12C.25 - STATE SINKING FUNDS CREATED.
12C.25 STATE SINKING FUNDS CREATED.
1. There are created in the treasurer of state's office the
following funds:
a. A state sinking fund for public deposits in banks.
b. A state sinking fund for public deposits in credit unions.
2. Idle balances in the state sinking fund for public deposits in
banks shall be invested by the treasurer of state with earnings
credited to that fund. Fees paid by banks for administration of this
chapter shall be credited to the state sinking fund for public
deposits in banks and the treasurer of state may deduct actual costs
of administration from that fund.
3. The funds shall be used to receive and disburse moneys
pursuant to section 12C.23, subsection 3, paragraph "d" and
section 12C.23A, subsection 3, paragraph "d". Sectioistory: Recent Form
85 Acts, ch 194, §8
CS85, § 453.25
86 Acts, ch 1237, § 28
C93, § 12C.25
99 Acts, ch 117, §13, 15; 2000 Acts, ch 1154, §2; 2002 Acts, ch
1096, §11, 17