Iowa General Assembly Banner

 
Text: HSB00192                          Text: HSB00194
Text: HSB00100 - HSB00199               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

House Study Bill 193

Conference Committee Text

PAG LIN
  1  1    Section 1.  Section 12C.7, subsection 2, Code 1995, is
  1  2 amended to read as follows:
  1  3    2.  Interest or earnings on investments and time deposits
  1  4 made in accordance with the provisions of sections 12.8,
  1  5 12B.10, 12C.1 and 12C.6 shall be credited to the general fund
  1  6 of the governmental body making the investment or deposit,
  1  7 with the exception of specific funds for which investments are
  1  8 otherwise provided by law, constitutional funds, or when
  1  9 legally diverted to the state sinking fund for public
  1 10 deposits.  Funds so excepted shall receive credit for interest
  1 11 or earnings derived from such investments or time deposits
  1 12 made from such funds.  Such interest or earnings on any fund
  1 13 created by direct vote of the people shall be credited to the
  1 14 fund to retire any such indebtedness after which the fund
  1 15 itself shall be credited.
  1 16    Sec. 2.  Section 12C.14, Code 1995, is amended to read as
  1 17 follows:
  1 18    12C.14  SCHOOL BONDS AND EARNINGS.
  1 19    The board of directors of a school corporation may invest
  1 20 any portion of the proceeds of bonds issued and not currently
  1 21 needed may be invested as provided in section 12B.10.
  1 22    Earnings and interest from investments authorized by this
  1 23 section shall be used either to retire the authorized
  1 24 indebtedness or to be credited to a capital project fund for
  1 25 the purpose of financing the construction or equipping of the
  1 26 school building for which the bonds were sold.  
  1 27                           EXPLANATION
  1 28    This bill provides that the proceeds from the sale of
  1 29 public bonds may be invested if not immediately needed and the
  1 30 interest earned be credited to the project fund for which the
  1 31 bonds were sold or to reduce bonded indebtedness.  
  1 32 LSB 1789HC 76
  1 33 tj/jj/8
     
Text: HSB00192                          Text: HSB00194
Text: HSB00100 - HSB00199               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index
Return To Home Iowa General Assembly

index Search: House Bills and Amendments (76th General Assembly)

© 1996 Cornell College and League of Women Voters of Iowa

Comments? webmaster@legis.iowa.gov.

Last update: Thu Feb 8 16:38:58 CST 1996
URL: /DOCS/GA/76GA/Legislation/HSB/00100/HSB00193/950222.html
jhf