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
Iowa General Assembly
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