22.14 - PUBLIC FUNDS INVESTMENT RECORDS IN CUSTODY OF THIRD PARTIES.
22.14 PUBLIC FUNDS INVESTMENT RECORDS IN CUSTODY OF
THIRD PARTIES.
1. The records of investment transactions made by or on behalf of
a public body are public records and are the property of the public
body whether in the custody of the public body or in the custody of a
fiduciary or other third party.
2. If such records of public investment transactions are in the
custody of a fiduciary or other third party, the public body shall
obtain from the fiduciary or other third party records requested
pursuant to section 22.2.
3. If a fiduciary or other third party with custody of public
investment transactions records fails to produce public records
within a reasonable period of time as requested by the public body,
the public body shall make no new investments with or through the
fiduciary or other third party and shall not renew existing
investments upon their maturity with or through the fiduciary or
other third party. The fiduciary or other third party shall be
liable for the penalties imposed under section 22.6 due to the acts
or omissions of the fiduciary or other third party and any other
remedies available under statute, common law, or contract. Section History: Recent Form
92 Acts, ch 1156, §8