12C.1 - DEPOSITS IN GENERAL -- DEFINITIONS. - Iowa Statutes

12C.1 DEPOSITS IN GENERAL -- DEFINITIONS. 1. All funds held by the following officers or institutions shall be deposited in one or more depositories first approved by the appropriate governing body as indicated: for the treasurer of state, by the executive council; for judicial officers and court employees, by the supreme court; for the county treasurer, recorder, auditor, and sheriff, by the board of supervisors; for the city treasurer or other designated financial officer of a city, by the city council; for the county public hospital or merged area hospital, by the board of hospital trustees; for a memorial hospital, by the memorial hospital commission; for a school corporation, by the board of school directors; for a city utility or combined utility system established under chapter 388, by the utility board; for a library service area established under chapter 256, by the library service area board of trustees; and for an electric power agency as defined in section 28F.2 or 476A.20, by the governing body of the electric power agency. However, the treasurer of state and the treasurer of each political subdivision or the designated financial officer of a city shall invest all funds not needed for current operating expenses in time certificates of deposit in approved depositories pursuant to this chapter or in investments permitted by section 12B.10. The list of public depositories and the amounts severally deposited in the depositories are matters of public record. This subsection does not limit the definition of "public funds" contained in subsection 2. Notwithstanding provisions of this section to the contrary, public funds of a state government deferred compensation plan established by the executive council may also be invested in the investment products authorized under section 509A.12. 2. As used in this chapter unless the context otherwise requires: a. "Bank" means a corporation engaged in the business of banking authorized by law to receive deposits and whose deposits are insured by the bank insurance fund or the savings association insurance fund of the federal deposit insurance corporation and includes any office of a bank. "Bank" also means a savings and loan or savings association. b. "Credit union" means a cooperative, nonprofit association incorporated under chapter 533 or the federal Credit Union Act, 12 U.S.C. § 1751 et seq., and that is insured by the national credit union administration and includes an office of a credit union. c. "Depository" means a bank, a savings and loan, or a credit union in which public funds are deposited under this chapter. d. "Financial institution" means a bank or a credit union. e. "Public funds" and "public deposits" mean any of the following: (1) The moneys of the state or a political subdivision or instrumentality of the state including a county, school corporation, special district, drainage district, unincorporated town or township, municipality, or municipal corporation or any agency, board, or commission of the state or a political subdivision. Moneys of the state include moneys which are transmitted to a depositary for purposes of completing an electronic financial transaction pursuant to section 159.35. (2) The moneys of any court or public body noted in subsection 1. (3) The moneys of a legal or administrative entity created pursuant to chapter 28E. (4) The moneys of an electric power agency as defined in section 28F.2 or 476A.20. (5) Federal and state grant moneys of a quasi-public state entity that are placed in a depository pursuant to this chapter. (6) Moneys placed in a depository for the purpose of completing an electronic financial transaction pursuant to section 8A.222 or 331.427. f. "Public officer" means the person authorized by and acting for a public body to deposit public funds of the public body. g. "Savings and loan" means a corporation authorized to operate under chapter 534 or the federal Home Owner's Loan Act of 1933, 12 U.S.C. § 1461, et seq., and includes a savings and loan association, a savings bank, or any branch of a savings and loan association or savings bank. h. "Uninsured public funds" means any amount of public funds of a public funds depositor on deposit in an account at a financial institution that exceeds the amount of public funds in that account that are insured by the federal deposit insurance corporation or the national credit union administration. 3. A deposit of public funds in a depository pursuant to this chapter shall be secured as follows: a. If a depository is a credit union, then public deposits in the credit union shall be secured pursuant to sections 12C.16 through 12C.19 and sections 12C.23 and 12C.24. b. If a depository is a bank, public deposits in the bank shall be secured pursuant to sections 12C.23A and 12C.24. 4. Ambiguities in the application of this section shall be resolved in favor of preventing the loss of public funds on deposit in a depository.          Section History: Early Form [C24, 27, § 139, 4319, 5548, 5651, 7404; C31, 35, § 7420-d1; C39, § 7420.01; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, S81, § 453.1; 81 Acts, ch 148, § 1; 82 Acts, ch 1202, § 1]          Section History: Recent Form 83 Acts, ch 97, § 1, 3; 83 Acts, ch 186, § 1014, 10201; 84 Acts, ch 1230, § 5; 85 Acts, ch 194, §2; 89 Acts, ch 39, §12; 92 Acts, ch 1156, § 20--22 C93, § 12C.1 93 Acts, ch 48, § 3; 97 Acts, ch 185, §5; 99 Acts, ch 117, §1--4, 15; 99 Acts, ch 208, § 42, 74; 2001 Acts, ch 158, §4; 2001 Acts, 1st Ex, ch 4, §1, 2, 36; 2002 Acts, ch 1096, §1, 2, 17; 2003 Acts, ch 18, §1; 2003 Acts, ch 48, §1; 2003 Acts, ch 179, §58, 84 Referred to in § 12B.10, 12B.10A, 12B.10C, 12C.7, 12C.8, 12E.2, 176A.8, 179.1, 181.1, 183A.1, 184.1, 184A.1, 185.1, 185C.1, 350.6, 602.8102(64), 633D.2, 654.17C