Iowa Admin. Code r. 781-3.11 - Procedures upon default
(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.
Notes
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