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Text: HF02170                           Text: HF02172
Text: HF02100 - HF02199                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 2171

Partial Bill History

Bill Text

  1  1    Section 1.  NEW SECTION.  384.20A  CONTINUING
  1  3    1.  As used in this section:
  1  4    a.  "Continuing appropriation" means an authorized
  1  5 expenditure of financial resources for a capital project, a
  1  6 special assessment public improvement, or a purchase of major
  1  7 capital equipment for general, street, enterprise, or utility
  1  8 purposes, which is not properly a current expense.  A
  1  9 continuing appropriation is not an annual budget appropriation
  1 10 and does not expire at the end of the city's or utility's
  1 11 fiscal year.  A continuing appropriation continues until the
  1 12 project, improvement, or equipment purchase is completed as
  1 13 described in the detail accompanying the appropriation whether
  1 14 completed within a fiscal year or not.
  1 15    b.  "Major capital equipment" means equipment or machinery
  1 16 with an expected life of more than six years.
  1 17    2.  A city council or a governing body of a utility which
  1 18 is not a city council may create a continuing appropriation by
  1 19 establishing one or more project funds, special assessment
  1 20 public improvement funds, or major capital equipment funds
  1 21 under a capital program or a single project in which the
  1 22 resources for paying for the program or project and the
  1 23 proposed expenditure appropriation have been subject to notice
  1 24 and hearing under this chapter for the specific financing
  1 25 provided for in this chapter or in section 364.4, if
  1 26 applicable.  The revenues and expenditures and the status of
  1 27 funds created by a continuing appropriation shall be reported
  1 28 to the applicable governing body which supervises the
  1 29 appropriation and shall be included in the annual report
  1 30 required in section 384.22.  Expenditures under a continuing
  1 31 appropriation shall not exceed resources for paying for the
  1 32 project.  A city or utility shall account for a continuing
  1 33 appropriation in accordance with generally accepted accounting
  1 34 principles.  If expenditures are intended to be reimbursed
  1 35 from the later issuance of a tax-exempt obligation, a
  2  1 continuing appropriation shall include or be accompanied by an
  2  2 appropriate declaration of intent or other official action
  2  3 required by the Internal Revenue Code and regulations issued
  2  4 under the Internal Revenue Code.  
  2  5                           EXPLANATION
  2  6    This bill provides that a city appropriation for a capital
  2  7 project, special assessment public improvement, or a purchase
  2  8 of major capital equipment which has an expected life of six
  2  9 years or more shall be based on the time needed to complete
  2 10 the project, improvement, or equipment purchase and not on the
  2 11 fiscal year even though the reporting of their financial
  2 12 status shall be made in the same time frame as all other city
  2 13 accounting.  A continuing appropriation is made or amended in
  2 14 the manner required for establishing the type of financing
  2 15 proposed as set out in chapter 384 or section 364.4.  Also,
  2 16 the accounting shall be according to generally accepted
  2 17 accounting principles.  
  2 18 LSB 3868HH 76
  2 19 tj/jj/8

Text: HF02170                           Text: HF02172
Text: HF02100 - HF02199                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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