Iowa Code 12.36 – Actions by treasurer
Current as of: 2023 | Check for updates
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1. The treasurer of state shall accept or reject a linked investment loan package or any portion of the package based on the type or terms of the loan involved, the availability of state funds, or the compliance of the eligible borrower or eligible lending institution.
Terms Used In Iowa Code 12.36
- Eligible borrower: means any person who is qualified to participate in one of the programs in this section and sections 12. See Iowa Code 12.32
- Eligible lending institution: means a financial institution that is empowered to make commercial loans and is eligible pursuant to chapter 12C to be a depository of state funds. See Iowa Code 12.32
- Linked investment: means a certificate of deposit issued pursuant to this section and sections 12. See Iowa Code 12.32
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. Upon acceptance of the linked investment loan package or any portion of the package, the treasurer of state shall deposit funds with the eligible lending institution and the eligible lending institution shall issue to the treasurer of state one or more certificates of deposit with interest at a rate determined pursuant to section 12.32, subsection 3. The treasurer of state shall not deposit funds with an eligible lending institution pursuant to sections 12.32, 12.34, 12.35, this section, and sections 12.37 through 12.43, unless the certificate of deposit earns a rate of interest of at least one percent. Interest earned on the certificate of deposit and principal not renewed shall be remitted to the treasurer of state at the time the certificate of deposit matures. Interest from the linked investments for tomorrow program shall be considered earnings of the general fund of the state. Certificates of deposit issued pursuant to sections 12.32, 12.34, 12.35, this section, and sections 12.37 through 12.43 are not subject to a penalty for early withdrawal.