Iowa Code 257B.20 – Investment of permanent fund
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The permanent school fund which is, at any time, in the custody of the treasurer of state, shall be invested as follows:
1. In bonds or other evidences of indebtedness issued, assumed, or guaranteed by the United States of America, or by any agency or instrumentality thereof.
Terms Used In Iowa Code 257B.20
- School: means an agency of the state or political subdivision of the state, individual, partnership, company, firm, society, trust, association, corporation, or any combination which meets any of the following criteria:a. See Iowa Code 261B.2
- 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
- United States: includes all the states. See Iowa Code 4.1
2. In bonds, or other evidences of indebtedness of the state of Iowa, or of any school district, county, township, city or other political subdivision of the state of Iowa which are issued pursuant to law.3. In savings accounts or in time deposits in Iowa banks approved as depositories by the executive council.4. In any investments authorized for the Iowa public employees’ retirement system in section 97B.7A, except that investment in common stocks shall not be permitted.