General Assembly: 78 (2000 Regular GA) - Chapter 1026 - Linked investment programs — qualification period


Published: 2000-03-30

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.

CH. 1025 LAWS OF THE SEVENTY-EIGHTH G.A., 2000 SESSION 66

Sec. 6. EFFECTIVE DATE. This Act, being deemed of immediate importance, takes effect upon enactment.

Approved March 30, 2000

CHAPTER 1026 LINKED INVESTMENT PROGRAMS - QUALIFICATION PERIOD

H.F.2329

AN ACT extending the time period to qualify for certain linked investment programs and providing an effective date.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. 1999 Iowa Acts, chapter 177, section 7, is amended to read as follows: SEC. 7. CURRENT INVESTMENT AGREEMENTS. L. llle Except as provided in subsections 2 and 3. the treasurer of state shall not renew a

certificate of deposit in an eligible lending institution, if the total term for the certificate of deposit exceeds the requirements of section 12.34, subsection 3, as amended by this Act. HoweveF, RotfiiRg

2.. Nothing in this Act shall affect the terms or conditions of an investment agreement executed by the treasurer of state with an eligible lending institution that is in effect on the effective date of this Act.

3... .ii.. The treasurer of state may renew a certificate of deposit in an eligible lending insti- tution as part of a linked investment loan package and in accordance with the investment agreement. as provided in this subsection. if all of the following apply: ill The investment agreement was executed prior to May 24. 1999. !2l The eligible lending institution executed a loan agreement with the eligible borrower

listed in the linked investment loan package prior to May 24. 1999. and the loan agreement applies on and after May 24. 1999. ill The eligible borrower continues to meet the conditions of an eligible borrower as

provided in chapter 12. Code 1999. b. The treasurer of state may renew the certificate of deposit on an annual basis until the

earlier of the following: ill The termination of the loan agreement executed by the eligible lending institution

and the eligible borrower. !2l The last year that the certificate of deposit may be renewed as provided in section

12.34. Code 1999.

Sec. 2. EFFECTIVE DATE. This Act, being deemed of immediate importance, takes effect upon enactment.

Approved March 30, 2000