Text: SSB02045 Text: SSB02047 Text: SSB02000 - SSB02099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 8.64 LOST FEDERAL FUNDS
1 2 STABILIZATION ACCOUNT.
1 3 1. A lost federal funds stabilization account is created
1 4 as a separate account in the state treasury. The account
1 5 shall consist of appropriations made to the account and
1 6 transfers of interest, earnings, and moneys from other funds
1 7 and accounts as provided by law. The account shall be
1 8 separate from the general fund of the state and the balance in
1 9 the account shall not be considered part of the balance of the
1 10 general fund of the state. Moneys in the account may be used
1 11 for cash flow purposes provided moneys so allocated are
1 12 returned to the account by the end of each fiscal year.
1 13 2. Moneys in the stabilization account are not subject to
1 14 section 8.33. Notwithstanding section 12C.7, subsection 2,
1 15 interest or earnings on moneys in the stabilization account
1 16 shall be credited to the stabilization account.
1 17 3. Moneys in the stabilization account shall be used in
1 18 accordance with appropriations made by the general assembly to
1 19 replace funds previously expended but no longer expended by
1 20 the federal government in or to the credit of this state.
1 21 4. The general assembly may provide that all or part of
1 22 the moneys deposited in the GAAP deficit reduction account
1 23 created in section 8.57 shall be transferred to the
1 24 stabilization account in lieu of appropriation of the moneys
1 25 to the Iowa economic emergency fund.
1 26 Sec. 2. EFFECTIVE DATE. This Act, being deemed of
1 27 immediate importance, takes effect upon enactment.
1 28 EXPLANATION
1 29 This bill creates a lost federal funds stabilization
1 30 account in the state treasury. The bill takes effect upon
1 31 enactment.
1 32 The account is separate from the general fund of the state
1 33 and is not to be considered part of the balance of the general
1 34 fund. Moneys in the account may be used for cash flow
1 35 purposes.
2 1 Interest or earnings on the moneys in the account remain in
2 2 the account. Moneys in the account are subject to
2 3 appropriation by the general assembly to replace funds
2 4 previously expended but no longer expended by the federal
2 5 government in this state.
2 6 The bill provides that the general assembly may provide
2 7 that moneys deposited in the GAAP deficit reduction account
2 8 shall be transferred to the stabilization account in lieu of
2 9 appropriation to the Iowa economic emergency fund.
2 10 LSB 3984XC 76
2 11 jp/sc/14
Text: SSB02045 Text: SSB02047 Text: SSB02000 - SSB02099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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