Income Comparison | Fixed Rate Investments | Forms & Reports | Dates & Schedules
The Iowa Public Agency Trust (IPAIT) established the Fixed Term Automated (FTA) Investment Program to assist IPAIT Participants in investing public funds in longer-term fixed income securities. Allowable securities under the program are in compliance with Iowa State Code Section 12B.10. These securities include obligations issued or guaranteed by the U.S. Government, or an agency thereof, and in Certificates of Deposit (CDs) issued by Iowa financial institutions. Securities purchased through the FTA Program will bear fixed rates of interest and will have a fixed maturity date. The goal of the program is to enable IPAIT participants the ability to place funds in a pre-authorized Iowa financial institution. This insures a competitive rate and guarantees re-investment in Iowa communities. State law requires local public bodies to invest in Iowa institutions within their county or contiguous counties. However, through the IPAIT FTA Program, public entities have the ability to solicit the best competitive rate within the state. This insures public fund reinvestment and aids in community growth. The FTA program is operated with the following objectives: Principal Safety - The maximum maturity of securities that may be purchased will not exceed 60 months. It is anticipated that most FTA program investments purchased by participants will be held until maturity, thus reducing risks associated with market fluctuations and interest rate changes. Loss of principal and, in the case of CDs, early redemption penalties, may be incurred if FTA program investments are liquidated prior to maturity. Such losses should be minimal due to the relative short maturity and high quality of the securities. Convenience - With a phone call, e-mail, or fax, participants can obtain a competitive rate with maturities of up to 60 months. Rates quoted will be net of all FTA program expenses. The participant's IPAIT account will be charged for securities purchased and credited with the proceeds when securities mature or are sold. Interest on the investment is credited directly to the participant’s account. Maximum Yields/Maximum Protection - IPAIT will regularly contact Iowa financial institutions who have been approved and meet IPAIT’s credit screens, to solicit bids on your behalf. IPAIT seeks to determine the highest rates currently being paid on CDs based on the credit worthiness of the banks and their ability to properly collateralize. Investment of Bond Proceeds - Bond proceeds may be invested through the FTA program in one of two unique investment opportunities. By providing a cash flow projection of anticipated expenditures for a construction project, IPAIT can provide a participant with a quote for a collateralized certificate of deposit issued by an Iowa financial institution (Flex-CD) or an investment agreement complying with appropriate provisions of Iowa law (Flex-Agreement) that provides the following features: |
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Please Note: This history of investment information will allow you to compare investments that your public agency may have placed over the past three months to those rates that were available through the cash management program during that period. Rates of investment for actual public funds investments placed are illustrated below.
Each investment was for the type of security and amount shown on the respective investment date indicated. Rates represent actual investments placed and are provided for comparative purposes only. When comparing rates, always try to select an investment for comparison that was placed as close in time as possible to the investment you wish to compare and whose period to maturity (Average Life) is comparable. Since available market rates change over time, to determine rates for any funds currently available for investment, please contact your IPAIT representative. Toll free at 1-800-872-4024 Toll free fax at 1-866-260-0246 Email fixedrate@miles-capital.com Thank you for your interest.
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Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. An investment in the fund is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Any investment company (i.e. Mutual Fund or Money Market Fund) referred to is not a bank, and investment products offered by it are not backed or guaranteed by any bank, nor are they insured by the FDIC, and they may lose value.