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.
