reglab/statecodes huggingface dataset:
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12C - DEPOSIT OF PUBLIC FUNDS › Section 12C.20 - Public funds reports.

12C.20 Public funds reports.
1. On or before the tenth day of February, May, August, and November of each year, each out-of-state bank that has one or more branches in the state shall calculate and certify to the superintendent of banking in the form prescribed by the superintendent the amount of public funds on deposit at each such branch of the out-of-state bank as of the end of the previous calendar quarter.
2. A bank shall, upon request of the superintendent, certify to the superintendent the amount of public funds on deposit at the bank and at each branch of an out-of-state bank on any day specified by the superintendent in such request.
3. The superintendent may at any time make such investigation as the superintendent deems necessary and appropriate to verify the information provided to the superintendent pursuant to subsections 1 and 2.
4. On or before the twentieth day of February, May, August, and November of each year, the superintendent shall notify the treasurer of state of the amount of collateral required to be pledged as of the end of the previous calendar quarter based upon the certification provided to the superintendent under subsection 1 or 2 and a review by the superintendent of the quarterly call report filed by each bank that is not an out-of-state bank.
2002 Acts, ch 1096, §7, 17; 2012 Acts, ch 1017, §38
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12C - DEPOSIT OF PUBLIC FUNDS › Section 12C.24 - Liability.

12C.24 Liability.
When public deposits are made in accordance with this chapter in a financial institution that is eligible to accept public funds deposits at the time a deposit of public funds is made, a public body depositing public funds, and any person that is an agent, employee, officer, or board member of the public funds depositor, is exempt from liability for any loss resulting from the loss of public funds in the absence of negligence, malfeasance, misfeasance, or nonfeasance on the part of the public body or such person.
85 Acts, ch 194, §7
CS85, §453.24
C93, §12C.24
2002 Acts, ch 1096, §10, 17
Referred to in §12C.1
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12C - DEPOSIT OF PUBLIC FUNDS › Section 12C.25 - State sinking funds created.

12C.25 State sinking funds created.
1. There are created in the treasurer of state’s office the following funds:
a. A state sinking fund for public deposits in banks.
b. A state sinking fund for public deposits in credit unions.
2. Idle balances in the state sinking fund for public deposits in banks shall be invested by the treasurer of state with earnings credited to that fund. Fees paid by banks for administration of this chapter shall be credited to the state sinking fund for public deposits in banks and the treasurer of state may deduct actual costs of administration from that fund.
3. The funds shall be used to receive and disburse moneys pursuant to section 12C.23, subsection 3, paragraph “d” and section 12C.23A, subsection 3, paragraph “d”.
85 Acts, ch 194, §8
CS85, §453.25
86 Acts, ch 1237, §28
C93, §12C.25
99 Acts, ch 117, §13, 15; 2000 Acts, ch 1154, §2; 2002 Acts, ch 1096, §11, 17
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12C - DEPOSIT OF PUBLIC FUNDS › Section 12C.26 - Refund from sinking funds.

12C.26 Refund from sinking funds.
1. If at the end of any calendar year the amount in the sinking fund exceeds three million one hundred thousand dollars, then to the extent the amount in the sinking fund exceeds three million dollars, the treasurer shall, on or before January 31 of the following year, refund to each bank that paid an assessment after the year 1999 to the sinking fund resulting from the closing of a bank, its pro rata share of the unreimbursed portion of the total assessment paid by all banks. If assessments remain unreimbursed by reason of the closing of more than one bank, the reimbursements shall be made to the banks that paid assessments by reason of the bank which closed first until those banks are reimbursed in full, and then to the banks that paid assessments by reason of the bank which closed next. Such a refund shall not be made to a bank if the refund would exceed the amount of previous assessments paid by the bank.
2. Upon recovery of a loss of public funds due to a closed credit union, the treasurer of state may refund all or a portion of the recovered amount to the credit unions that paid an assessment under this chapter as a result of the closing of that credit union.
2000 Acts, ch 1232, §22, 40; 2002 Acts, ch 1096, §12, 17
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12C - DEPOSIT OF PUBLIC FUNDS › Section 12C.27 - Failure to maintain required collateral.

12C.27 Failure to maintain required collateral.
If the treasurer of state determines that a bank fails to comply with section 12C.22, subsections 2 and 3, the treasurer of state may restrict that bank from accepting uninsured public funds and shall notify the office of thrift supervision, the office of the comptroller of the currency, or the superintendent as applicable, who may take such action against the bank, its board of directors and officers as permitted by law.
2002 Acts, ch 1096, §13, 17; 2003 Acts, ch 179, §93
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12C - DEPOSIT OF PUBLIC FUNDS › Section 12C.28 - Electronic reporting.

12C.28 Electronic reporting.
Any notice, information, report, or other communication required by this chapter shall be deemed effective and in compliance with this chapter if sent or given electronically as provided in rules adopted pursuant to chapter 17A by the appropriate superintendent or the treasurer of state.
2002 Acts, ch 1096, §14, 17; 2010 Acts, ch 1028, §4, 14
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12D - IOWA EDUCATIONAL SAVINGS PLAN TRUST › Section 12D.4 - Program and administrative funds — investment and payments.

12D.4 Program and administrative funds — investment and payments.
1. a. The treasurer of state shall segregate moneys received by the trust into two funds: the program fund and the administrative fund.
b. All moneys paid by participants in connection with participation agreements shall be deposited as received into separate accounts within the program fund.
c. Contributions to the trust made by participants may only be made in the form of cash.
d. A participant or beneficiary may, directly or indirectly, direct the investment of any contributions to the trust or any earnings thereon no more than two times in a calendar year.
e. The amount of cash distributions from the trust and all other qualified state tuition programs under section 529 of the Internal Revenue Code to a beneficiary during any taxable year shall, in the aggregate, include no more than ten thousand dollars in expenses for tuition in connection with enrollment at an elementary or secondary public, private, or religious school incurred during the taxable year.
2. Moneys accrued by participants in the program fund of the trust may be used for payments to any qualified educational institution. Payments can be made to the qualified educational institution, the participant, or the beneficiary.
98 Acts, ch 1172, §4; 2004 Acts, ch 1079, §9, 17; 2018 Acts, ch 1161, §139, 147, 148
Referred to in §12D.1, 12D.9
2018 amendment applies retroactively to January 1, 2018, for withdrawals from the Iowa educational savings plan trust made on or after that date; 2018 Acts, ch 1161, §148
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12D - IOWA EDUCATIONAL SAVINGS PLAN TRUST › Section 12D.5 - Cancellation of agreements.

12D.5 Cancellation of agreements.
A participant may cancel a participation agreement at will. Upon cancellation of a participation agreement, a participant shall be entitled to the return of the participant’s account balance.
98 Acts, ch 1172, §5; 99 Acts, ch 96, §1; 99 Acts, ch 122, §6, 7, 10; 2003 Acts, ch 142, §1, 11; 2004 Acts, ch 1079, §10, 17
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12D - IOWA EDUCATIONAL SAVINGS PLAN TRUST › Section 12D.6 - Repayment and ownership of payments and investment income — transfer of ownership rights.

12D.6 Repayment and ownership of payments and investment income — transfer of ownership rights.
1. a. A participant retains ownership of all payments made under a participation agreement up to the date of utilization for payment of qualified education expenses for the beneficiary.
b. All income derived from the investment of the payments made by the participant shall be considered to be held in trust for the benefit of the beneficiary.
2. In the event the program is terminated prior to payment of qualified education expenses for the beneficiary, the participant is entitled to a refund of the participant’s account balance.
3. The qualified educational institution shall obtain ownership of the payments made for the qualified education expenses paid to the institution at the time each payment is made to the institution.
4. Any amounts which may be paid to any person or persons pursuant to the Iowa educational savings plan trust but which are not listed in this section are owned by the trust.
5. A participant may transfer ownership rights to another participant, or may transfer funds to another plan under the trust or to an ABLE account as permitted under section 529(c)(3)(C) of the Internal Revenue Code. The transfer shall be made and the property distributed in accordance with rules adopted by the treasurer of state or with the terms of the participation agreement.
6. A participant shall not be entitled to utilize any interest in the trust as security for a loan.
98 Acts, ch 1172, §6; 99 Acts, ch 96, §2; 99 Acts, ch 114, §2; 99 Acts, ch 122, §8, 10; 2004 Acts, ch 1079, §11, 12, 17; 2018 Acts, ch 1161, §140, 141, 147, 148
Referred to in §12D.9, 422.7(22)(c)
2018 amendments to subsection 1, paragraph a, and subsections 2, 3, and 5, apply retroactively to January 1, 2018, for withdrawals from the Iowa educational savings plan trust made on or after that date; 2018 Acts, ch 1161, §148
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12D - IOWA EDUCATIONAL SAVINGS PLAN TRUST › Section 12D.7 - Effect of payments on determination of need and eligibility for student financial aid.

12D.7 Effect of payments on determination of need and eligibility for student financial aid.
A student loan program, student grant program, or other program administered by any agency of the state, except as may be otherwise provided by federal law or the provisions of any specific grant applicable to that law, shall not take into account and shall not consider amounts available for the payment of qualified education expenses pursuant to the Iowa educational savings plan trust in determining need and eligibility for student aid.
98 Acts, ch 1172, §7; 2018 Acts, ch 1161, §142, 147, 148
2018 amendment applies retroactively to January 1, 2018, for withdrawals from the Iowa educational savings plan trust made on or after that date; 2018 Acts, ch 1161, §148
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12D - IOWA EDUCATIONAL SAVINGS PLAN TRUST › Section 12D.8 - Annual audited financial report to governor and general assembly.

12D.8 Annual audited financial report to governor and general assembly.
1. a. The treasurer of state shall submit an annual audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the trust by November 1 to the governor and the general assembly.
b. The annual audit shall be made either by the auditor of state or by an independent certified public accountant designated by the auditor of state and shall include direct and indirect costs attributable to the use of outside consultants, independent contractors, and any other persons who are not state employees.
2. The annual audit shall be supplemented by all of the following information prepared by the treasurer of state:
a. Any related studies or evaluations prepared in the preceding year.
b. A summary of the benefits provided by the trust including the number of participants and beneficiaries in the trust.
c. Any other information which is relevant in order to make a full, fair, and effective disclosure of the operations of the trust.
98 Acts, ch 1172, §8; 2008 Acts, ch 1032, §201
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12D - IOWA EDUCATIONAL SAVINGS PLAN TRUST › Section 12D.9 - Tax considerations.

12D.9 Tax considerations.
1. For federal income tax purposes, the Iowa educational savings plan trust shall be considered a qualified state tuition program exempt from taxation pursuant to section 529 of the Internal Revenue Code. The Iowa educational savings plan trust meets the requirements of section 529(b), of the Internal Revenue Code, as follows:
a. Pursuant to section 12D.3, subsection 1, a participant may make contributions to an account which is established for the purpose of meeting the qualified education expenses of the designated beneficiary of the account.
b. Pursuant to section 12D.3, subsection 1, a maximum contribution level is established.
c. Pursuant to section 12D.4, subsection 1, paragraph “b”, a separate account is established for each beneficiary.
d. Pursuant to section 12D.4, subsection 1, paragraph “c”, contributions may only be made in the form of cash.
e. Pursuant to section 12D.4, subsection 1, paragraph “d”, a participant or beneficiary shall not provide investment direction regarding program contributions or earnings held by the trust.
f. Pursuant to section 12D.6, subsection 6, a participant shall not pledge any interest in the trust as security for a loan.
2. State income tax treatment of the Iowa educational savings plan trust shall be as provided in section 422.7, subsections 11, 22, and 23.
3. State inheritance tax treatment of interests in Iowa educational savings plans shall be as provided in section 450.4, subsection 8. This subsection shall apply to all Iowa educational savings plans existing on or after July 1, 1998.
98 Acts, ch 1172, §9; 99 Acts, ch 122, §9, 10; 2003 Acts, ch 142, §2, 11; 2004 Acts, ch 1079, §13, 14, 17; 2005 Acts, ch 179, §107; 2008 Acts, ch 1164, §1; 2018 Acts, ch 1161, §99, 133, 134, 143, 147, 148; 2021 Acts, ch 177, §1
2018 amendment to subsection 1, paragraph a, applies retroactively to January 1, 2018, for withdrawals from the Iowa educational savings plan trust made on or after that date; 2018 Acts, ch 1161, §148
2018 amendment to subsection 2 is effective January 1, 2023, and applies to tax years beginning on or after that date;
2018 Acts, ch 1161, §133, 134
;
2021 Acts, ch 177, §1
Subsection 2 amended
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12D - IOWA EDUCATIONAL SAVINGS PLAN TRUST › Section 12D.10 - Property rights to assets in trust.

12D.10 Property rights to assets in trust.
1. The assets of the trust shall at all times be preserved, invested, and expended solely and only for the purposes of the trust and shall be held in trust for the participants and beneficiaries.
2. No property rights in the trust shall exist in favor of the state.
3. The assets of the trust shall not be transferred or used by the state for any purposes other than the purposes of the trust.
98 Acts, ch 1172, §10; 2004 Acts, ch 1079, §15, 17
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12E - TOBACCO SETTLEMENT AUTHORITY › Section 12E.2 - Definitions.

12E.2 Definitions.
As used in this chapter, unless the context otherwise requires:
1. “Authority” means the tobacco settlement authority created in this chapter.
2. “Board” means the governing board of the authority.
3. “Bonds” means bonds, notes, and other obligations and financing arrangements issued or entered into by the authority pursuant to this chapter.
4. “Financial institution” means a bank or credit union as defined in section 12C.1.
5. “Interest rate agreement” means an interest rate swap or exchange agreement, an agreement establishing an interest rate floor or ceiling or both, or any similar agreement. Any such agreement may include the option to enter into or cancel the agreement or to reverse or extend the agreement.
6. “Master settlement agreement” means the master settlement agreement as defined in section 453C.1.
7. “Net proceeds” means the amount of proceeds remaining following each sale of bonds which are not required by the authority to establish and fund reserve funds and to pay the costs of issuance and other expenses and fees directly related to the authorization and issuance of bonds.
8. “Notes” means notes, warrants, loan agreements, and all other forms of evidence of indebtedness authorized under this chapter.
9. “Program plan” means the tobacco settlement program plan dated February 14, 2001, including exhibits to the program plan, submitted by the authority to the legislative council and the executive council, to provide the state with a secure and stable source of funding for the purposes designated by section 12E.3A and other provisions of this chapter.
10. “Qualified investments” means investments of the authority authorized pursuant to this chapter.
11. “Sales agreement” means any agreement authorized pursuant to this chapter in which the state provides for the sale of all or a portion of the state’s share to the authority.
12. “State’s share” means all of the following:
a. All payments required to be made by tobacco product manufacturers to the state, and the state’s rights to receive such payments, under the master settlement agreement.
b. To the extent that such amounts have been assigned to the state, all payments of attorney fees required to be made by tobacco product manufacturers under the master settlement agreement, and all rights to receive such attorney fees.
13. “Tax-exempt bonds” means bonds issued by the authority that are accompanied by a written opinion of legal counsel to the authority that the bonds are excluded from the gross income of the recipients for federal income tax purposes.
14. “Taxable bonds” means bonds issued by the authority that are not accompanied by a written opinion of legal counsel to the authority that the bonds are excluded from the gross income of the recipients for federal income tax purposes.
15. “Tobacco settlement trust fund” means the tobacco settlement trust fund created in this chapter.
2000 Acts, ch 1208, §2, 25; 2000 Acts, ch 1232, §13, 15; 2001 Acts, ch 164, §2 – 5, 21; 2008 Acts, ch 1186, §9, 10, 19
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12E - TOBACCO SETTLEMENT AUTHORITY › Section 12E.3 - Tobacco settlement authority — created — purposes — powers — restrictions.

12E.3 Tobacco settlement authority — created — purposes — powers — restrictions.
1. A tobacco settlement authority is created and constitutes a public instrumentality and agency of the state, separate and distinct from the state, exercising public and essential governmental functions.
2. The purposes of the authority include all of the following:
a. To implement and administer the program plan and to establish a stable source of revenue to be used for the purposes designated in section 12E.3A and other provisions of this chapter.
b. To enter into sales agreements.
c. To issue bonds and enter into funding options, consistent with this chapter, including refunding and refinancing its debt and obligations.
d. To sell, pledge, or assign, as security or consideration, all or a portion of the state’s share sold to the authority pursuant to a sales agreement, to provide for and secure the issuance and repayment of its bonds.
e. To invest funds available under this chapter to provide for a source of revenue in accordance with the program plan.
f. To enter into agreements with the state for the periodic distribution of amounts due the state under any sales agreement.
g. To refund and refinance the authority’s debts and obligations, and to manage its funds, obligations, and investments as necessary and if consistent with its purpose.
h. To sell, pledge, or assign, as security or consideration, all or a portion of the state’s share to implement alternative funding options.
i. To implement the purposes of this chapter.
3. The authority shall invest its funds and accounts in accordance with this chapter and shall not take action or invest in any manner that would cause the state to become a stockholder in any corporation or that would cause the state to assume or agree to pay the debt or liability of any corporation in violation of the United States Constitution or the Constitution of the State of Iowa.
4. The authority shall not create any obligation of this state or any political subdivision of this state within the meaning of any constitutional or statutory debt limitation.
5. The authority shall not pledge the credit or taxing power of this state or any political subdivision of this state, or make its debts payable out of any moneys except those of the authority specifically pledged for their payment.
6. The authority shall not pledge or make its debts payable out of the moneys deposited in the tobacco settlement trust fund.
2000 Acts, ch 1208, §3, 25; 2000 Acts, ch 1232, §14, 15; 2001 Acts, ch 164, §6, 21; 2008 Acts, ch 1186, §11, 19
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12E - TOBACCO SETTLEMENT AUTHORITY › Section 12E.3A - Endowment for Iowa’s health account — purposes.

12E.3A Endowment for Iowa’s health account — purposes.
1. The general assembly reaffirms and reenacts the purposes stated for the use of moneys deposited in the healthy Iowans tobacco trust, as the purposes were enacted in 2000 Iowa Acts, ch. 1232, §12, and codified in section 12.65, Code 2007, as the purposes for the endowment for Iowa’s health account. The purposes include those purposes related to health care, substance abuse treatment and enforcement, tobacco use prevention and control, and other purposes related to the needs of children, adults, and families in the state.
2. Any net proceeds from the sale of taxable bonds or tax-exempt bonds issued to provide funds for the purposes stated in section 12.65, Code 2007, and as reaffirmed and reenacted in subsection 1 shall continue to be used for such purposes, including but not limited to any such proceeds deposited in the endowment for Iowa’s health account or transferred or otherwise credited to the general fund of the state.
2008 Acts, ch 1186, §12, 19; 2014 Acts, ch 1026, §143
Referred to in §12E.2, 12E.3, 12E.9, 12E.10, 12E.11, 12E.12
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12E - TOBACCO SETTLEMENT AUTHORITY › Section 12E.4 - Powers not restricted — law complete in itself.

12E.4 Powers not restricted — law complete in itself.
This chapter shall not restrict or limit the powers which the authority has under any other law of this state, but is cumulative as to any such powers. A proceeding, notice, or approval is not required for the creation of the authority or the issuance of obligations or an instrument as security, except as provided in this chapter.
2000 Acts, ch 1208, §4, 25
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12E - TOBACCO SETTLEMENT AUTHORITY › Section 12E.5 - Governing board.

12E.5 Governing board.
1. The powers of the authority are vested in and shall be exercised by a board consisting of the treasurer of state, the auditor of state, and the director of the department of management. Notwithstanding the provisions of section 12.30, subsection 2, regarding ex officio nonvoting status, the treasurer of state shall act as a voting member of the authority.
2. Two members of the board constitute a quorum.
3. The members shall elect a chairperson, vice chairperson, and secretary, annually, and other officers as the members determine necessary. The treasurer of state shall serve as treasurer of the authority.
4. Meetings of the board shall be held at the call of the chairperson or when a majority of the members so requests.
5. The members of the board shall not receive compensation by reason of their membership on the board.
2000 Acts, ch 1208, §5, 25
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12E - TOBACCO SETTLEMENT AUTHORITY › Section 12E.6 - Staff — assistance by state officers, agencies, and departments.

12E.6 Staff — assistance by state officers, agencies, and departments.
1. The staff of the office of the treasurer of state shall also serve as staff of the authority under the supervision of the treasurer.
2. State officers, agencies, and departments may render services to the authority within their respective functions, as requested by the authority.
2000 Acts, ch 1208, §6, 25
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12E - TOBACCO SETTLEMENT AUTHORITY › Section 12E.7 - Limitation of liability.

12E.7 Limitation of liability.
Members of the board and persons acting on the authority’s behalf, while acting within the scope of their employment or agency, are not subject to personal liability resulting from carrying out the powers and duties conferred on them under this chapter.
2000 Acts, ch 1208, §7, 25
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12E - TOBACCO SETTLEMENT AUTHORITY › Section 12E.8 - General powers.

12E.8 General powers.
1. The authority has all the general powers necessary to carry out its purposes and duties and to exercise its specific powers, including but not limited to all of the following powers:
a. The power to issue its bonds and to enter into other funding options as provided in this chapter.
b. The power to have perpetual succession as a public instrumentality and agency of the state, until dissolved in accordance with this chapter.
c. The power to sue and be sued in its own name.
d. The power to make and execute agreements, contracts, and other instruments, with any public or private person, in accordance with this chapter.
e. The power to hire and compensate legal counsel, notwithstanding chapter 13.
f. The power to hire investment advisors and other persons as necessary to fulfill its purpose.
g. The power to invest or deposit moneys of or held by the authority in any manner determined by the authority, notwithstanding chapter 12B or 12C.
h. The power to procure insurance, other credit enhancements, and other financing arrangements, and to execute instruments and contracts and to enter into agreements convenient or necessary to facilitate financing arrangements of the authority and to fulfill the purposes of the authority under this chapter, including but not limited to such arrangements, instruments, contracts, and agreements as municipal bond insurance, liquidity facilities, interest rate agreements, and letters of credit.
i. The power to accept appropriations, gifts, grants, loans, or other aid from public or private entities.
j. The power to adopt rules, consistent with this chapter and in accordance with chapter 17A, as the board determines necessary.
k. The power to acquire, own, hold, administer, and dispose of property.
l. The power to determine, in connection with the issuance of bonds, and subject to the sales agreement, the terms and other details of financing, and the method of implementation of the program plan.
m. The power to perform any act not inconsistent with federal or state law necessary to carry out the purposes of the authority.
2. The authority is exempt from the requirements of chapter 8A, subchapter III.
2000 Acts, ch 1208, §8, 25; 2001 Acts, ch 164, §7, 8, 21; 2003 Acts, ch 145, §132
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12E - TOBACCO SETTLEMENT AUTHORITY › Section 12E.10 - Tobacco settlement program plan.

12E.10 Tobacco settlement program plan.
1. a. (1) The authority shall implement the program plan and shall proceed with a securitization to maximize the transference of risks associated with the master settlement agreement.
(2) The authority shall issue tax-exempt bonds as necessary in amounts determined by the authority sufficient to provide net proceeds for deposit in the tax-exempt bond proceeds restricted capital funds account of the tobacco settlement trust fund, to be used for capital projects, certain debt service on outstanding obligations which funded capital projects, and attorney fees related to the master settlement agreement.
(3) The authority may also issue taxable bonds or tax-exempt bonds to provide additional amounts to be used for the purposes specified in section 12E.3A.
(4) Notwithstanding subparagraphs (1) and (2), the authority is not required to issue tax-exempt bonds if the authority determines that the issuance would not be in the best interest of the state due to market conditions.
b. It is the expectation of the state that not less than eighty-five percent of the proceeds of any issue of tax-exempt bonds will be expended within five years from the effective date of the sale, consistent with the requirements of federal law, and that the specific capital projects, debt service, and attorney fees payments shall be determined annually through appropriations authorized by a constitutional majority of each house of the general assembly and approved by the governor.
c. The authority may issue tax-exempt bonds if the securitization of any remaining tobacco settlement payments will result in the deposit of net proceeds of not less than one hundred eighty-three million dollars for tax-exempt bonds issued after July 1, 2008.
2. The authority shall periodically report to the legislative council and the governor regarding implementation of the program plan and shall, prior to any public offering of bonds, submit a report to the legislative council and the governor describing the terms of the proposed bond issue.
3. Any amendment to the program plan shall be authorized by a constitutional majority of each house of the general assembly and approved by the governor.
4. To the extent that any provision of the program plan is inconsistent with this chapter, the provisions of this chapter shall govern.
2000 Acts, ch 1208, §10, 25; 2001 Acts, ch 164, §11, 21; 2008 Acts, ch 1179, §45 – 47; 2008 Acts, ch 1186, §14, 19
Referred to in §12E.9
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12E - TOBACCO SETTLEMENT AUTHORITY › Section 12E.13 - Moneys of the authority.

12E.13 Moneys of the authority.
1. Moneys of the authority, except as otherwise provided in this chapter or specified in a trust indenture or resolution pursuant to which the bonds are issued, shall be paid to the authority and shall be deposited in a financial institution designated by the authority. The moneys shall be withdrawn on the order of the authority or its designee. Deposits shall be secured in the manner determined by the authority.
2. The auditor of state or the auditor’s designee, which may include a person hired by the auditor with the approval of the board, may periodically examine the accounts and books, including its receipts, disbursements, contracts, leases, sinking funds, investments, and any other records and papers relating to its financial standing. The authority shall pay the costs of any such examination.
3. The authority may contract with the holders of its bonds relating to the custody, collection, security, investment, and payment of moneys of the authority, and relating to the moneys held in trust or otherwise for payment of bonds, with the exception of moneys in the tobacco settlement trust fund. Moneys held in trust or otherwise for the payment of bonds or in any way to secure bonds and deposits of the moneys may be secured in the same manner as moneys of the authority, and financial institutions and trust companies may provide security for the deposits.
4. The authority shall submit to the governor, the attorney general, the auditor of state, the department of management, and the legislative services agency, within thirty days of its receipt, a copy of the report of every external examination of the books and accounts of the authority, other than copies of the reports of examinations of the auditor of state.
5. All moneys of the authority or moneys held by the authority shall be invested and held in the name of the authority, whether they are held for the benefit, security, or future payment to holders of bonds or to the state. All such moneys and investments shall be considered moneys and investments of the authority with the exception of moneys in the tax-exempt bond proceeds restricted capital funds account of the tobacco settlement trust fund which are moneys of the state.
2000 Acts, ch 1208, §13, 25; 2001 Acts, ch 164, §17, 21; 2003 Acts, ch 35, §45, 49
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12E - TOBACCO SETTLEMENT AUTHORITY › Section 12E.14 - Exemption from competitive bid laws.

12E.14 Exemption from competitive bid laws.
The authority and contracts entered into by the authority in carrying out its public and essential governmental functions are exempt from the laws of the state which provide for competitive bids and hearings in connection with contracts, except as provided in section 12.30.
2000 Acts, ch 1208, §14, 25
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12E - TOBACCO SETTLEMENT AUTHORITY › Section 12E.15 - Annual report.

12E.15 Annual report.
1. The authority shall submit to the governor, the general assembly, and the attorney general, on or before December 31, annually, a report including information regarding all of the following:
a. Its operations and accomplishments.
b. Its receipts and expenditures during the previous fiscal year, in accordance with classifications it establishes for its operating and capital accounts.
c. Its assets and liabilities at the end of the previous fiscal year and the status of reserve, special, and other funds.
d. A schedule of its bonds outstanding at the end of the previous fiscal year, and a statement of the amounts redeemed and issued during the previous fiscal year.
e. A statement of its proposed and projected activities.
f. Recommendations to the governor and the general assembly, as deemed necessary.
g. Any other information deemed necessary.
2. The annual report shall identify performance goals of the authority, and clearly indicate the extent of progress, during the reporting period, in attaining these goals.
2000 Acts, ch 1208, §15, 25
Referred to in §12E.12
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12E - TOBACCO SETTLEMENT AUTHORITY › Section 12E.16 - Bankruptcy.

12E.16 Bankruptcy.
Prior to the date which is three hundred sixty-six days after which the authority no longer has any bonds outstanding, the authority is prohibited from filing a voluntary petition under chapter nine of the federal bankruptcy code, 11 U.S.C. §901 et seq., or such corresponding chapter or section as may, from time to time, be in effect, and a public official or organization, entity, or other person shall not authorize the authority to be or become a debtor under chapter nine or any successor or corresponding chapter or sections during such periods. The provisions of this section shall be part of any contractual obligation owed to the holders of bonds issued under this chapter. Any such contractual obligation shall not subsequently be modified by state law, during the period of the contractual obligation.
2000 Acts, ch 1208, §16, 25; 2005 Acts, ch 3, §11
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12E - TOBACCO SETTLEMENT AUTHORITY › Section 12E.17 - Dissolution of the authority.

12E.17 Dissolution of the authority.
The authority shall dissolve no later than two years from the date of final payment of all outstanding bonds and the satisfaction of all outstanding obligations of the authority, except to the extent necessary to remain in existence to fulfill any outstanding covenants or provisions with bondholders or third parties made in accordance with this chapter. Upon dissolution of the authority, all assets of the authority shall be returned to the state and shall be deposited in the general fund of the state, unless otherwise directed by the general assembly, and the authority shall execute any necessary assignments or instruments, including any assignment of any right, title, or ownership to the state for receipt of payments under the master settlement agreement.
2000 Acts, ch 1208, §17, 25; 2001 Acts, ch 164, §18, 21; 2008 Acts, ch 1186, §17, 19
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12F - RESTRICTIONS ON SUDAN-RELATED INVESTMENTS › Section 12F.1 - Legislative findings and intent.

12F.1 Legislative findings and intent.
The general assembly is deeply concerned over the human rights situation in Sudan which calls for stepped-up international efforts to end the crisis in Sudan’s Darfur region, and concurs with United States policy which has officially declared that genocide is ongoing in the Sudan, and demands that the government of Sudan bring an end to these atrocities. Therefore, the general assembly intends that state funds and funds administered by the state, including public employee retirement funds, should not be invested in companies that provide power production-related services, mineral extraction activities, oil-related activities, or military equipment to the government of Sudan, or are complicit in the genocide in Darfur, given the ongoing genocide in that country, the previous atrocities perpetrated by the government of Sudan, and the abysmal human rights situation in that country.
2007 Acts, ch 39, §1
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12F - RESTRICTIONS ON SUDAN-RELATED INVESTMENTS › Section 12F.3 - Identification of companies — notice.

12F.3 Identification of companies — notice.
1. a. By July 1, 2007, the public fund shall make its best efforts to identify all scrutinized companies in which the public fund has direct or indirect holdings or could possibly have such holdings in the future and shall create and make available to the public a scrutinized companies list for that public fund. The list shall further identify whether the company has inactive business operations or active business operations. The public fund shall review and update, if necessary, the scrutinized companies list and the determination of whether a company has inactive or active business operations on a quarterly basis thereafter.
b. In making its best efforts to identify scrutinized companies and companies with inactive business operations or active business operations, the public fund may review and rely, in the best judgment of the public fund, on publicly available information regarding companies with business operations in Sudan, such as information provided by the Sudan divestment task force, and including other information that may be provided by nonprofit organizations, research firms, international organizations, and government entities. The public fund may also contact asset managers and institutional investors for the public fund to identify scrutinized companies based upon industry-recognized lists of such companies that the public fund may have indirect holdings in.
2. a. For each company on the scrutinized companies list with only inactive business operations in which the public fund has direct or indirect holdings, the public fund shall send a written notice informing the company of the requirements of this chapter and encouraging it to continue to refrain from initiating active business operations in Sudan until it is able to avoid scrutinized business operations. The public fund shall continue to provide such written notice on an annual basis if the company remains a scrutinized company with inactive business operations.
b. For each company on the scrutinized companies list with active business operations in which the public fund has direct or indirect holdings, the public fund shall send a written notice informing the company of its status as a scrutinized company with active business operations and that it may become subject to divestment and restrictions on investing in the company by the public fund. The notice shall offer the company the opportunity to clarify its Sudan-related activities and shall encourage the company to either cease its scrutinized business operations or convert such operations to inactive business operations in order to avoid becoming subject to divestment and restrictions on investment in the company by the public fund. The public fund shall continue to provide such written notice on an annual basis if the company remains a scrutinized company with active business operations.
2007 Acts, ch 39, §3
Referred to in §12F.4, 12F.5, 12F.7
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12F - RESTRICTIONS ON SUDAN-RELATED INVESTMENTS › Section 12F.4 - Prohibited investments — divestment.

12F.4 Prohibited investments — divestment.
1. The public fund shall not acquire publicly traded securities of a company on the public fund’s most recent scrutinized companies list with active business operations so long as such company remains on the public fund’s scrutinized companies list as a company with active business operations as provided in this section.
2. a. The public fund shall sell, redeem, divest, or withdraw all publicly traded securities of a company on the public fund’s list of scrutinized companies with active business operations, so long as the company remains on that list, no sooner than ninety days, but no later than eighteen months, following the first written notice sent to the scrutinized company with active business operations as required by section 12F.3.
b. This subsection shall not be construed to require the premature or otherwise imprudent sale, redemption, divestment, or withdrawal of an investment, but such sale, redemption, divestment, or withdrawal shall be completed as provided by this subsection.
3. The requirements of this section shall not apply to the following:
a. A company which the United States government affirmatively declares to be excluded from its present or any future federal sanctions regime relating to Sudan.
b. Indirect holdings of a scrutinized company with active business operations. The public fund shall, however, submit letters to the managers of such investment funds containing companies with scrutinized active business operations requesting that they consider removing such companies from the fund or create a similar fund with indirect holdings devoid of such companies. If the manager creates a similar fund, the public fund is encouraged to replace all applicable investments with investments in the similar fund consistent with prudent investing standards.
2007 Acts, ch 39, §4
Referred to in §12F.5, 12F.7
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12F - RESTRICTIONS ON SUDAN-RELATED INVESTMENTS › Section 12F.5 - Reports.

12F.5 Reports.
1. Scrutinized companies list. Each public fund shall, within thirty days after the scrutinized companies list is created or updated as required by section 12F.3, make the list available to the public.
2. Annual report. On October 1, 2008, and each October 1 thereafter, each public fund shall make available to the public, and file with the general assembly, an annual report covering the prior fiscal year that includes the following:
a. The scrutinized companies list as of the end of the fiscal year.
b. A summary of all written notices sent as required by section 12F.3 during the fiscal year.
c. All investments sold, redeemed, divested, or withdrawn as provided in section 12F.4 during the fiscal year.
2007 Acts, ch 39, §5
Referred to in §12F.7
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12F - RESTRICTIONS ON SUDAN-RELATED INVESTMENTS › Section 12F.6 - Legal obligations.

12F.6 Legal obligations.
With respect to actions taken in compliance with this chapter, including all good faith determinations regarding companies as required by this chapter, the public fund shall be exempt from any conflicting statutory or common law obligations, including any such obligations in respect to choice of asset managers, investment funds, or investments for the public fund’s securities portfolios.
2007 Acts, ch 39, §6
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12F - RESTRICTIONS ON SUDAN-RELATED INVESTMENTS › Section 12F.7 - Applicability.

12F.7 Applicability.
The requirements of sections 12F.3, 12F.4, and 12F.5 of this chapter shall not apply upon the occurrence of any of the following:
1. The Congress or president of the United States declares that the Darfur genocide has been halted for at least twelve months.
2. The United States revokes all sanctions imposed against the government of Sudan.
3. The Congress or president of the United States, through legislation or executive order, declares that mandatory divestment of the type provided for in this chapter interferes with the conduct of United States foreign policy.
4. A controlling circuit or district court of the United States issues an opinion that declares the mandatory divestment of the type provided for in this chapter or similar statutes of other states is preempted by the federal law of the United States.
2007 Acts, ch 39, §7
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12G - FINANCIAL LITERACY PROGRAM › Section 12G.1 - Iowa financial literacy program — legislative intent.

12G.1 Iowa financial literacy program — legislative intent.
The general assembly finds that the general welfare of this state and well-being of its citizens is directly related to the financial education of those citizens. While the state has limited resources to promote financial literacy, a vital and valid public purpose shall be served by the creation and implementation of programs which encourage and make possible the attainment of financial literacy by the largest possible number of citizens in this state, and particularly by low-income to moderate-income families.
2010 Acts, ch 1189, §46
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12G - FINANCIAL LITERACY PROGRAM › Section 12G.2 - Program created.

12G.2 Program created.
An Iowa financial literacy program is created within the office of the treasurer of state. The treasurer of state shall have all powers necessary to carry out and effectuate the purposes, objectives, and provisions pertaining to the program, including the authority to do all of the following:
1. Promote the advantages of personal savings and responsible borrowing and the viability and desirability of implementing a personal savings program and responsible borrowing practices regardless of an individual’s or family’s financial status.
2. Create an incentive program and awards ceremony whereby individuals and families who have made significant progress toward achieving personal savings goals and engaging in responsible borrowing practices shall be officially recognized.
3. Create strategies for coordination of the program with the Iowa educational savings plan trust established in chapter 12D.
4. Make presentations to groups including but not limited to schools, hospitals, civic organizations, and privately organized clubs and groups regarding the existence of the program.
5. Coordinate conferences, meetings, and events which promote financial literacy and education.
2010 Acts, ch 1189, §47
2023 Iowa Code › Title I - STATE SOVEREIGNTY AND MANAGEMENT › Chapter 12H - RESTRICTIONS ON IRAN-RELATED INVESTMENTS › Section 12H.1 - Legislative findings and intent.

12H.1 Legislative findings and intent.
The general assembly is deeply concerned over the support the country of Iran has provided for acts of international terrorism. Therefore, the general assembly intends that state funds and funds administered by the state, including public employee retirement funds, should not be invested in companies that provide power production-related services, mineral extraction activities, oil-related activities, or military equipment to the government of Iran.
2011 Acts, ch 82, §1