HF 2258 (LSB 5463HV (7) 87)

RELATING TO THE USES OF REMITTED SALES TAX REVENUE  AND MONEYS FROM THE FLOOD MITIGATION FUND UNDER THE FLOOD  MITIGATION PROGRAM AND INCLUDING APPLICABILITY PROVISIONS. 

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 418.13, subsection 1, Code 2018, is amended to read as follows:
   1.  Sales tax revenue remitted by the department of revenue to a governmental entity under section 418.12 or financial assistance received by a governmental entity pursuant to section 418.10 shall be deposited in the governmental entity’s flood project fund created for purposes of this chapter and shall be used to fund the costs of the governmental entity’s approved project, to reimburse the governmental entity for funds advanced internally or to help make payments on bonds incurred to pay for approved projects, and to pay principal and interest on bonds issued pursuant to section 418.14, if applicable.
    Sec. 2.  APPLICABILITY.  This Act applies to the expenditure of funds from a flood project fund for projects approved by the 

flood mitigation board before, on, or after the effective date of this Act.

______________________________
LINDA UPMEYER
Speaker of the House

______________________________
CHARLES SCHNEIDER
President of the Senate

   I hereby certify that this bill originated in the House and is known as House File 2258, Eighty-seventh General Assembly.

______________________________
CARMINE BOAL
Chief Clerk of the House

Approved _______________, 2018

______________________________
KIM REYNOLDS
Governor