12.32 - DEFINITIONS.
12.32 DEFINITIONS.
As used in section 12.31, this section, and sections 12.34 through
12.43, unless the context otherwise requires:
1. "Eligible borrower" means any person who is qualified to
participate in one of the programs in this section and sections 12.34
through 12.43. "Eligible borrower" does not include a person who
has been determined to be delinquent in making child support payments
or any other payments due the state.
2. "Eligible lending institution" means a financial
institution that is empowered to make commercial loans and is
eligible pursuant to chapter 12C to be a depository of state funds.
3. "Linked investment" means a certificate of deposit issued
pursuant to this section and sections 12.34 through 12.43 to the
treasurer of state by an eligible lending institution, at an interest
rate not more than three percent below current market rate on the
condition that the institution agrees to lend the value of the
deposit, according to the investment agreement provided in section
12.35, to an eligible borrower at a rate not to exceed four percent
above the rate paid on the certificate of deposit. The treasurer of
state shall determine and make available the current market rate
which shall be used each month. Section History: Recent Form
86 Acts, ch 1096, §2; 89 Acts, ch 234, §2; 96 Acts, ch 1058, §1;
97 Acts, ch 195, §1, 2, 10; 99 Acts, ch 177, §1, 9; 2000 Acts, ch
1058, §4, 5; 2001 Acts, ch 24, §1; 2006 Acts, ch 1165, §2
Referred to in § 12.31, 12.34, 12.35, 12.36, 466.8