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House Amendment 8530

Amendment Text

PAG LIN
  1  1    Amend the amendment, H-8360, to Senate File 2052,
  1  2 as amended, passed, and reprinted by the Senate, as
  1  3 follow:
  1  4    #1.  Page 1, by striking lines 3 through 24 and
  1  5 inserting the following:
  1  6    "#   .  Page 1, by striking lines 12 through 22 and
  1  7 inserting the following:
  1  8    "4A.  Eighteen percent of the state ceiling shall
  1  9 be allocated to bonds issued by political subdivisions
  1 10 to finance a qualified industry or industries for the
  1 11 manufacturing, processing, or assembling of
  1 12 agricultural or manufactured products even though the
  1 13 processed products may require further treatment
  1 14 before delivery to the ultimate consumer.
  1 15    5.  During the period of January 1 through October
  1 16 25 June 30, five three percent of the state ceiling
  1 17 shall be reserved for private activity bonds issued by
  1 18 political subdivisions, the proceeds of which are used
  1 19 by the issuing political subdivisions.
  1 20    6.  a.  The amount of the state ceiling not
  1 21 allocated under subsections 1 through 4 4A, and after
  1 22 October 25 June 30, the amount of the state ceiling
  1 23 reserved under subsection 5 and not allocated, shall
  1 24 be allocated to all bonds requiring an allocation
  1 25 under section 146 of the Internal Revenue Code without
  1 26 priority for any type of bond over another, except as
  1 27 otherwise provided in sections 7C.5 and 7C.11."
  1 28    #   .  Page 1, line 29, by striking the figure "4"
  1 29 and inserting the following:  "4 4A".
  1 30    #   .  By striking page 1, line 35, through page 2,
  1 31 line 7, and inserting the following:  "receipt by the
  1 32 governor's designee.  However, for the period January
  1 33 1 through October 25 June 30 of each year, allocations
  1 34 to bonds for which an amount of the state ceiling has
  1 35 been reserved pursuant to section 7C.4A, subsection 5,
  1 36 shall be made to the political subdivisions submitting
  1 37 the applications first from the reserved amount until
  1 38 the reserved amount has been fully allocated and then
  1 39 from the amount specified in section 7C.4A, subsection
  1 40 6.
  1 41    Sec. ___.  Section 7C.6, unnumbered paragraph 1,
  1 42 Code 1997, is amended to read as follows:
  1 43    A political subdivision which proposes to issue
  1 44 bonds for a particular project or purpose for which an
  1 45 allocation of the state ceiling is required and has
  1 46 not already been made under section 7C.4A, subsections
  1 47 1 through 4 4A, must make an application for
  1 48 allocation before issuance of the bonds.  The
  1 49 application may be made by the political subdivision
  1 50 or its representative, the beneficiary of the project
  2  1 or purpose, or by a person acting on behalf of the
  2  2 beneficiary.  The application shall be submitted to
  2  3 the governor's designee, in the form prescribed by the
  2  4 governor's designee.  The application shall contain,
  2  5 where appropriate, the following information:
  2  6    Sec. ___.  Section 7C.7, subsection 1, Code 1997,
  2  7 is amended to read as follows:
  2  8    1.  If the bonds are issued and delivered for the
  2  9 purpose or project within the thirty-day period or the
  2 10 forty-five day extension period provided in subsection
  2 11 2, the political subdivision or its representative
  2 12 shall within ten days following the issuance and
  2 13 delivery of the bonds or not later than October 25
  2 14 June 30 of that year, if the bonds were issued and
  2 15 delivered on or before that date, file with the
  2 16 governor's designee, in the form or manner the
  2 17 governor's designee may prescribe, a notification of
  2 18 the date of issuance and the delivery of the bonds,
  2 19 and the actual principal amount of bonds issued and
  2 20 delivered.  The filing of the notification shall be
  2 21 done by actual delivery or by posting in a United
  2 22 States post office depository with correct first class
  2 23 postage paid.  If the actual principal amount of bonds
  2 24 issued and delivered is less than the amount of the
  2 25 allocation, the amount of the allocation is
  2 26 automatically reduced to the actual principal amount
  2 27 of the bonds issued and delivered."" 
  2 28 
  2 29 
  2 30                               
  2 31 WARNSTADT of Woodbury 
  2 32 SF 2052.207 77
  2 33 da/jl/28

Text: H08529                            Text: H08531
Text: H08500 - H08599                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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