74A.6 RATES ESTABLISHED.
1. The authority contained in this section shall be exercised by
a committee composed of the treasurer of state, the superintendent of
banking, the superintendent of credit unions, and the auditor of
state or a designee.
2. The committee shall establish the maximum interest rate to be
applicable to obligations referred to in section 74A.2, and this rate
shall apply unless the parties agree to a lesser interest rate. The
committee shall establish the maximum interest rate to be applicable
to obligations referred to in section 74A.4.
3. The committee shall establish recommended interest rates, or
formulae for determining recommended interest rates, to be applicable
to obligations referred to in sections 74A.3 and 74A.7.
4. The committee from time to time shall establish one or more of
the interest rates referred to in subsections 2 and 3 as may be
necessary in the opinion of the committee to permit the orderly
financing of governmental activities, and to minimize interest costs
to governmental bodies while permitting a fair return to persons
whose funds are used to finance governmental activities. The
committee shall consider relevant indices of actual interest rates in
the economy when establishing rates under this section, including but
not necessarily limited to maximum lawful interest rates payable by
depository financial institutions on customer deposits, interest
rates payable on obligations issued by the United States government,
and interest rates payable on obligations issued by governmental
bodies other than those of this state.
5. An interest rate established by the committee under this
section shall be in effect commencing on the eighth calendar day
following the day the rate is established and until a new rate is
established and takes effect. The committee shall give advisory
notice of an interest rate established under this section. This
notice may be given by publication in one or more newspapers, by
publication in the Iowa administrative bulletin, by ordinary mail to
persons directly affected by any other method determined by the
committee, or by a combination of these. Actions of the committee
under this section are exempt from chapter 17A.
6. The committee shall not establish interest rates for types or
categories of obligations other than as specified in this section.
Section History: Early Form
[C81, § 74A.6; 81 Acts, ch 39, § 1]
Section History: Recent Form
97 Acts, ch 33, §1
Referred to in § 74A.2, 74A.4, 331.554
See § 12C.6 for interest rates on public deposits
74A.6 RATES ESTABLISHED.
1. The authority contained in this section shall be exercised by
a committee composed of the treasurer of state, the superintendent of
banking, the superintendent of credit unions, and the auditor of
state or a designee.
2. The committee shall establish the maximum interest rate to be
applicable to obligations referred to in section 74A.2, and this rate
shall apply unless the parties agree to a lesser interest rate. The
committee shall establish the maximum interest rate to be applicable
to obligations referred to in section 74A.4.
3. The committee shall establish recommended interest rates, or
formulae for determining recommended interest rates, to be applicable
to obligations referred to in sections 74A.3 and 74A.7.
4. The committee from time to time shall establish one or more of
the interest rates referred to in subsections 2 and 3 as may be
necessary in the opinion of the committee to permit the orderly
financing of governmental activities, and to minimize interest costs
to governmental bodies while permitting a fair return to persons
whose funds are used to finance governmental activities. The
committee shall consider relevant indices of actual interest rates in
the economy when establishing rates under this section, including but
not necessarily limited to maximum lawful interest rates payable by
depository financial institutions on customer deposits, interest
rates payable on obligations issued by the United States government,
and interest rates payable on obligations issued by governmental
bodies other than those of this state.
5. An interest rate established by the committee under this
section shall be in effect commencing on the eighth calendar day
following the day the rate is established and until a new rate is
established and takes effect. The committee shall give advisory
notice of an interest rate established under this section. This
notice may be given by publication in one or more newspapers, by
publication in the Iowa administrative bulletin, by ordinary mail to
persons directly affected by any other method determined by the
committee, or by a combination of these. Actions of the committee
under this section are exempt from chapter 17A.
6. The committee shall not establish interest rates for types or
categories of obligations other than as specified in this section.
Section History: Early Form
[C81, § 74A.6; 81 Acts, ch 39, § 1]
Section History: Recent Form
97 Acts, ch 33, §1
Referred to in § 74A.2, 74A.4, 331.554
See § 12C.6 for interest rates on public deposits
74A.6 RATES ESTABLISHED.
1. The authority contained in this section shall be exercised by
a committee composed of the treasurer of state, the superintendent of
banking, the superintendent of credit unions, and the auditor of
state or a designee.
2. The committee shall establish the maximum interest rate to be
applicable to obligations referred to in section 74A.2, and this rate
shall apply unless the parties agree to a lesser interest rate. The
committee shall establish the maximum interest rate to be applicable
to obligations referred to in section 74A.4.
3. The committee shall establish recommended interest rates, or
formulae for determining recommended interest rates, to be applicable
to obligations referred to in sections 74A.3 and 74A.7.
4. The committee from time to time shall establish one or more of
the interest rates referred to in subsections 2 and 3 as may be
necessary in the opinion of the committee to permit the orderly
financing of governmental activities, and to minimize interest costs
to governmental bodies while permitting a fair return to persons
whose funds are used to finance governmental activities. The
committee shall consider relevant indices of actual interest rates in
the economy when establishing rates under this section, including but
not necessarily limited to maximum lawful interest rates payable by
depository financial institutions on customer deposits, interest
rates payable on obligations issued by the United States government,
and interest rates payable on obligations issued by governmental
bodies other than those of this state.
5. An interest rate established by the committee under this
section shall be in effect commencing on the eighth calendar day
following the day the rate is established and until a new rate is
established and takes effect. The committee shall give advisory
notice of an interest rate established under this section. This
notice may be given by publication in one or more newspapers, by
publication in the Iowa administrative bulletin, by ordinary mail to
persons directly affected by any other method determined by the
committee, or by a combination of these. Actions of the committee
under this section are exempt from chapter 17A.
6. The committee shall not establish interest rates for types or
categories of obligations other than as specified in this section.
Section History: Early Form
[C81, § 74A.6; 81 Acts, ch 39, § 1]
Section History: Recent Form
97 Acts, ch 33, §1
Referred to in § 74A.2, 74A.4, 331.554
See § 12C.6 for interest rates on public deposits
