Text: HF00478 Text: HF00480 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 99D.17, Code 1997, is amended to read 1 2 as follows: 1 3 99D.17 USE OF FUNDS. 1 4 Funds received pursuant to sections 99D.14 and 99D.15 shall 1 5 be depositedin the general fund of the state and shall be1 6subject to the requirements of section 8.60as provided in 1 7 section 8.57, subsection 5. These funds shall first be used 1 8 to the extent appropriated by the general assembly. The 1 9 commission is subject to the budget requirements of chapter 8 1 10 and the applicable auditing requirements and procedures of 1 11 chapter 11. 1 12 Sec. 2. Section 99F.11, subsection 4, Code 1997, is 1 13 amended to read as follows: 1 14 4. The remaining amount of the adjusted gross receipts tax 1 15 shall becredited to the general fund of the statedeposited 1 16 as provided in section 8.57, subsection 5. 1 17 Sec. 3. Section 8.57, subsection 5, paragraph e, Code 1 18 1997, is amended by striking the paragraph and inserting in 1 19 lieu thereof the following: 1 20 e. Moneys to be deposited pursuant to section 99D.17 and 1 21 section 99F.11, subsection 4, shall be deposited as follows: 1 22 (1) For the fiscal year beginning July 1, 1997, the first 1 23 forty million dollars are deposited into the local 1 24 infrastructure fund created in subsection 6, the next nineteen 1 25 million two hundred thousand dollars are deposited into the 1 26 state school infrastructure fund created in subsection 7, and 1 27 remaining moneys shall be deposited into the rebuild Iowa 1 28 infrastructure fund. 1 29 (2) For the fiscal year beginning July 1, 1998, the first 1 30 forty million dollars are deposited into the local 1 31 infrastructure fund, the next nineteen million eight hundred 1 32 thousand dollars are deposited into the state school 1 33 infrastructure fund, and remaining moneys shall be deposited 1 34 into the rebuild Iowa infrastructure fund. 1 35 (3) For the fiscal year beginning July 1, 1999, the first 2 1 seventy million dollars are deposited into the rebuild Iowa 2 2 infrastructure fund and remaining moneys shall be deposited 2 3 into the local infrastructure fund. 2 4 Sec. 4. Section 8.57, Code 1997, is amended by adding the 2 5 following new subsections: 2 6 NEW SUBSECTION. 6. a. A local infrastructure fund is 2 7 created under the control of the department of management. 2 8 The fund shall consist of appropriations made to the fund and 2 9 deposits of gambling revenues as provided by subsection 5. 2 10 The fund shall be separate from the general fund of the state 2 11 and the balance in the fund shall not be considered part of 2 12 the balance of the general fund of the state. However, the 2 13 fund shall be considered a special account for the purposes of 2 14 section 8.53, relating to generally accepted accounting 2 15 principles. Interest and earnings on moneys in the fund shall 2 16 be credited to the fund. Moneys in the fund at the end of a 2 17 fiscal year shall not revert to any other fund but shall 2 18 remain in the fund for purposes of the fund. 2 19 b. Moneys in the fund shall be used to assist cities, 2 20 counties, and school districts in funding local infrastructure 2 21 projects by providing twenty percent of the potential amount 2 22 of the bond issuance by a city, county, or school district if 2 23 both of the following are met: 2 24 (1) An election has been held on the question of issuing 2 25 bonds for a specified infrastructure project at which a sixty 2 26 percent majority have voted in favor of such bond issuance. 2 27 (2) The project is an infrastructure project as determined 2 28 by the department of management. 2 29 c. For purposes of this section, "potential amount of bond 2 30 issuance" is the amount of the bond issuance that would be 2 31 needed to fund the infrastructure project. Each city, county, 2 32 and school district shall notify the department of management 2 33 by January 1 of each year of the potential amount of the bond 2 34 issuance to be made in the ensuing fiscal year. By the end of 2 35 February, the department shall notify the city, county, or 3 1 school district of the amount that will be provided from the 3 2 local infrastructure fund pursuant to subsection 2. However, 3 3 not more than fifteen percent of the moneys in the fund may be 3 4 provided to any one city, county, or school district in any 3 5 fiscal year. If the fund is insufficient to provide twenty 3 6 percent of the total potential amount of bond issuances, then 3 7 the department shall prorate the amount each city, county, or 3 8 school district will receive. Moneys in the fund are 3 9 appropriated for purposes of the fund. Moneys received by a 3 10 school district are miscellaneous income for purposes of 3 11 chapter 257. 3 12 NEW SUBSECTION. 7. a. A state school infrastructure fund 3 13 is created under the authority of the department of education. 3 14 The fund shall consist of appropriations made to the fund and 3 15 deposits of gambling revenues as provided by subsection 5. 3 16 The fund shall be separate from the general fund of the state 3 17 and the balance in the fund shall not be considered part of 3 18 the balance of the general fund of the state. However, the 3 19 fund shall be considered a special account for the purposes of 3 20 section 8.53, relating to generally accepted accounting 3 21 principles. 3 22 b. Moneys in the state school infrastructure fund shall be 3 23 used to fund infrastructure projects of school districts by 3 24 providing each school district with an amount equal to an 3 25 additional one percentage point of state allowable growth for 3 26 the school budget years beginning July 1, 1997, and July 1, 3 27 1998. Moneys received under this paragraph shall be 3 28 miscellaneous income and shall not be included in district 3 29 cost of the school district under chapter 257. Moneys in the 3 30 fund are appropriated for purposes of the fund. 3 31 c. Moneys received by a school district from the state 3 32 school infrastructure fund shall be deposited into the 3 33 district's physical plant and equipment levy fund or 3 34 schoolhouse tax levy fund, as appropriate, to be used for 3 35 purposes for which the fund must be established. 4 1 EXPLANATION 4 2 Present law provides that state revenues generated by pari- 4 3 mutuel wagering and riverboat gambling be divided between the 4 4 state general fund and the rebuild Iowa infrastructure fund. 4 5 The bill changes that so that such revenues are deposited into 4 6 two new funds and the rebuild Iowa infrastructure fund. One 4 7 of the new funds is the local infrastructure fund which is 4 8 designed to provide 20 percent of the cost of the 4 9 infrastructure project of a city, county, or school district. 4 10 An election is to be held at which at least 60 percent must 4 11 vote in favor of issuing bonds for the project. The other 4 12 fund, the state school infrastructure fund, is designed to 4 13 provide school districts with an amount of state aid equal to 4 14 an additional one percentage point in the state percent of 4 15 growth. This aid would be considered miscellaneous income, 4 16 would not be factored into the school foundation formula, and 4 17 would be used for the purposes for which the physical plant 4 18 and equipment buy fund or the schoolhouse fund may be used. 4 19 The funding would be available for only two years. The local 4 20 infrastructure fund is an ongoing allocation. 4 21 LSB 1625YH 77 4 22 mg/jw/5.1
Text: HF00478 Text: HF00480 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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