12C.7 - INTEREST -- WHERE CREDITED.
12C.7 INTEREST -- WHERE CREDITED.
1. A depository shall not directly or indirectly pay interest to
a public officer on a demand deposit of public funds, and a public
officer shall not take or receive interest on demand deposits of
public funds. This provision does not apply to interest on time
certificates of deposit or savings accounts for public funds.
2. Interest or earnings on investments and time deposits made in
accordance with the provisions of sections 12.8, 12B.10, 12C.1, and
12C.6 shall be credited to the general fund of the governmental body
making the investment or deposit, with the exception of specific
funds for which investments are otherwise provided by law,
constitutional funds, or when legally diverted to the state sinking
fund for public deposits. Funds so excepted shall receive credit for
interest or earnings derived from such investments or time deposits
made from such funds. Section History: Early Form
[C31, 35, § 7420-d7; C39, § 7420.07; C46, 50, 54, 58, 62, 66,
71, 73, 75, 77, 79, 81, § 453.7] Section History: Recent Form
84 Acts, ch 1230, § 12
C93, § 12C.7
95 Acts, ch 25, § 1
Referred to in § 8.41A, 8.55, 8.56, 8.57, 8.57A, 8.57B, 8.57D,
8.63, 8.67, 8A.123, 8A.224, 8A.321, 8A.328, 8A.431, 8A.432, 8A.434,
8A.435, 8A.436, 8A.437, 8A.438, 8A.454, 8D.14, 12.72, 12.79, 12.82,
12.88, 12.89, 12.90B, 12.90C, 12.91, 12A.6, 12C.10, 15.293, 15.412,
15E.311, 15F.204, 15F.205, 15G.111, 15G.205, 16.5, 16.100, 16.134,
16.141, 16.181, 16.182, 16.183, 16.184, 16.185, 16.186, 16.187,
16.196, 28.9, 35A.5, 35A.8, 35A.11, 35A.13, 35A.14, 35A.16, 80.42,
89.8, 89A.19, 91C.9, 99B.10D, 100B.13, 103.7, 135.175, 159.21,
161A.80, 169A.13A, 170.3C, 175A.5, 207.10, 216A.157, 216B.3, 231.24,
237A.4A, 249A.33, 249H.4, 249J.23, 249J.24, 249J.24A, 249L.4, 256.40,
261.23, 261.24, 261.38, 261.73, 261.111, 261.112, 303.3D, 303A.4,
303A.7, 307.20, 312.1, 312A.2, 313.68, 321G.7, 321I.8, 331.604,
357B.3, 359.43, 452A.79A, 453A.35A, 455A.18, 455A.19, 455B.112A,
455B.133B, 455B.196, 455B.265A, 455D.11C, 455D.15, 455E.11, 455G.21,
456A.17, 456A.21, 459.401, 460.303, 466.9, 466A.2, 469.9, 469.10,
473.19A, 476.10A, 483A.3B, 502.601, 514I.11, 535D.14, 541A.7, 553.19,
602.1304, 692.2A, 714.16C, 717F.9, 904.117, 904.118, 904.118A,
904.303A, 904.311A, 904.703