State Financings

The Treasurer coordinates the issuance of obligations by state agencies, authorities or other instrumentalities of the state as authorized by Iowa Code chapter 12.30. "Obligations" in this context means notes, bonds, and other evidences of indebtedness.

When agencies or authorities intend to issue obligations, they notify the Treasurer. The Treasurer provides consultation in regards to the amount, terms and conditions of the obligations, and on the documents or instruments needed to issue the obligations. The Treasurer then coordinates the competitive selection process for hiring attorneys, financial advisors, underwriters, trustees, and other consultants needed to carry out the financing. The Treasurer also consults on and often participates in presentations made to rating agencies and on other marketing activities. The Treasurer directs the investment or the deposit of the proceeds of the sale of the obligations in accordance with the bond or note documents.

The Treasurer is authorized to enter into lease purchase agreements on behalf of most state agencies pursuant to Iowa Code section 12.28. A master lease purchase agreement to provide financing for equipment needs of state agencies is competitively bid each fiscal year. The General Assembly and the Governor must approve any lease purchase financing for projects or equipment in excess of $1 million.