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PAG LIN
1 1 Amend the amendment, H-3498, to Senate File 266, as
1 2 amended, passed, and reprinted by the Senate, as
1 3 follows:
1 4 #1. Page 1, by inserting after line 17 the
1 5 following:
1 6 "The department of education shall conduct a study
1 7 of the possible uses for the remaining portion of the
1 8 interest earned on the permanent school fund after
1 9 transfers are made pursuant to section 257B.1A,
1 10 subsections 2 and 3. The department shall submit a
1 11 report of its findings and recommendations to the
1 12 general assembly and the legislative fiscal bureau by
1 13 January 1, 1996."
1 14 #2. Page 15, by inserting after line 17 the
1 15 following:
1 16 "Sec. 601. Notwithstanding section 257B.1A,
1 17 subsection 4, and 1994 Iowa Acts, chapter 1193,
1 18 section 15, for the fiscal year beginning July 1,
1 19 1994, and ending June 30, 1995, the remaining portion
1 20 of the interest earned on the permanent school fund
1 21 shall, after transfers are made pursuant to section
1 22 257B.1A, subsections 2 and 3, be deposited in the
1 23 interest for Iowa schools fund established under this
1 24 Act."
1 25 #3. Page 16, by inserting after line 31 the
1 26 following:
1 27 "Sec. 602. Section 257B.1, subsection 5, Code
1 28 1995, is amended by striking the subsection.
1 29 Sec. 603. Section 257B.1A, Code 1995, is amended
1 30 by striking the section and inserting in lieu thereof
1 31 the following:
1 32 257B.1A TRANSFER OF INTEREST.
1 33 1. The interest for Iowa schools fund is
1 34 established in the office of treasurer of state. The
1 35 department of revenue and finance shall deposit
1 36 interest earned on the permanent school fund in the
1 37 interest for Iowa schools fund. Moneys in the
1 38 interest for Iowa schools fund shall be transferred or
1 39 allocated only for school purposes as provided in this
1 40 section.
1 41 2. For a transfer of moneys from the interest for
1 42 Iowa schools fund to the first in the nation in
1 43 education foundation, prior to July 1, October 1,
1 44 January 1, and March 1 of each year, the governing
1 45 board of the first in the nation in education
1 46 foundation established in section 257A.2 shall certify
1 47 to the treasurer of state the cumulative total value
1 48 of contributions received under section 257A.7 for
1 49 deposit in the first in the nation in education fund
1 50 and for the use of the foundation. The cumulative
2 1 total value of contributions received includes the
2 2 value of the amount deposited in the national center
2 3 endowment fund established in section 263.8A in excess
2 4 of eight hundred seventy-five thousand dollars. The
2 5 value of in-kind contributions shall be based upon the
2 6 fair market value of the contribution determined for
2 7 income tax purposes.
2 8 The portion of the interest in Iowa schools fund
2 9 that is equal to the cumulative total value of
2 10 contributions, less the portion of the interest in
2 11 Iowa schools fund dedicated to the national center for
2 12 gifted and talented education, is dedicated to the
2 13 first in the nation in education foundation for that
2 14 year. The interest earned on this dedicated amount
2 15 shall be transferred by the treasurer of state to the
2 16 credit of the first in the nation in education
2 17 foundation.
2 18 3. For a transfer of moneys from the interest in
2 19 Iowa schools fund to the national center endowment
2 20 fund established in section 263.8A, prior to July 1,
2 21 October 1, January 1, and March 1 of each year, the
2 22 state university of Iowa shall certify to the
2 23 treasurer of state the cumulative total value of
2 24 contributions received and deposited in the national
2 25 center endowment fund. Within fifteen days following
2 26 certification by the state university of Iowa, the
2 27 treasurer of state shall transfer from the interest in
2 28 Iowa schools fund to the national center an amount
2 29 equal to one-half the cumulative total value of the
2 30 contributions deposited in the national center
2 31 endowment fund, not to exceed eight hundred seventy-
2 32 five thousand dollars."
2 33 #4. Page 20, line 11, by striking the figure "15,"
2 34 and inserting the following: "601, 15, 602, 603,".
2 35 #5. By renumbering and correcting internal
2 36 references as necessary.
2 37
2 38
2 39
2 40 DAGGETT of Union
2 41
2 42
2 43
2 44 GRUNDBERG of Polk
2 45
2 46
2 47
2 48 OLLIE of Clinton
2 49 SF 266.730 76
2 50 kh/sc
Text: H03972 Text: H03974 Text: H03900 - H03999 Text: H Index Bills and Amendments: General Index Bill History: General Index
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