1. A depository may pay interest to a public officer on deposits of public funds, and a public officer may take or receive interest on deposits of public funds.
Terms Used In Iowa Code 12C.7
- Depository: means a bank or a credit union in which public funds are deposited under this chapter. See Iowa Code 12C.1
- Public officer: means the person authorized by and acting for a public body to deposit public funds of the public body. See Iowa Code 12C.1
- 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. 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.