§ 261A.19 — Investment of funds of authority

Iowa § 261A.19

• Jurisdiction: Iowa
• Title VII: EDUCATION, HISTORY, AND CULTURE
• Ch. 261A: HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS)

Text

Except as otherwise provided in section 261A.18, subsection 3, the authority may invest
funds in direct obligations of the United States of America; obligations for which the timely
payment of principal and interest is fully guaranteed by the United States of America;
obligations of the federal intermediate credit banks, federal banks for cooperatives, federal
land banks, federal home loan banks, federal national mortgage association, government
national mortgage association and the student loan marketing association; certificates of
deposit or time deposits constituting direct obligations of a bank as defined by chapter 524;
11 HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS), §261A.23
and in withdrawable capital accounts or deposits of federal chartered savings associations
which are insured by the federal deposit insurance corporation. However, investments may
be made only in certificates of deposit or time deposits in banks which are insured by the
federal deposit insurance corporation if then in existence. Securities authorized in this
section may be purchased at the offering or market price at the time of the purchase. The
securities purchased shall mature or be redeemable on dates prior to the time when, in the
judgment of the authority, the funds invested will be required for expenditure. The judgment
of the authority as to the time when funds will be required for expenditure or be redeemable
is final.
[82 Acts, ch 1031, §19]