Public Fund Rates
Effective Date: February 09, 2010
Usury Rate February: 5.50%
In compliance with Chapter 74A and 12C.6, Code of Iowa, 2003, the committee composed of Treasurer of State Michael L. Fitzgerald, Superintendent of Credit Unions, James E. Forney, Superintendent of Banking Thomas B. Gronstal, and Auditor of State David A. Vaudt have established today the following rates of interest for public obligations and special assessments. Public body treasurers and their depositories may negotiate a higher rate according to money market rates and conditions.
Rates for Time Deposit
| Period | Minimum Rates |
|---|---|
| 7 - 31 days | 0.05%* |
| 32 - 89 days | 0.05%* |
| 90 - 179 days | 0.05%* |
| 180 - 364 days | 0.20%* |
| One year to 397 days | 0.45%* |
| More than 397 days | 1.05%* |
| * The one year and less are four-tenths of a percent below average rates. | |
Maximum Rates for Unpaid Warrants (74A.2) & Special Assessments (74A.4)
| Unpaid Warrants | 6.00% |
| Special Assessments | 9.00% |
Recommended Rates For Public Obligations (74A.3) & School District Warrants (74A.7)
A rate equal to 75% of the Federal Reserve monthly published indices for U. S. Government securities of comparable maturities. All Iowa Banks and Iowa Savings Associations as defined by Iowa Code Section 12C.1 are eligible for public fund deposits as defined by Iowa Code Section 12C.6A.
