Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 14 - Deposit and Security of Public Funds in Credit Unions › Rule 781-14.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
As used in this chapter:
"Approved custodian "
means the Federal Home
						Loan Bank of Des Moines, Iowa, or the U.S. Central Credit Union.
"Credit union "
means a credit union as
						defined in Iowa Code section
						12C.1(2)
"e."
"Eligible collateral"
means any of the
						securities specified in Iowa Code section
						12C.16(1)
						 "b" provided that the securities are
						acceptable to the public unit and to the approved custodian.
"Letter of credit"
means an irrevocable,
						nontransferable, standby letter of credit issued directly to the public unit by
						the U.S. Central Credit Union or the Federal Home Loan Bank of Des Moines,
						Iowa.
"Market value "
means the value of a pledged
						security calculated by using the average of the closing bid and ask price from
						a nationally recognized pricing source including, but not limited to, the Wall
						Street Journal, Bloomberg Financial Markets, Telerate, Renter's, or a
						nationally recognized broker dealer
"Pledged collateral"
or
"pledged
						securities"
means eligible collateral pledged by a credit union to a
						public unit to secure uninsured public deposits.
"Public units."
The state of Iowa, its cities,
						counties, school districts and all other political subdivisions of the state
						are public units under this chapter including but not limited to the following
						entities:
1. Cities.
2. Transit authorities.
3. Municipal utilities, including jointly
					owned.
4. Public libraries, city
					and regional.
5. Municipal housing
					programs.
6. Solid waste
					agencies.
7. Waterworks.
8. City cemeteries.
9. County offices including treasurers,
					recorders, clerks of court, sheriffs and auditors.
10. Townships.
11. County fair boards.
12. Regional planning agencies.
13. County care facilities.
14. County hospitals.
15. County conservation boards.
16. Sanitary districts.
17. Treasurer of state.
18. Iowa beer and liquor control
					department.
19. Iowa department of
					transportation.
20. Judicial
					district department of correctional services.
21. Iowa finance authority.
22. Iowa family farm development
					authority.
23. Iowa railway finance
					authority.
24. State board of
					regents.
25. State fair
					board.
26. State commerce
					commission.
27. State racing
					commission.
28. Iowa college aid
					commission.
29. Iowa higher
					education loan authority.
30.
					School districts.
31. Area
					education agencies.
32. Community
					action programs.
33. Community
					colleges.
Federal agencies, or political subdivisions thereof, are not
						public units under this chapter Cooperatives, police and fire pension funds
						deposited for the benefit of the beneficiaries and fully covered by federal
						insurance, and bond sinking funds deposited pursuant to a bond covenant and
						which are fully covered by federal insurance are not public units.
"Treasurer "
as used in this chapter shall
						mean the treasurer of the state of Iowa.
"Uninsured public funds "
or
"uninsured
						public deposits "
means the funds of a public unit deposited in a
						credit union which are not federally insured, together with any accrued
						interest thereon.