Section 30.753

Title IV EXECUTIVE BRANCH

Chapter 30

Effective - 28 Aug 2024, 8 histories   

  30.753.  Treasurer's authority to invest in linked deposits, limitations. — 1.  The state treasurer may invest in linked deposits; however, the total amount so deposited at any one time shall not exceed, in the aggregate, one billion two hundred million dollars.  Such deposits shall be used for linked deposits to eligible farming operations, eligible locally owned businesses, eligible agribusinesses, eligible beginning farmers, eligible livestock operations, eligible facility borrowers, and eligible small businesses.  No more than five percent of the aggregate deposit shall be used for linked deposits to eligible multitenant development enterprises, and no more than five percent of the aggregate deposit shall be used for linked deposits to eligible residential property developers and eligible residential property owners, no more than twenty percent of the aggregate deposit shall be used for linked deposits to eligible job enhancement businesses, and no more than five percent of the aggregate deposit shall be used for linked deposit loans to eligible water systems.  Linked deposit loans may be made to eligible student borrowers, eligible alternative energy operations, eligible alternative energy consumers, and eligible governmental entities from the aggregate deposits.  If demand for a particular type of linked deposit exceeds the initial allocation, and funds initially allocated to another type are available and not in demand, the state treasurer may commingle allocations among the types of linked deposits.

  2.  The minimum deposit to be made by the state treasurer to an eligible lending institution for eligible job enhancement business loans shall be ninety thousand dollars.  Linked deposit loans for eligible job enhancement businesses may be made for the purposes of assisting with relocation expenses, working capital, interim construction, inventory, site development, machinery and equipment, or other expenses necessary to create or retain jobs in the recipient firm.

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(L. 1986 H.B. 1107 § 2,  A.L. 1987 H.B. 294, A.L. 1988 H.B. 1260, A.L. 1989 S.B. 444, A.L. 1991 H.B. 51, et al., A.L. 1993 H.B. 566, A.L. 1998 S.B. 852 & 913, A.L. 2004 S.B. 1155, A.L. 2005 S.B. 270, A.L. 2007 H.B. 741, A.L. 2008 S.B. 1181, et al., A.L. 2009 H.B. 883, A.L. 2020 S.B. 599, A.L. 2024 H.B. 1803)