Text: HF00425 Text: HF00427 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 8.56, subsection 1, Code 1995, is 1 2 amended to read as follows: 1 3 1. A cash reserve fund is created in the state treasury. 1 4 The cash reserve fund shall be separate from the general fund 1 5 of the state and shall not be considered part of the general 1 6 fund of the state except in determining the cash position of 1 7 the state as provided in subsection 3. The moneys in the cash 1 8 reserve fund are not subject to section 8.33 and shall not be 1 9 transferred, used, obligated, appropriated, or otherwise 1 10 encumbered except as provided in this section. 1 11 Notwithstanding section 12C.7, subsection 2, interest or 1 12 earnings on moneys deposited in the cash reserve fund shall be 1 13 credited to the rebuild Iowaeconomic emergency fund1 14 infrastructure fund created in section 8.57. Moneys in the 1 15 cash reserve fund may be used for cash flow purposes provided 1 16 that any moneys so allocated are returned to the cash reserve 1 17 fund by the end of each fiscal year. However, the fund shall 1 18 be considered a special account for the purposes of section 1 19 8.53. 1 20 Sec. 2. Section 8.57, subsection 5, Code 1995, is amended 1 21 to read as follows: 1 22 5. a. A rebuild Iowa infrastructureaccountfund is 1 23 created under the authority of the department of management. 1 24MoneysThe fund shall consist of appropriations made to the 1 25 fund, transfer of interest, earnings, and moneys from other 1 26 funds as provided by law, and contributions. The fund shall 1 27 be separate from the general fund of the state and the balance 1 28 in the fund shall not be considered part of the balance of the 1 29 general fund of the state. However, the fund shall be 1 30 considered a special account for the purposes of section 8.53, 1 31 relating to generally accepted accounting principles. 1 32 b. Notwithstanding section 8.33, moneys in the infra- 1 33 structure fund which remain unencumbered or unobligated at the 1 34 end of a fiscal year shall not revert to the general fund of 1 35 the state but shall remain available for infrastructure 2 1 expenditures in the succeeding fiscal year. Notwithstanding 2 2 section 12C.7, subsection 2, interest or earnings on moneys in 2 3 the infrastructure fund shall be credited to the 2 4 infrastructure fund. 2 5 c. Not more than ninety percent of the moneys in the 2 6accountfund in a fiscal year shall beusedobligated as 2 7 directed by the general assembly for public infrastructure- 2 8 related expenditures. Public infrastructure-related 2 9 expenditures shall include but are not limited to repair and 2 10 replacement of state-owned structures. The first priority 2 11 shall be given to repair of existing structures. 2 12 d. The general assembly may provide that all or part of 2 13 the moneys deposited in the GAAP deficit reduction account 2 14 created in this section shall be transferred to the 2 15 infrastructureaccountfund in lieu of appropriation of the 2 16 moneys to the Iowa economic emergency fund. 2 17 Sec. 3. Section 422.7, Code 1995, is amended by adding the 2 18 following new subsection: 2 19 NEW SUBSECTION. 32. Subtract the amount of a contribution 2 20 to the rebuild Iowa infrastructure fund created in section 2 21 8.57. 2 22 Sec. 4. TRANSFER TO INFRASTRUCTURE FUND. Moneys in the 2 23 Iowa economic emergency fund, created in section 8.55, at the 2 24 conclusion of the fiscal year beginning July 1, 1994, shall be 2 25 transferred to the rebuild Iowa infrastructure fund created in 2 26 section 8.57. 2 27 Sec. 5. EFFECTIVE DATE &endash; APPLICABILITY. This Act, being 2 28 deemed of immediate importance, takes effect upon enactment 2 29 and section 3 of this Act, relating to contributions to the 2 30 rebuild Iowa infrastructure fund is retroactively applicable 2 31 to contributions made in any tax year beginning on or after 2 32 January 1, 1995. 2 33 EXPLANATION 2 34 This bill relates to the rebuild Iowa infrastructure fund, 2 35 provides an individual income tax deduction, and includes an 3 1 effective date and applicability provision. 3 2 Section 8.56 is amended to transfer interest and earnings 3 3 on moneys deposited in the cash reserve fund to the rebuild 3 4 Iowa infrastructure fund in place of the Iowa economic 3 5 emergency fund. 3 6 Section 8.57 is amended to rename the rebuild Iowa 3 7 infrastructure account to the rebuild Iowa infrastructure 3 8 fund. The bill states that the fund consists of 3 9 appropriations, transfers of earnings and other moneys from 3 10 other funds, and contributions. Interest and earnings on the 3 11 moneys deposited in the infrastructure fund remain in the 3 12 infrastructure fund. The bill provides that the 3 13 infrastructure fund is not part of the general fund of the 3 14 state. Not more than 90 percent of the moneys in the 3 15 infrastructure fund during a fiscal year are to be obligated 3 16 as directed by the general assembly for infrastructure-related 3 17 expenditures. Infrastructure-related expenditures are to 3 18 include repair and replacement of state buildings with 3 19 priority given to repair of existing structures. 3 20 Existing law provides that the general assembly may provide 3 21 for transfer of state general fund ending balance moneys to 3 22 the infrastructure fund in lieu of the economic emergency 3 23 fund. 3 24 Section 422.7 is amended to provide that contributions to 3 25 the infrastructure fund are deductible for purposes of the 3 26 state individual income tax. An applicability provision makes 3 27 such contributions applicable commencing with the tax year 3 28 beginning January 1, 1995. 3 29 The bill provides that moneys in the Iowa economic 3 30 emergency fund at the conclusion of fiscal year 1994-1995 are 3 31 to be transferred to the infrastructure fund. The bill takes 3 32 effect upon enactment. 3 33 LSB 2445HH 76 3 34 jp/jw/5
Text: HF00425 Text: HF00427 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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