12B.10C - REGULATION OF PUBLIC FUNDS CUSTODIAL AGREEMENTS.
12B.10C REGULATION OF PUBLIC FUNDS CUSTODIAL
AGREEMENTS.
1. The treasurer of state, in consultation with the attorney
general, shall adopt rules under chapter 17A requiring the inclusion
in public funds custodial agreements of any provisions necessary to
prevent loss of public funds.
2. As used in this section, "public funds custodial
agreement" means any contractual arrangement pursuant to which one
or more persons, including but not limited to investment advisors,
investment companies, trustees, agents and custodians, are authorized
to act as a custodian of or to designate another person to act as a
custodian of public funds or any security or document of ownership or
title evidencing public funds investments other than custodial
agreements between 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 a
custodian bank.
3. As used in this section "public funds" means public funds
as defined in section 12C.1. However, this section does not apply to
public funds that are invested under the provisions of a resolution
or indenture for the issuance of bonds, notes, certificates,
warrants, or other evidences of indebtedness. To the extent that a
provision of this section conflicts with federal law, it shall be
construed to avoid the conflict.
4. The following entities are not subject to this section:
a. The public safety peace officers' retirement system
governed by chapter 97A.
b. The Iowa public employees' retirement system governed by
chapter 97B.
c. Investments by the Iowa finance authority governed by
chapter 16.
d. A pension and annuity retirement system governed by
chapter 294.
e. The statewide fire and police retirement system governed
by chapter 411.
f. The judicial retirement system governed by chapter 602,
article 9.
g. The deferred compensation plan established by the
executive council pursuant to section 509A.12.
h. The tobacco settlement authority governed by chapter 12E.
i. Municipal utility retirement systems governed under
chapter 412.
j. The state board of regents governed by chapter 262. &n;
Section History: Recent Form
92 Acts, ch 1156, §19; 96 Acts, ch 1187, §78; 97 Acts, ch 185, §4;
2000 Acts, ch 1208, §23, 25; 2001 Acts, ch 102, §3; 2005 Acts, ch
179, §147; 2008 Acts, ch 1032, § 201
Referred to in § 12B.10A, 12B.10B, 12B.14, 28E.5