412.4 - PAYMENTS AND INVESTMENTS.

        412.4  PAYMENTS AND INVESTMENTS.         The council, board of waterworks trustees, or other board or      commission, whichever is authorized by law to manage and operate any      such waterworks, or other municipally owned and operated public      utility, shall have the right and power to contract with any legal      reserve insurance company authorized to conduct its business in the      state, or any bank located in Iowa having trust powers for the      investment of funds contributed to an annuity or pension system, for      the payment of the pensions or annuities provided in such pension or      annuity retirement system, and may pay the premiums or make the      contribution of such contract out of the fund provided in section      412.2.  Funds shall be invested in accordance with the investment      policy for the retirement fund, as established by the governing body      of the public utility.  In establishing the investment policy, the      council, board, or commission shall be governed by the standards set      forth in section 97B.7A.  However, permissible investments shall be      limited to those investments authorized in section 12B.10, subsection      5, and investments in diversified commingled investment funds holding      only publicly traded securities and under the management of an      investment advisor registered with the federal securities and      exchange commission under the Investment Advisor Act of 1940.  Funds      contributed to a bank pursuant to such a contract shall be invested      in the manner prescribed in section 633.123A or chapter 633A,      subchapter IV, part 3, and may be commingled with and invested as a      part of a common or master fund managed for the benefit of more than      one public utility.  
         Section History: Early Form
         [C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 412.4] 
         Section History: Recent Form
         96 Acts, ch 1008, §1; 99 Acts, ch 125, §104, 109; 2001 Acts, ch      102, §4; 2005 Acts, ch 38, §55