Text: SJR00002 Text: SJR00000 - SJR00099 Text: SJR Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. The following amendment to the Constitution of 1 2 the State of Iowa is proposed: 1 3 Article VII, Constitution of the State of Iowa, is amended 1 4 by adding the following new section: 1 5 MAINTENANCE OF CASH RESERVE. SEC. 9. A cash reserve shall 1 6 be maintained by the state and moneys in the cash reserve 1 7 shall be separate from the general fund of the state and shall 1 8 not be considered part of the general fund of the state except 1 9 in determining the cash position of the state. Moneys in the 1 10 cash reserve may be used for cash flow purposes provided that 1 11 any moneys so allocated during a fiscal year are returned to 1 12 the cash reserve by the end of that fiscal year. 1 13 The target for the amount of moneys to be maintained in the 1 14 cash reserve shall be five percent of the revenue estimate for 1 15 the general fund of the state for that fiscal year. The 1 16 revenue estimate shall be adjusted by subtracting estimated 1 17 tax refunds payable from the estimated revenue and by adding 1 18 any new revenue which may be considered to be eligible for 1 19 deposit in the general fund of the state. However, the target 1 20 identified by this paragraph shall not be construed to require 1 21 more than one percent of the adjusted revenue estimate for the 1 22 general fund of the state to be set aside for these purposes 1 23 in any one fiscal year. 1 24 Moneys in the cash reserve may be appropriated by the 1 25 General Assembly only for use in the fiscal year in which the 1 26 appropriation is made. The moneys shall only be appropriated 1 27 in a bill or joint resolution in which the appropriation is 1 28 the only subject matter of the bill or joint resolution and 1 29 which contains a statement of the reasons why the 1 30 appropriation is necessary. In addition, moneys shall not be 1 31 appropriated from the cash reserve such that the balance in 1 32 the cash reserve would be less than three percent of the 1 33 adjusted revenue estimate for the fiscal year in which the 1 34 appropriation is made unless the bill or joint resolution 1 35 making the appropriation is approved by a vote of at least 2 1 three-fifths of the members of each chamber of the General 2 2 Assembly and approved by the Governor. 2 3 This section applies to fiscal years commencing on or after 2 4 July 1, 1999. 2 5 Sec. 2. The foregoing proposed amendment to the 2 6 Constitution of the State of Iowa is referred to the General 2 7 Assembly to be chosen at the next general election for members 2 8 of the General Assembly and the Secretary of State is directed 2 9 to cause it to be published for three consecutive months 2 10 previous to the date of that election as provided by law. 2 11 EXPLANATION 2 12 This joint resolution proposes an amendment to the 2 13 Constitution of the State of Iowa requiring the maintenance of 2 14 a cash reserve. 2 15 A target for the amount of moneys to be maintained in the 2 16 cash reserve is identified. The target amount is 5 percent of 2 17 the adjusted revenue estimate. The adjusted revenue estimate 2 18 is the revenue estimate for the general fund of the state for 2 19 the fiscal year adjusted by subtracting estimated tax refunds 2 20 payable from the estimated revenue and by adding moneys 2 21 remaining in the state general fund from the previous fiscal 2 22 year. 2 23 Moneys in the cash reserve may be used for cash flow 2 24 purposes provided that any moneys so allocated are returned to 2 25 the cash reserve by the end of the fiscal year. Moneys in the 2 26 cash reserve may be appropriated by the general assembly only 2 27 for use in the fiscal year in which the appropriation is made. 2 28 Moneys appropriated must be contained in a bill or joint 2 29 resolution in which the appropriation is the only subject 2 30 matter of the bill or joint resolution and which contains a 2 31 statement of the reasons why the appropriation is necessary. 2 32 In addition, moneys shall not be appropriated from the cash 2 33 reserve such that the balance in the cash reserve would be 2 34 less than 3 percent of the adjusted revenue estimate for that 2 35 fiscal year unless the bill or joint resolution making the 3 1 appropriation is approved by a vote of at least three-fifths 3 2 of the members of each chamber of the general assembly and 3 3 approved by the governor. 3 4 The resolution, if adopted, would be referred to the next 3 5 general assembly before being submitted to the electorate for 3 6 ratification. 3 7 LSB 1374XS 76 3 8 jp/sc/14
Text: SJR00002 Text: SJR00000 - SJR00099 Text: SJR Index Bills and Amendments: General Index Bill History: General Index
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