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House Journal: Page 557: Monday, February 27, 1995

47   amended to read as follows:
48     1.  A cash reserve fund is created in the state
49   treasury.  The cash reserve fund shall be separate
50   from the general fund of the state and shall not be
Page 2  
 1   considered part of the general fund of the state
 2   except in determining the cash position of the state
 3   as provided in subsection 3.  The moneys in the cash
 4   reserve fund are not subject to section 8.33 and shall
 5   not be transferred, used, obligated, appropriated, or
 6   otherwise encumbered except as provided in this
 7   section.  Notwithstanding section 12C.7, subsection 2,
 8   interest or earnings on moneys deposited in the cash
 9   reserve fund shall be credited to the rebuild Iowa
10   economic emergency fund infrastructure account
created
11   in section 8.57.  Moneys in the cash reserve fund may
12   be used for cash flow purposes provided that any
13   moneys so allocated are returned to the cash reserve
14   fund by the end of each fiscal year.  However, the
15   fund shall be considered a special account for the
16   purposes of section 8.53.
17     Sec. 4.  Section 8.56, subsection 4, paragraph b,
18   Code 1995, is amended to read as follows:
19     b.  In addition to the requirements of paragraph
20   "a", an appropriation shall not be made from the cash
21   reserve fund which would cause the fund's balance to
22   be less than three percent of the adjusted revenue
23   estimate for the year for which the appropriation is
24   made unless the bill or joint resolution making the
25   appropriation is approved by vote of at least three-
26   fifths of the members of both chambers of the general
27   assembly and is signed by the governor.
28     Sec. 5.  Section 8.57, subsection 1, paragraph a,
29   Code 1995, is amended by striking the paragraph and
30   inserting in lieu thereof the following:
31     a.  The cash reserve goal percentage for fiscal
32   years beginning on or after July 1, 1995, is five
33   percent of the adjusted revenue estimate.  For each
34   fiscal year beginning on or after July 1, 1995, in
35   which the appropriation of the surplus existing in the
36   general fund of the state at the conclusion of the
37   prior fiscal year pursuant to paragraph "b" was not
38   sufficient for the cash reserve fund to reach the cash
39   reserve goal percentage for the current fiscal year,
40   there is appropriated from the general fund of the
41   state an amount to be determined as follows:
42     (1)  If the balance of the cash reserve fund in the
43   current fiscal year is not more than four percent of
44   the adjusted revenue estimate for the current fiscal
45   year, the amount of the appropriation under this
46   lettered paragraph is one percent of the adjusted
47   revenue estimate for the current fiscal year.

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 1)

© 1995 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

Last update: Sun Jan 14 21:05:02 CST 1996
URL: /DOCS/GA/76GA/Session.1/HJournal/00500/00557.html
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