Invest in Iowa Guidelines
(Amended 8/3/2023)

Invest in Iowa is an innovative and efficient way to invest in State of Iowa certificates of deposit. The program is designed to provide approved state depositories the opportunity to interactively compete for State of Iowa investment dollars each quarter.

Bids will be accepted online at www.BidIowa.com on the second Tuesday of January, April, July and October for funding on the second business day following the auction. The auctions will begin at 10:00 a.m. Central Time and end at 10:30 a.m. Central Time. The Treasurer of State will make funds available as noted on the Invest in Iowa web site. The terms will be for six (6) months.

Registration

• Bidders must register on the Invest in Iowa web site. To register, bidders should go to www.BidIowa.com and click on registration. Upon completion of the registration requirements, bidders will be required to enter a password, and will be assigned an ID number. The bidder will be responsible for protecting the confidentiality of the ID and password. Registration is only required initially and not for each auction.

• The Treasurer of State reserves the right to deny access to any Invest in Iowa auction, at any time and for any reason whatsoever, in its sole discretion.

• The minimum bid is $100,000.00. Bids may increase in increments of $100,000.00 to a maximum of $20,000,000.00 per parent institution (subject to Approved Limits).

• The minimum rate will be established by the Treasurer of State and will be displayed on the Auction Page prior to the auction. Bids below the minimum rate will not be accepted.

• Multiple bids from the same bidder are permissible. Each bidder may make up to five bids, the total of which (subject to Approved Limits) may not exceed $20,000,000.00 per auction. There is no limit as to the number of times a bid may be updated/changed.

• Settlement date is the second business day after the auction occurs and will be displayed on the Auction Page.

• The six (6) month maturity date will be displayed on the Auction Page.

• If qualified bids submitted in the same auction by the same or different bidders result in a tie, the first bid submitted prevails. Any change to a bid constitutes a new bid.

• Winning bidders must confirm their award per the instructions on the Confirmation Page immediately after the auction ends.

• Winning bidders will be assessed an annualized fee equal to .050% (.025% for 6-month auction) of the principal amount awarded. Payments will be made to Grant Street Group by ACH debit on the settlement date of the auction. Completion of the ACH Debit Authorization on the Confirmation Page represents winning bidders authorization for Grant Street Group to debit their account. Failure to make funds available for timely payments of the Grant Street Group fee will result in exclusion from subsequent auctions for six months.

• A total deposit limit for each parent institution shall be established by the Treasurer of State. Using data from the FDIC, a parent institution will be allowed to receive deposits totaling either one-hundred percent (100%) of the institution's Tier 1 capital amount or $20,000,000, whichever total is lesser. These limits will be rounded to the nearest $100,000, with a minimum limit of $500,000 and a maximum limit of $20,000,000. Such amount, less any outstanding certificates of deposit awarded in Invest in Iowa auctions, shall be an institution's "Approved Limit" and will be displayed on the Auction Page.

• Interest on the certificates of deposit will be calculated on a 365-day basis payable at maturity.

• Certificates of deposit will be book-entry in the name of Treasurer of State.

• At the maturity of a CD, the Treasurer's office will use the ABA and account number provided to debit the bank for the entire proceeds, including principal and interest. Completion of the ACH information on the Confirmation Page represents winning bidder's authorization for Treasurer of State to debit and credit the account.

• The Treasurer of State reserves the right to reject any bid for any reason at his discretion. The Treasurer of State also reserves the right to award a portion of a depository's bid subject to the minimum and multiple amounts described above.

• Each bidder must acknowledge that he or she has read amendments to the Guidelines in each auction and indicate their agreement with the amendment electronically in order to enter the auction.

• Submitted bids must also be verified. The bidder understands that in verifying the bid, the bidder has made a formal offer.

• Bids that generate error messages are not accepted until the error is corrected and the bid is resubmitted. Error messages will indicate the reason for the error as in the instance in which the bidder has entered a bid that is lower than the minimum bid requirement.

• The bidder understands that the submitted bid may initially be a leading bid, but may be replaced by other more competitive bids throughout the auction. Bidders will know immediately if their bid continues to be a winning bid by updating their bids. A bid's status when "in the money" may change at any given time due to new bids by other bidders. It is the responsibility of the bidder to update his or her bid status. There is no limit to the number of times a bid may be updated.

• A bidder submitting a winning bid is irrevocably obligated to provide the certificate of deposit at the specified rate, amount and maturity, if acceptable to the Treasurer of State, as herein set forth. The bidder understands that an award has not been made until posted on the Results Page on the Invest in Iowa site. Discrepancies should be reported to the Treasurer of State at 515-281-3287 within 15 minutes of the posting of the Results Page.

• In the event of a web site failure, the auction will be attempted at the top of every hour the day of the scheduled auction between the hours of 10:00 a.m. Central Time and 4:00 p.m. Central Time. If the auction is not completed on the scheduled day, the next attempt will be 10:00 a.m. Central Time the next business day. The Treasurer of State and/or Grant Street Group will inform registered bidders of a change in the bidding format via phone, fax, or e-mail.

• These guidelines supercede all previous Master Investment Agreements executed by the depository and the Treasurer of State.

• The Invest in Iowa web site, through which certain CD auctions are conducted on behalf of the Treasurer of the State of Iowa ("State Treasurer"), is operated and maintained solely by Grant Street Group, Inc. using Grant Street Group’s hardware and software. In making the Invest in Iowa web site available to potential bidders ("Bidders"), the State Treasurer is not making any representation, warranty, endorsement or recommendation whatsoever regarding Grant Street Group, Inc., any of its products or services, or any information or content displayed on or distributed through any other web sites or linked pages operated by or on behalf of Grant Street Group, Inc.

• The Grant Street Group software used in connection with this web site serves only as a medium through which the Invest in Iowa auctions are conducted. Grant Street Group is not liable or responsible for the terms, rates, collateral or any other condition by which Bidders are awarded quarterly deposits. Grant Street Group is not responsible for any defect or inaccuracy in the Guidelines as they appear on the Invest in Iowa web site.

• Neither the State Treasurer nor Grant Street Group is responsible for technical difficulties that result in the loss of Bidders' Internet connection with the Invest in Iowa web site, slowness in transmission of bids or any other technical problems, including, without limitation, any Bidder’s computer failures.

• THE INVEST IN IOWA WEB SITE IS PROVIDED TO BIDDERS "AS IS" WITHOUT WARRANTY WHATSOEVER. GRANT STREET GROUP AND THE STATE TREASURER HEREBY DISCLAIM ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE.

• IN NO EVENT WILL THE STATE TREASURER OR GRANT STREET GROUP BE RESPONSIBLE OR LIABLE FOR ANY CLAIMS, LOSSES, DAMAGES, LOST PROFITS, EXPENSES, COSTS, OR OTHER LIABILITY THAT ANY BIDDER MAY EXPERIENCE OR INCUR ARISING OUT OF: (1) A BIDDER’S USE OF, OR INABILITY TO USE, THIS WEB SITE, OR (2) ANY FAILURE OF THE WEB SITE OR GRANT STREET GROUP’S HARDWARE, SOFTWARE OR INTERNET SERVICE PROVIDER.

• IN NO EVENT WILL GRANT STREET GROUP OR THE STATE TREASURER BE LIABLE TO BIDDERS FOR INDIRECT, SPECIAL, INCIDENTAL, ECONOMIC, COVER, CONSEQUENTIAL, TORT OR OTHER DAMAGES (INCLUDING WITHOUT LIMITATION DAMAGES OR COSTS RELATING TO THE LOSS OF PROFITS, BUSINESS, GOODWILL, DATA OR COMPUTER PROGRAMS, EVEN IF ADVISED OF THE POSSIBLILITY OF SUCH DAMAGES), WITHOUT REGARD TO THE LEGAL THEORY OF SUCH DAMAGES, ARISING OUT OF THE USE OR INABILITY TO USE THIS WEB SITE.

Acceptance of Guidelines

• Bidder accepts and agrees to abide by all terms and conditions specified in the Guidelines.