Text: H08716 Text: H08718 Text: H08700 - H08799 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 2052, as amended, passed, and 1 2 reprinted by the Senate, as follows: 1 3 #1. By striking page 1, line 1, through page 2, 1 4 line 7, and inserting the following: 1 5 "Sec. ___. Section 7C.4A, Code 1997, is amended to 1 6 read as follows: 1 7 7C.4A ALLOCATION OF STATE CEILING. 1 8For each calendar year, theThe state ceiling shall 1 9 be allocated among bonds issued for various purposes 1 10 as follows: 1 11 1. For each calendar year, ninety-seven percent of 1 12 the first one hundred fifty million dollars of the 1 13 state ceiling shall be allocated as follows: 1 14 a. Thirty percent of thestate ceilingamount 1 15 shall be allocated solely to the Iowa finance 1 16 authority for the following purposes: 1 17a.(1) Issuing qualified mortgage bonds. 1 18b.(2) Reallocating the amount, or any portion 1 19 thereof, to another qualified political subdivision 1 20 for the purpose of issuing qualified mortgage bonds; 1 21 or 1 22c.(3) Exchanging the allocation, or any portion 1 23 thereof, for the authority to issue mortgage credit 1 24 certificates by election under section 25(c) of the 1 25 Internal Revenue Code. 1 26 However, at any time during the calendar year the 1 27 executive director of the Iowa finance authority may 1 28 determine that a lesser amount need be allocated to 1 29 the Iowa finance authority and on that date this 1 30 lesser amount shall be the amount allocated to the 1 31 authority and the excess shall be allocated under 1 32 subsection63. 1 332.b. Twelve percent of thestate ceilingamount 1 34 shall be allocated to bonds issued to carry out 1 35 programs established under chapters 260C, 260E, and 1 36 260F. However, at any time during the calendar year 1 37 the director of the Iowa department of economic 1 38 development may determine that a lesser amount need be 1 39 allocated and on that date this lesser amount shall be 1 40 the amount allocated for those programs and the excess 1 41 shall be allocated under subsection63. 1 423.c. Sixteen percent of thestate ceilingamount 1 43 shall be allocated to qualified student loan bonds. 1 44 However, at any time during the calendar year the 1 45 governor's designee, with the approval of the Iowa 1 46 student loan liquidity corporation, may determine that 1 47 a lesser amount need be allocated to qualified student 1 48 loan bonds and on that date the lesser amount shall be 1 49 the amount allocated for those bonds and the excess 1 50 shall be allocated under subsection63. 2 14.d.SixteenTwenty-one percent of thestate2 2ceilingamount shall be allocated to qualified small 2 3 issue bonds issued for first-time farmers. However, 2 4 at any time during the calendar year the governor's 2 5 designee, with the approval of the Iowa agricultural 2 6 development authority, may determine that a lesser 2 7 amount need be allocated to qualified small issue 2 8 bonds for first-time farmers and on that date this 2 9 lesser amount shall be the amount allocated for those 2 10 bonds and the excess shall be allocated under 2 11 subsection63. 2 12 e. Eighteen percent of the amount shall be 2 13 allocated to bonds issued by political subdivisions to 2 14 finance a qualified industry or industries for the 2 15 manufacturing, processing, or assembly of agricultural 2 16 or manufactured products even though the processed 2 17 products may required further treatment before 2 18 delivery to the ultimate consumer. 2 195.2. During the period of January 1 through 2 20October 25June 30,fivethree percent of the first 2 21 one hundred fifty million dollars of the state ceiling 2 22 shall be reserved for private activity bonds issued by 2 23 political subdivisions, the proceeds of which are used 2 24 by the issuing political subdivisions. During that 2 25 period, the reserved percentage shall not be allocated 2 26 for a purpose provided in subsection 1. 2 276.3. a. The amount of the state ceiling which is 2 28 not otherwise allocated undersubsectionsthis 2 29 section, including any amount above the first one 2 30 hundred fifty million dollars of the state ceiling as 2 31 provided in this section, any amount under subsection 2 32 1through 4which is not allocated, and afterOctober2 3325June 30,theany amountof the state ceiling2 34 reserved under subsection5 and2 which is not 2 35 allocated, shall be allocated to all bonds requiring 2 36 an allocation under section 146 of the Internal 2 37 Revenue Code without priority for any type of bond 2 38 over another, except as otherwise provided in sections 2 39 7C.5 and 7C.11. 2 40 b. The population of the state shall be determined 2 41 in accordance with the Internal Revenue Code. 2 42 Sec. ___. Section 7C.5, Code 1997, is amended to 2 43 read as follows: 2 44 7C.5 FORMULA FOR ALLOCATION. 2 45 Except as provided in section 7C.4A,subsections2 46 subsection 1through 4, the state ceiling shall be 2 47 allocated among all political subdivisions on a 2 48 statewide basis on the basis of the chronological 2 49 orders of receipt by the governor's designee of the 2 50 applications described in section 7C.6 with respect to 3 1 a definitive issue of bonds, as determined by the day, 3 2 hour, and minute time-stamped on the application 3 3 immediately upon receipt by the governor's designee. 3 4 However, for the period January 1 throughOctober 253 5 June 30 of each year, allocations to bonds for which 3 6 an amount of the state ceiling has been reserved 3 7 pursuant to section 7C.4A, subsection52, shall be 3 8 made to the political subdivisions submitting the 3 9 applications first from the reserved amount until the 3 10 reserved amount has been fully allocated and then from 3 11 the amount specified in section 7C.4A, subsection63. 3 12 Sec. ___. Section 7C.6, unnumbered paragraph 1, 3 13 Code 1997, is amended to read as follows: 3 14 A political subdivision which proposes to issue 3 15 bonds for a particular project or purpose for which an 3 16 allocation of the state ceiling is required and has 3 17 not already been made under section 7C.4A,subsections3 18 subsection 1through 4, must make an application for 3 19 allocation before issuance of the bonds. The 3 20 application may be made by the political subdivision 3 21 or its representative, the beneficiary of the project 3 22 or purpose, or by a person acting on behalf of the 3 23 beneficiary. The application shall be submitted to 3 24 the governor's designee, in the form prescribed by the 3 25 governor's designee. The application shall contain, 3 26 where appropriate, the following information: 3 27 Sec. ___. Section 7C.7, subsection 1, Code 1997, 3 28 is amended to read as follows: 3 29 1. If the bonds are issued and delivered for the 3 30 purpose or project within the thirty-day period or the 3 31 forty-five day extension period provided in subsection 3 32 2, the political subdivision or its representative 3 33 shall within ten days following the issuance and 3 34 delivery of the bonds or not later thanOctober 253 35 June 30 of that year, if the bonds were issued and 3 36 delivered on or before that date, file with the 3 37 governor's designee, in the form or manner the 3 38 governor's designee may prescribe, a notification of 3 39 the date of issuance and the delivery of the bonds, 3 40 and the actual principal amount of bonds issued and 3 41 delivered. The filing of the notification shall be 3 42 done by actual delivery or by posting in a United 3 43 States post office depository with correct first class 3 44 postage paid. If the actual principal amount of bonds 3 45 issued and delivered is less than the amount of the 3 46 allocation, the amount of the allocation is 3 47 automatically reduced to the actual principal amount 3 48 of the bonds issued and delivered." 3 49 2. By renumbering as necessary. 3 50 4 1 4 2 4 3 WARNSTADT of Woodbury 4 4 4 5 4 6 4 7 KLEMME of Plymouth 4 8 4 9 4 10 4 11 METCALF of Polk 4 12 RANTS of Woodbury 4 13 SF 2052.303 77 4 14 da/cf/28
Text: H08716 Text: H08718 Text: H08700 - H08799 Text: H Index Bills and Amendments: General Index Bill History: General Index
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