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”.
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
Structure Iowa Code
Title I - STATE SOVEREIGNTY AND MANAGEMENT
Chapter 12C - DEPOSIT OF PUBLIC FUNDS
Section 12C.1 - Deposits in general — definitions.
Section 12C.2 - Approval — requirements.
Section 12C.4 - Location of depositories.
Section 12C.5 - Refusal of deposits — procedure.
Section 12C.6 - Interest rate — committee — notice.
Section 12C.6A - Eligibility for state public funds — procedures.
Section 12C.7 - Interest — where credited.
Section 12C.8 - Liability of public officers.
Section 12C.9 - Investment of sinking funds — bond proceeds.
Section 12C.10 - Investment of funds created by election.
Section 12C.11 - Investment officer.
Section 12C.12 - Service charge by depository.
Section 12C.13 - Deposit not membership.
Section 12C.14 - School bonds and earnings.
Section 12C.15 - Restriction on requiring collateral.
Section 12C.16 - Security for deposit of public funds.
Section 12C.17 - Deposit of securities.
Section 12C.18 - Condition of security.
Section 12C.19 - Withdrawals, exchanges of security.
Section 12C.20 - Public funds reports.
Section 12C.21 - Required collateral — banks.
Section 12C.22 - Required collateral — banks.
Section 12C.23 - Payment of losses in a credit union.
Section 12C.23A - Payment of losses in a bank.
Section 12C.25 - State sinking funds created.
Section 12C.26 - Refund from sinking funds.
Section 12C.27 - Failure to maintain required collateral.
Section 12C.28 - Electronic reporting.
Section 12C.29 - Authority of superintendent to issue orders.