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Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 3 - Deposit and Security of Public Funds in Savings and Loans › Rule 781-3.2 - 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.
"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.
"Federal Home Loan Bank"
means the Federal
						Home Loan Bank of which the savings and loan is a member
"Letter of credit"
means an irrevocable,
						nontransferable, standby letter of credit (Form 655-0198) issued directly to
						the public unit by the Federal Home Loan Bank.
"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 savings and loan
						to a public unit to secure uninsured public deposits.
"Public units "
means the public bodies
						mentioned in Iowa Code sections
						12C.1(1)
						 and
						12C.1(2)
"b "
and 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. Alcoholic beverages division.
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
					student 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
"Savings and loan "
means a savings and loan
						as defined in Iowa Code section
						12C.1(2)
"d. " "Treasurer "
means
						the treasurer of the state of Iowa.
"Uninsured public funds "
or
"uninsured
						public deposits "
means the funds of a public unit deposited in a
						savings and loan which are not federally insured, together with any accrued
						interest thereon.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 3 - Deposit and Security of Public Funds in Savings and Loans › Rule 781-3.3 - Forms

Current through Register Vol. 47, No. 3, July 24, 2024
The following forms shall be utilized by savings and loans in
						connection with the operation of this chapter:
1. (Form 655-0198) Letter of
					Credit.
2. (Form 655-0204) Deposit
					Agreement.
3. (Form 655 -0205)
					Security and Custodial Agreement for the Deposit of Public Funds in Savings and
					Loans.
4. (Form 655-0206)
					Certification and Approval Form for the Withdrawal, Substitution or Addition of
					Pledged Securities.
5. (Form
					655-0207) Joint Receipt of Custody.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 3 - Deposit and Security of Public Funds in Savings and Loans › Rule 781-3.4 - Methods of Securing Uninsured Public Deposits in Savings and Loans

Current through Register Vol. 47, No. 3, July 24, 2024
Uninsured public deposits in a savings and loan shall be
						secured by either a letter of credit (Form 655-0198) or by the pledge of
						eligible collateral to the public unit pursuant to the requirements of this
						chapter
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 3 - Deposit and Security of Public Funds in Savings and Loans › Rule 781-3.5 - Securing Uninsured Public Deposits in Savings and Loans Using a Letter of Credit

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A savings
					and loan may secure an uninsured public deposit with a letter of credit as
					defined in these rules and Iowa Code section
					12C.16.
(2) The public unit shall have in its
					possession prior to or simultaneously with the deposit of uninsured public
					funds in a savings and loan, a deposit agreement (Form 655-0204) and a letter
					of credit (Form 655-0198) issued by the Federal Home Loan Bank to the public
					unit in an amount not less than 110 percent of the amount of public funds to be
					secured thereby.
(3) If the letter
					of credit secures a demand deposit, the expiration date shall be determined by
					the public unit and the savings and loan; however, uninsured public funds shall
					be secured at all times.
(4) The
					public unit shall keep the letter of credit in a vault or a safe deposit box in
					a financial institution other than the savings and loan in which the deposit
					was made, until such time as the letter of credit expires or is presented for
					payment to the Federal Home Loan Bank.
(5) If the letter of credit secures a time
					deposit, the letter of credit shall have an expiration date which is at least
					ten business days later than the maturity date of the time deposit. In the
					event that the public unit decides to extend the maturity of its time deposit
					after the issuance of the letter of credit, the public unit shall obtain a new
					letter of credit from the Federal Home Loan Bank that takes into account the
					extended maturity date of the time deposit. The new letter of credit shall be
					obtained by the public unit prior to the maturity date of the original time
					deposit.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 3 - Deposit and Security of Public Funds in Savings and Loans › Rule 781-3.6 - Securing Public Funds in a Savings and Loan With a Pledge of Eligible Collateral

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Prior to
					accepting an uninsured public deposit, a savings and loan shall secure the
					uninsured public deposit in accordance with Iowa Code chapter 12C and these
					rules. The savings and loan must:
a. Enter
					into a Security and Custodial Agreement for the Deposit of Public Funds in
					Savings and Loans (Form 655-0205) with the public unit and the approved
					custodian.
b. Enter into a deposit
					agreement (Form 655-0204) with the public unit.
c. Deliver to the approved custodian eligible
					collateral with a market value of not less than 110 percent of the uninsured
					public deposits.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 3 - Deposit and Security of Public Funds in Savings and Loans › Rule 781-3.7 - Duties of the Approved Custodian

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
					An approved custodian shall enter into a Security and Custodial Agreement for
					the Deposit of Public Funds in Savings and Loans (Form 655-0205) with the
					public unit and the savings and loan.
(2) An approved custodian shall accept only
					collateral which is eligible to be pledged under these rules.
(3) An approved custodian shall segregate all
					collateral, maintaining open, notorious, continuous, active and exclusive
					possession of the collateral for the benefit of the public unit.
(4) An approved custodian shall permit the
					withdrawal or substitution or addition of pledged securities only upon receipt
					of a Certification and Approval Form for the Withdrawal, Substitution or
					Addition of Pledged Securities (Form 655-0206), which contains the signatures
					of authorized persons representing the savings and loan and the public unit.
					Receipt of the authorization by facsimile transmission shall be adequate
					documentation to allow the approved custodian to release or accept pledged
					securities. The approved custodian shall implement procedures for documenting
					signatures of authorized persons of a savings and loan and the public
					unit.
(5) An approved custodian
					shall issue a Joint Receipt of Custody (Form 655-0207) to the public unit and
					the savings and loan each time that a savings and loan substitutes new
					securities for pledged securities or a savings and loan pledges additional
					pledged securities.
(6) An approved
					custodian shall establish a fee schedule for its services. Any and all such
					fees shall be the responsibility of, and be paid by, the respective savings and
					loan.
(7) In the event that the
					public unit notifies an approved custodian of the default of a savings and
					loan, it shall thereafter act only upon the public unit's instructions with
					regard to any pledged securities.
(8) An approved custodian shall, no later
					than the twentieth day of each month, provide a written report to those public
					units for which it serves as approved custodian. The following items shall be
					provided in the report:
a. The name of the
					savings and loan which has pledged securities to secure the uninsured public
					funds of the public unit.
b. An
					inventory of all pledged securities as of the last day of the preceding month
					which provides a description of the pledged securities and the par amount,
					maturity date, and market value of each.
c. The total par value and market value of
					all pledged securities as of the last day of the preceding month.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 3 - Deposit and Security of Public Funds in Savings and Loans › Rule 781-3.8 - Termination of Savings and Loan's Federal Insurance

Current through Register Vol. 47, No. 3, July 24, 2024
In the event that a savings and loan's applicable federal
						deposit insurance is suspended or terminated, the savings and loan must notify
						the public unit immediately and shall immediately return all deposits to the
						public unit with accrued interest.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 3 - Deposit and Security of Public Funds in Savings and Loans › Rule 781-3.9 - Sale or Merger of a Savings and Loan

Current through Register Vol. 47, No. 3, July 24, 2024
The responsibility of a savings and loan to secure uninsured
						public deposits shall not be altered by any merger, takeover or acquisition,
						except to the extent that such duty is assumed by the successor entity. A
						savings and loan shall immediately notify the public unit in writing of its
						merger, takeover or acquisition by a successor entity.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 3 - Deposit and Security of Public Funds in Savings and Loans › Rule 781-3.10 - Prohibition on Ownership or Control

Current through Register Vol. 47, No. 3, July 24, 2024
The approved custodian shall not be owned or controlled
						directly or indirectly by a savings and loan pledging securities to
						collateralize public funds.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 3 - Deposit and Security of Public Funds in Savings and Loans › Rule 781-3.11 - Procedures Upon Default

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
					acceptance of public funds deposits by a savings and loan constitutes consent
					by the savings and loan to assessments by the treasurer to cover losses of
					public funds in other savings and loans in accordance with Iowa Code section
					12C.23
					and the rules contained in this chapter.
(2) Upon notification from a public unit that
					a public unit has not been completely repaid its principal and interest for a
					deposit, and upon notification that such principal and interest is not
					available from a letter of credit or pledged securities securing such deposit,
					the treasurer shall assess all savings and loans in the state with public
					deposits as provided in Iowa Code section
					12C.23.
(3) A savings and loan and any security given
					for the public funds in its possession are liable for payment if the savings
					and loan fails to pay a check, draft, or warrant drawn by the public officer or
					to account for a check, draft, warrant, order or certificates of deposit, or
					any public funds entrusted to it if in failing to pay the savings and loan acts
					contrary to the terms of an agreement between the savings and loan and the
					public body treasurer or, if the savings and loan fails to pay an assessment,
					by the treasurer of state when due.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 4 - Linked Investments for Tomorrow (LIFT) › Rule 781-4.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
The definitions found in Iowa Code section
						12.32 as amended by
						2006 Iowa Acts, House File 2661, are adopted by reference. In addition, the
						following definitions apply:
"Borrower "
means a person, corporation,
						cooperative, partnership, or municipality located in Iowa that is qualified to
						participate in the linked investments for tomorrow program.
"Current market rate "
means the one-year
						Treasury bill rate.
"Lender"
means "eligible lending institution"
						as defined in Iowa Code section
						12.32 and includes
						banks, savings and loans, converted savings banks, and credit unions that are
						located in Iowa and are in compliance with Iowa Code chapter 12C.
"Treasurer"
means treasurer of the state of
						Iowa and members of staff carrying out duties delegated by the
						treasurer
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 4 - Linked Investments for Tomorrow (LIFT) › Rule 781-4.2 - Forms

Current through Register Vol. 47, No. 3, July 24, 2024
The following forms are used in this program: LIFT
						Lender/Borrower Application (Form 655-0142)
LIFT Renewal Application (655-0143)
LIFT Master Agreement (Form 655-0144)
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 4 - Linked Investments for Tomorrow (LIFT) › Rule 781-4.3 - Procedures for Submitting and Processing a Linked Investment Loan Application

Current through Register Vol. 47, No. 3, July 24, 2024
(1) To participate
					in the linked investments for tomorrow program, a lender's home office must
					complete and submit a LIFT Master Agreement (Form 655-0144) to the treasurer.
By filing Form 655-0144 with the treasurer, a home office
						agrees that it and all its branches, when participating in the LIFT program,
						shall comply with the following:
a.
					Iowa Code sections
					12.31 through
					12.43
					as amended by 2006 Iowa Acts, House File 2661 (Linked Investments for Tomorrow
					Act),
b. Iowa Code chapter 12C
					(Deposit of Public Funds), and
c.
					Iowa Administrative Code 781-Chapters 3, 4, 13, and 14.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 4 - Linked Investments for Tomorrow (LIFT) › Rule 781-4.4 - Qualifications on the Certificate of Deposit

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The minimum rate for the certificate of
					deposit shall be 1 percent. The term shall not exceed one year but may be
					renewed at the option of the treasurer.
(2) Interest must be calculated for the
					actual number of days on a 3 65-day basis, except during leap year, when it
					must be calculated for the actual number of days on a 366-day basis. Interest
					must be paid to the treasurer upon maturity of the certificate of
					deposit.
(3) The certificate of
					deposit and accrued interest must be secured either by federal deposit
					insurance or must be collateralized pursuant to Iowa Code chapter
					12C.
(4) If the borrower pays the
					loan in full prior to the maturity date of the certificate of deposit, the
					lender shall, within ten days of the payment in full, remit the principal
					balance of the certificate of deposit and the accrued interest thereon to the
					treasurer.
(5) Funds shall be
					transferred according to instructions from the treasurer.
(6) When a certificate of deposit is issued
					or renewed, it shall be held in safekeeping by the lender The lender shall
					provide the treasurer a safekeeping receipt or a photocopy of the certificate
					of deposit upon issuance and at the time of renewal of the certificate of
					deposit. The safekeeping receipt or photocopy must include:
a. Certificate of deposit number
b. Certificate of deposit rate.
c. Certificate of deposit amount.
d. Term of the certificate of
					deposit.
e. Maturity date of the
					certificate of deposit.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 4 - Linked Investments for Tomorrow (LIFT) › Rule 781-4.5 - Qualifications on the Loan

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The interest
					rate on the loan shall not exceed the rate of interest on the certificate of
					deposit by more than 4 percent. Points shall not supplement the loan rate, and
					a compensating balance shall not be required.
(2) All other terms and conditions on the
					loan must be negotiated by the lender and the borrower. The lender is required
					by law to use usual and customary lending standards to determine the
					creditworthiness of the loan.
(3)
					Neither the treasurer nor the state is liable for any payment of principal or
					interest on the loan or any late payments. The certificate of deposit is not
					collateral and shall not constitute security in any manner for the repayment of
					principal or any interest or charges thereon.
(4) The amount and term of the loan may
					exceed the amount and term of the certificate of deposit. It is permitted for
					the interest rate on the loan to be variable based on adjustments in the rate
					of the certificate of deposit.
(5)
					Loans are subject to the restrictions set forth in rule
					781-4.6
					(12).
(6) Loan proceeds shall not
					be used to refinance existing debt, including credit card debt. However,
					proceeds may be used to refinance a short-term bridge loan made in anticipation
					of the treasurer's approval of an eligible LIFT participant.
(7) The lender shall acquire sufficient
					information to verify that the applicant meets the requirements before the
					borrower or business may become eligible to participate in a LIFT program. The
					lender and borrower applying for a loan under this program shall verify on the
					LIFT Lender/Borrower Application (Form 655-0142) that the borrower, owner, and
					business qualify.
(8) The lender
					must complete the LIFT Renewal Application (Form 655-0143) at the time of
					renewal and submit it to the treasurer to ensure that the borrower and business
					continue to be eligible to participate in the LIFT program.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 4 - Linked Investments for Tomorrow (LIFT) › Rule 781-4.6 - Lift-small Business Program

Current through Register Vol. 47, No. 3, July 24, 2024
(1) New
					and existing small businesses are eligible for the LIFT small business program.
					An existing small business is defined as a business that has annual gross sales
					of $2 million or less at the time of application.
(2) A borrower is ineligible if the borrower
					has received financial assistance from the LIFT program prior to July 1,
					2006.
(3) All owners of the
					business or borrowers must not have a combined net worth exceeding $975,000.
					Combined net worth, as defined by this program, shall equal assets less
					liabilities for each owner of the business and persons borrowing for the
					business combined. Married individuals may divide their total net worth and
					assign one half of the total to each individual. If both individuals are owners
					of the business or borrowers, then their combined net worth must be used to
					determine net worth requirements.
(4) Proceeds of loans under this program
					shall be used for business expenses including land, improvements, fixtures,
					machinery, inventory, supplies, equipment, information technology, or licenses,
					or patent, trademark, or copyright fees and expenses.
(5) The maximum amount that a borrower or
					business may borrow from this program is $200,000. Once the borrower or
					business has received LIFT funds totaling $200,000, the borrower or business is
					ineligible for additional LIFT proceeds.
(6) Proceeds shall not be used to speculate
					in real estate or for real estate held for investment purposes. Proceeds shall
					not be used to buy real estate for the purposes of renting or
					leasing.
(7) A home-based business
					qualifies as a LIFT small business only if the person whose home is used for
					operation of the small business qualifies for a tax deduction for that portion
					of a home used for business pursuant to regulations of the Internal Revenue
					Service. An applicant who wishes to borrow from the LIFT small business
					program, who otherwise qualifies, and who has a home-based business or wishes
					to begin a home-based business must establish to the satisfaction of the lender
					that the applicant qualifies for a tax deduction for that portion of the
					applicant's home that the applicant uses or intends to use for the business
					pursuant to regulations of the Internal Revenue Service.
(8) If the business holds a class "C" liquor
					license, sales of liquor, beer, and wine must not exceed 20 percent of annual
					sales.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 6 - Coordination of Bonding Activities › Rule 781-6.1 - Scope

Current through Register Vol. 47, No. 3, July 24, 2024
Iowa Code chapter 12 grants authority to the treasurer of state
						to establish administrative procedures for the coordination of state bonding
						activities and selection of professional services for the issuance of
						obligations by an authority.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 6 - Coordination of Bonding Activities › Rule 781-6.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
"Authority"
means a department, agency, and
						public or quasi-public instrumentality of the state which has the power to
						issue obligations, except that "authority" does not include the state board of
						regents. "Authority" includes, but is not limited to, the authorities created
						under Iowa Code chapters 175 (Iowa Agriculture Development Authority), 175A
						(Economic Protective and Investment Authority), 220 (Iowa Finance Authority),
						261A (Higher Education Loan Authority), 307B (Railway Finance Authority), 442A
						(Advance Funding Authority), and any other entity which has both of the
						following characteristics:
1. State
					officers or employees serve as members, officers, directors or employees of the
					entity or have the authority to appoint any of the above, and
2. The state has either a present or a future
					interest in any assets of the entity.
"Marketing activities "
are those activities
						which are undertaken to promote the sale of obligations issued by an authority.
						These include, but are not limited to, presentation of oral or written
						information to sellers, buyers, underwriters, analysts, rating agencies,
						dealers and brokers.
"Obligations "
means notes, bonds, including
						refunding bonds, and other evidences of indebtedness of an authority, including
						but not limited to private activity bonds as defined in section 141 of the
						Internal Revenue Code of 1986, notes and bonds issued by the authority pursuant
						to loan agreements with any other entity, and lease or installment purchase
						agreements between the authority and any entity other than the manufacturer of
						the property subject to the lease or installment purchase agreement.
"Professional services"
are those services
						performed by persons other than employees of an authority which are undertaken
						in order to effectuate issuance of an obligation. These include, but are not
						limited to, the services of attorneys, accountants, financial advisors, banks,
						underwriters, and insurers.
"Project sponsor"
is a person who enters into
						an agreement with an authority under which the authority issues obligations on
						behalf of the project sponsor but neither the authority nor the state assumes
						any liability for the repayment of the obligation.
"Rating agencies "
are those entities which
						evaluate and rate obligations including, but not limited to, Moody's Investors
						Service, Standard and Poors, and Fitch's Investors Services.
"Request for proposal (RFP)"
is a solicitation
						to vendors to submit proposals for providing professional services in
						connection with the proposed issuance.
"Vendor"
means a person, firm, corporation,
						partnership, business, or other commercial entity offering to provide
						professional services.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 6 - Coordination of Bonding Activities › Rule 781-6.3 - Intention to Issue Obligations

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Treasurer's status with an authority.
The treasurer or the
					treasurer's designee shall serve as an ex officio nonvoting member of each
					authority. The authority shall transmit to the treasurer all documents,
					notices, and materials which are distributed to any other member of the
					authority. The treasurer shall be permitted to attend all meetings, conferences
					or working sessions which any other member of the authority is permitted to
					attend.
(2)
Notice to
					treasurer
When members of an authority determine that the authority
					should prepare to issue obligations, the authority shall notify the treasurer
					of its intent to do so.
(3)
Consultation with authority.
Upon determining that an
					authority intends to prepare to issue obligations, the treasurer or treasurer's
					designee shall meet with the authority or its designee to discuss the following
					matters:
a. Proposed amount, terms, and
					conditions of the issue;
b.
					Documents, instruments, and other materials necessary to effectuate issuance
					and marketing;
c. Professional
					services necessary to effectuate issuance;
d. Proposed schedule for preparation,
					issuance, and marketing;
e. Whether
					the issue will be sold on a negotiated, competitive, or other basis;
f. Compensation for vendors of professional
					services;
g. Projected costs to the
					authority of vendor selection.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 6 - Coordination of Bonding Activities › Rule 781-6.4 - Selection of Vendors of Professional Services

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Preparation of request for
					proposal.
After consulting with the authority, the treasurer shall
					prepare or approve requests for proposal for all appropriate professional
					services.
(2)
List of
					vendors.
The treasurer shall maintain a list of vendors of
					professional services who have requested to be notified of RFPs.
(3)
Review of proposals.
The
					treasurer shall review all proposals submitted in response to an RFP. In
					evaluating the proposals submitted, the treasurer may consider any factors
					relevant to the vendor's qualifications to render the services in question
					including, but not limited to, proposed compensation and expenses, vendor's
					experience with similar issues, vendor's ability to provide the services of
					individuals with specific knowledge in the relevant subject matter, length of
					the proposed engagement and scheduling needs of the authority. Regardless of
					the number of proposals submitted, the treasurer may eliminate from further
					consideration any vendor who is, in the treasurer's opinion, unable to render
					the services specified in the RFP.
(4)
Selection of vendor
The
					treasurer shall review all information submitted by vendors and shall select a
					vendor to perform the services of the type requested in the RFP. In making this
					selection, the treasurer may consult with the authority and the treasurer shall
					employ the criteria set out in subrule 6.4(3).
(5)
Compensation of vendor
					selected.
The treasurer shall fix the compensation of the vendor
					selected. The treasurer shall promptly advise the authority in writing of the
					vendor selected and the terms and conditions under which the vendor shall be
					employed. Upon receipt of notice of selection by the treasurer, the authority
					shall promptly employ the vendor subject to the terms and conditions specified
					by the treasurer. The vendor shall account to the authority for all expenses
					incurred and services rendered. The authority shall make appropriate payments
					directly to the vendor.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 6 - Coordination of Bonding Activities › Rule 781-6.5 - Exceptions to Vendor Selection Procedure

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Waiver required by public
					interest.
The treasurer may waive the procedures set out in subrules
					6.4(1) to 6.4(3) if the treasurer determines that it is in the public interest
					to do so. The treasurer shall waive the above procedures by filing written
					notice with the executive council stating why the waiver is in the public
					interest. In the event that the treasurer waives the above procedures, the
					treasurer shall determine the procedures to be followed in selecting vendors of
					professional services for an authority.
(2)
Waiver for project
					sponsors.
The treasurer may waive the provisions set out in subrules
					6.4(1) to 6.4(5) if the treasurer determines that all of the following
					conditions exist:
a. The proposed obligation
					is being issued by the authority on behalf of a project sponsor;
b. Purchasers of the proposed obligation will
					have no recourse, directly or indirectly, to the authority or the state in the
					event of a default on the obligation; and
c. Vendors of professional services affected
					by the waiver will be employed and compensated by the project sponsor and not
					by the authority.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 6 - Coordination of Bonding Activities › Rule 781-6.6 - Investment of Proceeds

Current through Register Vol. 47, No. 3, July 24, 2024
The treasurer shall direct the investment or deposit of the
						proceeds of all obligations issued on or after July 1, 1986, subject to the
						terms and conditions of the obligations, except that the authority shall direct
						the investment or deposit of proceeds necessary to fund its ongoing
						operations.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 6 - Coordination of Bonding Activities › Rule 781-6.7 - Information to Be Provided to Treasurer

Current through Register Vol. 47, No. 3, July 24, 2024
Each authority shall, upon request, provide the treasurer with
						any statistical or financial information in the possession of the authority
						which, in the treasurer's opinion, is needed to prepare, issue or market any
						obligations of the authority.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 6 - Coordination of Bonding Activities › Rule 781-6.8 - Costs of Vendor Selection

Current through Register Vol. 47, No. 3, July 24, 2024
The treasurer may submit to the authority accounts for all
						costs incurred in the selection of vendors for the authority, including general
						administrative costs incurred by the treasurer. The authority shall disburse
						the amounts presented in the treasurer's accounts.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 7 - Reporting on State and Local Government Bonding Activities › Rule 781-7.1 - Scope

Current through Register Vol. 47, No. 3, July 24, 2024
Iowa Code chapter 12 requires the treasurer of state to gather
						information regarding outstanding obligations of each political subdivision,
						instrumentality, agency, and authority of the state.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 7 - Reporting on State and Local Government Bonding Activities › Rule 781-7.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
As used in this chapter:
"Issuers "
means an authority as defined in
						rule
						781-6.2 (12), the
						state board of regents, all political subdivisions of the state of Iowa, and
						any other entity which has both of the following characteristics:
1. Officers or employees of a political
					subdivision serve as members, officers, directors, or employees of the entity
					or have authority to appoint any of the above, and
2. The political subdivision has either a
					present or future interest in the assets of the entity.
"Obligations "
means notes, bonds, including
						refunding bonds, and other evidences of indebtedness of an issuer, including
						but not limited to private activity bonds as defined in section 141 of the
						Internal Revenue Code of 1986.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 7 - Reporting on State and Local Government Bonding Activities › Rule 781-7.3 - Form

Current through Register Vol. 47, No. 3, July 24, 2024
The following form as promulgated by the treasurer of state,
						shall be used in conjunction with the operation of this chapter:
Form 655-0150, "Outstanding Obligations Disclosure
						Statement."
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 7 - Reporting on State and Local Government Bonding Activities › Rule 781-7.4 - Filing Procedures

Current through Register Vol. 47, No. 3, July 24, 2024
The form required to be filed shall be available from the
						treasurer of state's office. Form 655-0150 must be filed with the treasurer's
						office no later than November 15 of each year
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 7 - Reporting on State and Local Government Bonding Activities › Rule 781-7.6 - Publication Procedures

Current through Register Vol. 47, No. 3, July 24, 2024
The treasurer of state shall determine the most effective
						method of publicizing the availability of the information obtained to
						interested parties. In all cases, the information shall be available from the
						treasurer's office upon request.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 8 - Accepting Credit Card Payments › Rule 781-8.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
Iowa Code section
						12.21
						grants authority to the treasurer of state to enter into an agreement with a
						financial institution to provide credit card receipt processing for state
						departments and to establish administrative and other procedures as necessary
						to implement the acceptance of credit card payments by state departments that
						are authorized to accept such payments. The purpose of these rules is to
						provide for the administration and operation of credit card receipt processing
						for state departments.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 8 - Accepting Credit Card Payments › Rule 781-8.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
As used in this chapter:
"Acquiring bank"
means a financial institution
						that receives credit card transactions and then settles with the card-issuing
						banks.
"Chargeback"
means a transaction disputed by a
						cardholder or card issuer.
"Convenience fee "
means a fee charged to the
						cardholder for the convenience to that cardholder of using a particular method
						of payment in a credit or debit card transaction in accordance with the network
						regulations governing that transaction.
"Credit card"
means the same as defined in
						Iowa Code section
						537.1301,
						subsection 17.
"Credit card associations "
means Visa,
						MasterCard, American Express, Discover Network, Diners, JCB, and any other
						organization that issues or sponsors credit cards or signature-based debit
						cards that are accepted by state departments.
"Debit card"
means a card used to purchase
						goods or services and to obtain cash in which the cardholder's personal deposit
						account is reduced by the transaction amount. Debit card transactions that are
						processed on credit card association networks are typically called
						signature-based debit card transactions, while debit card transactions
						processed on electronic funds transfer networks are generally referred to as
						PIN-based transactions.
"Financial institution "
means the same as
						defined in Iowa Code section
						527.2 and includes
						any bank incorporated under the provisions of any state or federal law, any
						savings and loan association incorporated under the provisions of any state or
						federal law, any credit union organized under the provisions of any state or
						federal law, any corporation licensed as an industrial loan company under Iowa
						Code chapter 536A, and any affiliate of a bank, savings and loan association,
						credit union, or industrial loan company.
"Merchant"
means the state department or
						subdivision that accepts credit card and debit card payments.
"Merchant guidelines "
means the manual issued
						by the merchant services provider that prescribes the rules and procedures
						governing credit card and debit card transactions and a state department's use
						of the credit card and debit card processing services.
"Merchant services provider "
means a company
						that manages the processing of credit card and debit card transactions among
						merchants, credit card issuers, and acquiring banks.
"Payment card industry data security
						standards"
or
"PCI-DSS"
means a set of comprehensive
						requirements for credit card data security developed by the Payment Card
						Industry Council, founded by American Express, Discover Financial Services, JCB
						International, MasterCard Worldwide and Visa Inc. International.
"Treasurer"
means the treasurer of the state
						of Iowa and staff members who carry out duties delegated by the
						treasurer.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 8 - Accepting Credit Card Payments › Rule 781-8.3 - State Department Requirements for Accepting Credit Card Payments

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A state
					department shall notify the treasurer of its intent to accept credit card
					payments and provide the treasurer with the following information:
a. The type of goods and services it will
					offer for payment by credit card and debit card.
b. The estimated per-transaction amount,
					yearly transaction volume, and total yearly dollar volume to be
					collected.
c. The number and
					location of departmental sites that may accept credit card payments.
d. The method that the department will use to
					accept card payments, for example, through a Web site, a virtual terminal, a
					point-of-sale terminal, or a wireless terminal.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 8 - Accepting Credit Card Payments › Rule 781-8.4 - Procedures for Administering the Credit Card Receipt Process

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The treasurer shall enter into an
					agreement with a financial institution to provide credit card payment
					processing for state departments.
(2) The treasurer shall specify which credit
					cards may be accepted by state departments.
(3) The treasurer shall enter into an agency
					participation agreement with each state department authorized to accept credit
					card payments under the credit card processing contract.
(4) The treasurer shall provide state
					departments with a copy of the merchant operating guidelines.
(5) The treasurer shall provide state
					departments with information on costs for credit card and debit card
					processing, equipment, software, and supplies as specified under the credit
					card processing contract.
(6) The
					treasurer shall provide state departments with instructions on creating cash
					receipts documents for credit card receipts.
(7) The treasurer shall notify a state
					department that it is authorized to accept credit card and debit card payments
					and provide the department with its merchant identification number and other
					account information.
(8) The
					treasurer shall terminate the agency participation agreement and a state
					department's authority to accept credit card and debit card payments if a state
					department fails to comply with the requirements outlined in this
					chapter
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 8 - Accepting Credit Card Payments › Rule 781-8.5 - Adjustments for Convenience Fees

Current through Register Vol. 47, No. 3, July 24, 2024
If a state department is allowed to charge its customers a
						convenience fee under the credit card processing contract, then the following
						shall apply:
1. The treasurer shall
					consult with the state department to assist in determining the amount by which
					the department's fees may be adjusted to reflect the cost of credit card
					processing.
2. The state department
					shall follow all credit card associations' rules on how and when a convenience
					fee may be charged.
3. The
					treasurer shall notify state departments of any changes in the credit card
					associations' rules on convenience fees.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
Iowa Code chapter 556 authorizes the treasurer of state to
						establish administrative rules that are necessary for the purpose of carrying
						out the provisions of Iowa Code chapter 556, the uniform disposition of
						unclaimed property Act. This rule is intended to implement Iowa Code chapter
						556.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.3 - Forms

Current through Register Vol. 47, No. 3, July 24, 2024
The following approved forms will be used by the unclaimed
						property division:
(1) Claim Form,
					together with, as applicable, the Affidavit of Lost Certificate and Affidavit
					of Administration, as well as other applicable affidavits, is the form required
					by the division for a claimant to file and support a claim relative to
					unclaimed property held in custody by the division.
(2) Safe Deposit Box Inventory Form is the
					form that may be used by holders in the inventorying and reporting of contents
					of safe deposit boxes reportable under the Act.
(3) Holder Report Forms UP1 (also referred to
					as Holder Verification Form or Holder Report Cover Sheet) and UP2 are the forms
					holders are required to use to report unclaimed property.
(4) Holder Reimbursement Form (or a form by
					another name that the treasurer's office distributes to reimburse an owner or
					holder) is the form holders are required to use to request that the state pay
					an owner directly or to seek reimbursement from the state in cases when the
					holder has paid the claim of a reappearing owner, pursuant to Iowa Code section
					556.14(5)
					 or as otherwise permitted by law.
This rule is intended to implement Iowa Code chapter
						556.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.5 - Dormancy Fees and Related Charges

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
					Iowa Code chapter 556 authorizes the following dormancy fees:
a. Lawful charges withheld from abandoned
					demand, savings, or matured time deposits held by a financial
					organization.
b. Charges on
					unpresented traveler's checks and money orders, when a valid and enforceable
					contract to assess the charges exists, and the issuer regularly imposes such
					charges and does not regularly reverse or otherwise cancel such charges for the
					benefit of the owner.
c. Charges on
					unpresented checks, drafts, or similar instruments on which a financial
					organization is directly liable, when a valid and enforceable written contract
					to assess the charges exists, and the holder regularly imposes such charges and
					does not regularly reverse or otherwise cancel such charges for the benefit of
					the owner.
d. Deductions from the
					face value of a gift certificate or gift card resulting from untimely
					presentment or usage, when a valid and enforceable written contract was
					provided in conjunction with the issuance of the gift certificate or gift card,
					and the issuer of the gift certificate or gift card regularly imposes and does
					not regularly reverse or otherwise cancel the deduction for the benefit of the
					owner.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.6 - Reporting and Delivery of Safe Deposit Box Contents

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Safe deposit boxes or other safekeeping
					depositories that have been abandoned shall be opened and inventoried in the
					presence of at least two employees of the holder.
(2) The holder shall list the contents of
					each box inventoried and provide that list to the division. The Safe Deposit
					Box Inventory Form, or other form approved by the division, or any financial
					institution's internal inventory form shall be used and provided to the
					division.
(3) The property and a
					copy of the inventory shall then be sealed and maintained in safekeeping until
					delivered to the owner or to the division when required by the Act. The holder
					may not convert the property to cash or reduce cash property to check; all
					property is to be delivered in its original form and "as is" to the owner or,
					if required, to the division.
(4)
					Property transferred to the division shall be packaged in a reasonably
					protective manner to prepare for transportation to the division. Property
					should be delivered to the division via certified mail or insured courier. The
					holder assumes all risk of loss pending receipt of the property by the
					division. In the case of hazardous materials or weapons, including handguns,
					holders shall contact the division and follow any special instructions for
					handling such items.
This rule is intended to implement Iowa Code section
						556.2.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.7 - Reporting of Stocks-non-freely Transferable Securities

Current through Register Vol. 47, No. 3, July 24, 2024
A holder is not required to report or deliver to the division a
						security identified by the holder as a non-freely transferable security. Upon
						determination by the division or the holder that a security is no longer a
						non-freely transferable security, the security shall be subsequently remitted
						on the next regular (annual) date prescribed for delivery of securities
						pursuant to the Act. The holder shall make a determination annually whether a
						security that has not been reported or delivered to the division on the basis
						that it is non-freely transferable is no longer non-freely transferable.
This rule is intended to implement Iowa Code section
						556.5.