Iowa Code § 12C.7
This is the official text of Iowa Code § 12C.7, part of Iowa’s Code — part of the compiled statutory law of Iowa, published by the state as "Code." Browse the sections below, each linked to its official government source.
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Interest — where credited.
Official statutory text
(1) A depository may pay interest to a public officer on deposits of public funds, and a public officer may take or receive interest on deposits of public funds.
(2) Interest or earnings on investments and time deposits made in accordance with the provisions of sections 12.8, 12B.10, 12C.1, and 12C.6 shall be credited to the general fund of the governmental body making the investment or deposit, with the exception of specific funds for which investments are otherwise provided by law, constitutional funds, or when legally diverted to the state sinking fund for public deposits. Funds so excepted shall receive credit for interest or earnings derived from such investments or time deposits made from such funds.
[C31, 35, §7420-d7; C39, §7420.07; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §453.7]84 Acts, ch 1230, §12C93, §12C.795 Acts, ch 25, §1; 2013 Acts, ch 5, §1
(2) Interest or earnings on investments and time deposits made in accordance with the provisions of sections 12.8, 12B.10, 12C.1, and 12C.6 shall be credited to the general fund of the governmental body making the investment or deposit, with the exception of specific funds for which investments are otherwise provided by law, constitutional funds, or when legally diverted to the state sinking fund for public deposits. Funds so excepted shall receive credit for interest or earnings derived from such investments or time deposits made from such funds.
[C31, 35, §7420-d7; C39, §7420.07; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §453.7]84 Acts, ch 1230, §12C93, §12C.795 Acts, ch 25, §1; 2013 Acts, ch 5, §1
Status: in_force · Read it on the official government site
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