Text: HF00373 Text: HF00375 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 257B.1A, Code 1995, is amended to read 1 2 as follows: 1 3 257B.1A TRANSFER OF INTEREST. 1 4 1. The department of revenue and finance shall transfer 1 5 the interest earned on the permanent school fund to the first 1 6 in the nation in education foundation and to thenational1 7 international center for gifted and talented education in the 1 8 manner provided in this section. 1 9 2. For a transfer of interest earned to the first in the 1 10 nation in education foundation, prior to July 1, October 1, 1 11 January 1, and March 1 of each year, the governing board of 1 12 the first in the nation in education foundation established in 1 13 section 257A.2 shall certify to the director of revenue and 1 14 finance the cumulative total value of contributions received 1 15 under section 257A.7 for deposit in the fund and for the use 1 16 of the foundation.The cumulative total value of1 17contributions received includes the value of the amount1 18deposited in the national center endowment fund established in1 19section 263.8A in excess of eight hundred seventy-five1 20thousand dollars.The value of in-kind contributions shall be 1 21 based upon the fair market value of the contribution 1 22 determined for income tax purposes. 1 23 The portion of the permanent school fund that is equal to 1 24 the cumulative total value of contributions, less the portion1 25of the permanent school fund dedicated to the national center1 26for gifted and talented education,is dedicated to the first 1 27 in the nation in education foundation for that year. The 1 28 interest earned on this dedicated amount shall be transferred 1 29 by the department of revenue and finance to the credit of the 1 30 first in the nation in education foundation. 1 31 3. For a transfer of interest earned to thenational1 32 international center endowment fund established in section 1 33 263.8A, prior to July 1, October 1, January 1, and March 1 of 1 34 each year, the state university of Iowa shall certify to the 1 35 department of revenue and finance the cumulative total value 2 1 of contributions received and deposited in thenational2 2 international center endowment fund. The department of 2 3 revenue and finance shall dedicate the interest earned on a 2 4 portion of the permanent school fund to thenational2 5 international center in the manner provided in this 2 6 subsection. The portion of the permanent school fund that is 2 7 used to determine the dedicated amount of interest earned for 2 8 a year shall equal one-half the cumulative total value of the 2 9 contributions deposited in thenationalinternational center 2 10 endowment fund, not to exceed eight hundred seventy-five 2 11 thousand dollars. In addition, if the cumulative total value 2 12 of contributions deposited in the international center 2 13 endowment fund between July 1, 1995, and June 30, 1998, equals 2 14 or exceeds one million three hundred fifty thousand dollars, 2 15 effective July 1, 1998, the portion of the permanent school 2 16 fund used to determine the dedicated amount of interest earned 2 17 for a year shall also equal one-half that total, not to exceed 2 18 six hundred seventy-five thousand dollars. 2 19 However, if, prior to July 1, 1998, the general assembly 2 20 appropriates moneys for the international center endowment 2 21 fund established in section 263.8A in an aggregate amount 2 22 equal to eight hundred seventy-five thousand dollars, the 2 23 transfer of the interest earned based upon the cumulative 2 24 value of contributions equal to one million seven hundred 2 25 fifty thousand dollars deposited in the international center 2 26 endowment fund on July 1, 1995, is no longer required under 2 27 this section. If, on or after July 1, 1998, the general 2 28 assembly appropriates moneys for the international center 2 29 endowment fund in an aggregate amount equal to six hundred 2 30 seventy-five thousand dollars, the transfer of interest earned 2 31 based upon the cumulative value of contributions equal to one 2 32 million three hundred fifty thousand dollars deposited in the 2 33 international center endowment fund between July 1, 1995, and 2 34 June 30, 1998, is no longer required under this section. 2 35 Within fifteen days following certification by the state 3 1 university of Iowa, the department of revenue and finance 3 2 shall transmit the interest earned on the dedicated amount to 3 3 the state university of Iowa for the use of thenational3 4 international center for gifted and talented education. 3 5 4.The remaining portion of the interest earned on the3 6permanent school fund shall become a part of the permanent3 7school fund.3 8 Until the appropriations specified in subsection 3 have 3 9 been made by the general assembly, fifty percent of the 3 10 portion of the interest earned on the permanent school fund 3 11 remaining after the total of the transfer of moneys to the 3 12 first in the nation in education foundation pursuant to 3 13 subsection 2 and the transfer of moneys to the international 3 14 center endowment fund in subsection 3, shall in addition be 3 15 transferred to the international center endowment fund and the 3 16 remaining fifty percent shall become a part of the permanent 3 17 school fund. 3 18 Sec. 2. Section 263.8A, Code 1995, is amended to read as 3 19 follows: 3 20 263.8ANATIONALINTERNATIONAL CENTER FOR TALENTED AND 3 21 GIFTED EDUCATION. 3 22 The state board of regents shall establish and maintain at 3 23 Iowa City as an integral part of the state university of Iowa 3 24 thenationalinternational center for talented and gifted 3 25 education. Thenationalinternational center shall provide 3 26 programs to assist classroom teachers to teach gifted and 3 27 talented students in regular classrooms, provide programs to 3 28 enhance the learning experiences of gifted and talented 3 29 students, serve as a center for national and international 3 30 symposiums and policy forums for enhancing the teaching of 3 31 gifted and talented students, and undertake other appropriate 3 32 activities to enhance the programs of the center, including, 3 33 but not limited to, coordinating and working with the world 3 34 council for gifted and talented children, incorporated. 3 35A nationalAn international center endowment fund is 4 1 established at the state university of Iowa and gifts and 4 2 grants to thenationalinternational center and investment 4 3 earnings and returns on the endowment fund shall be deposited 4 4 in the fund andinterest earned on moneys in the fundmay be 4 5 expended by the state university of Iowa for the purposes for 4 6 which thenationalinternational center was established. 4 7 EXPLANATION 4 8 This bill changes the name of the national center for 4 9 talented and gifted education to the international center for 4 10 talented and gifted and provides for the discontinuation of 4 11 the current allocation of a portion of the interest from the 4 12 permanent school fund at such time as there is an 4 13 appropriation of $875,000 to the endowment fund of the 4 14 international center. There is further authorization for a 4 15 payment of a portion of the interest, if an additional 4 16 $1,350,000 is raised through private contributions to the 4 17 international center endowment fund during a three-year period 4 18 beginning July 1, 1995, until a matching $675,000, on a one- 4 19 to-two basis, has been appropriated by the general assembly. 4 20 The bill also expands the definition of the work of the 4 21 center. 4 22 LSB 2223HV 76 4 23 cl/cf/24
Text: HF00373 Text: HF00375 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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