment in common stocks.
j. Investments by the tobacco settlement authority governed
by chapter 12E.
k. Investments by municipal utility retirement systems
governed under chapter 412.
7. Notwithstanding sections 12C.2, 12C.4, 12C.6, 12C.6A, and any
other provision of law relating to the deposits of public funds, if
public funds are deposited in a depository, as defined in section
12C.1, any uninsured portion of the public funds invested through the
depository may be invested in certificates of deposit arranged by the
depository that are issued by one or more federally insured banks or
savings associations regardless of location for the account of the
public funds depositor if all of the following requirements are
satisfied:
a. The full amount of the principal and any accrued interest
of each certificate of deposit issued shall be covered by federal
deposit insurance.
b. The depository, either directly or through an agent or
subcustodian, shall act as custodian of the certificates of deposit.
c. The day the certificates of deposit are issued, the
depository shall have received deposits in an amount eligible for
federal deposit insurance from, and issued certificates of deposit
to, customers of other financial institutions wherever located that
are equal to or greater than the amount of public funds invested
under this subsection by the public funds depositor through the
depository.
8. As used in this section, "public funds" means the same as
defined in section 12C.1, subsection 2.
