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House Journal: Page 925: Wednesday, March 22, 1995

31   excess of revenues and other financing sources over
32   expenditures and other financing uses for the general
33   fund of the state in a fiscal year.
34     Sec. ___.  Section 8.57, subsection 5, Code 1995,
35   is amended to read as follows:
36     5.  a.  A rebuild Iowa infrastructure account
fund
37   is created under the authority of the department of
38   management.  Moneys The fund shall consist of
39   appropriations made to the fund and transfers of
40   interest, earnings, and moneys from other funds as
41   provided by law.  The fund shall be separate from the
42   general fund of the state and the balance in the fund
43   shall not be considered part of the balance of the
44   general fund of the state.  However, the fund shall be
45   considered a special account for the purposes of
46   section 8.53, relating to generally accepted
47   accounting principles.
48     b.  Notwithstanding section 8.33, moneys in the
49   infrastructure fund which remain unencumbered or
50   unobligated at the end of a fiscal year shall not

Page  14

 1   revert to any fund but shall remain available for
 2   infrastructure expenditures in the succeeding fiscal
 3   year.  Notwithstanding section 12C.7, subsection 2,
 4   interest or earnings on moneys in the infrastructure
 5   fund shall be credited to the infrastructure fund.
 6     c.  Moneys in the account fund in a fiscal
year
 7   shall be used as directed by the general assembly for
 8   public infrastructure-related expenditures.
 9     d.  The general assembly may provide that all or
10   part of the moneys deposited in the GAAP deficit
11   reduction account created in this section shall be
12   transferred to the infrastructure account fund in
lieu
13   of appropriation of the moneys to the Iowa economic
14   emergency fund.
15     Sec. ___.  TRANSFER TO INFRASTRUCTURE FUND.  Moneys
16   in the Iowa economic emergency fund, created in
17   section 8.55, at the conclusion of the fiscal year
18   beginning July 1, 1994, shall be transferred to the
19   rebuild Iowa infrastructure account.
20     Sec. ___.  EFFECTIVE DATE.  This division of this
21   Act, being deemed of immediate importance, takes
22   effect upon enactment.""
23     7.  Page 22, lines 21 and 22, by striking the
24   words ", providing an appropriation," and inserting
25   the following:  "; deductions for pension income,
26   treatment of income from subchapter S corporations,
27   and increased dependent credit for state individual
28   income tax purposes; machinery and equipment phase-in
29   exemption and reimbursement for property tax purposes;
30   relating to the cash reserve and an infrastructure
31   fund; providing appropriations,".
32     8.  By renumbering and correcting internal
33   references as necessary.

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/00900/00925.html
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