Text: HF02378 Text: HF02380 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 8.57, subsection 5, paragraph e, Code 1 2 1997, is amended to read as follows: 1 3 e. Notwithstanding provisions to the contrary in sections 1 4 99D.17 and 99F.11, for the fiscal years beginning July 1,19951 5 1997, and July 1,19961998, not more than a total of sixty 1 6 million dollars;and for each fiscal year thereafterfor the 1 7 fiscal year beginning July 1, 1999, not more than forty-five 1 8 million dollars; for the fiscal year beginning July 1, 2000, 1 9 not more than thirty million dollars; and for the fiscal year 1 10 beginning July 1, 2001, not more than fifteen million dollars 1 11 shall be deposited in the general fund of the state in any 1 12 fiscal year pursuant to sections 99D.17 and 99F.11. The total 1 13 moneys in excess of the moneys deposited in the general fund 1 14 in a fiscal year shall be deposited in the infrastructure fund 1 15 and shall be used as provided in this section, notwithstanding 1 16 section 8.60. Notwithstanding provisions to the contrary in 1 17 sections 99D.17 and 99F.11, for the fiscal year beginning July 1 18 1, 2002, and each subsequent fiscal year all moneys shall be 1 19 deposited into the infrastructure fund and shall be used as 1 20 provided in this section, notwithstanding section 8.60. 1 21 Sec. 2. Section 8.57, subsection 5, Code 1997, is amended 1 22 by adding the following new paragraph: 1 23 NEW PARAGRAPH. f. For the fiscal year beginning July 1, 1 24 1999, and for each subsequent fiscal year, there is 1 25 appropriated from the rebuild Iowa infrastructure fund to the 1 26 department of education for deposit into the school investment 1 27 fund created in section 256.39A the sum of sixty million 1 28 dollars. 1 29 Sec. 3. NEW SECTION. 256.39A SCHOOL INVESTMENT FUND. 1 30 1. A school investment fund is established in the state 1 31 treasury under the control of the department of education. 1 32 The department shall deposit into the fund moneys appropriated 1 33 to the fund from the rebuild Iowa infrastructure fund and from 1 34 any other appropriations made for deposit into the fund. 1 35 Section 8.33 shall not apply to any moneys appropriated to or 2 1 deposited into the fund. 2 2 2. Moneys in the school investment fund shall be used by 2 3 the department of education to provide grants to school 2 4 districts in an amount up to twenty percent of the principal 2 5 of bonds issued after July 1, 1998, which meet all of the 2 6 following requirements: 2 7 a. The proceeds of the bonds shall be used solely for 2 8 vertical infrastructure projects, as defined in section 8.57, 2 9 subsection 5, paragraph "c", and shall not be used for 2 10 refunding any other bonds. 2 11 b. The bonds were authorized by a vote of the eligible 2 12 electors of the school district. 2 13 c. The principal and interest on the bonds were to be paid 2 14 from property taxes. 2 15 3. a. Prior to the school budget year beginning July 1, 2 16 1998, and each school budget year thereafter, each school 2 17 district seeking a grant from the school investment fund for 2 18 bonds to be issued in the coming school budget year shall 2 19 notify the department of education of the amount of the bonds 2 20 to be issued. After verification that the bonds will qualify 2 21 for a grant under this section, the department shall set aside 2 22 twenty percent of the amount of the gross receipts from the 2 23 bonds to be issued. However, if the total amount of moneys 2 24 available in the school investment fund for the fiscal year is 2 25 insufficient to provide twenty percent for all school 2 26 districts, the department shall prorate the amount available 2 27 so that each qualified school district will receive the same 2 28 percentage amount. 2 29 b. The amount to be awarded a school district as provided 2 30 in paragraph "a" shall be awarded to the school district 2 31 within fifteen days of the notice by the school district of 2 32 the sale of the bonds. 2 33 c. The grant awarded to the school district shall be 2 34 deposited into a separate account of the school district and 2 35 used solely for the payment of principal and interest on the 3 1 bonds for which the grant was awarded. 3 2 Sec. 3. APPROPRIATIONS. 3 3 1. There is appropriated from the rebuild Iowa 3 4 infrastructure fund to the department of education for the 3 5 fiscal year beginning July 1, 1998, and ending June 30, 1999, 3 6 the sum of fifty-two million dollars for deposit into the 3 7 school investment fund created in section 3 of this Act. 3 8 2. There is appropriated from the federal funds allocated 3 9 to the state of Iowa as described in Conference Committee 3 10 Report 105-390, accompanying H.R. 2264, making federal 3 11 appropriations to the United States departments of labor, 3 12 health and human services, and education, to the state 3 13 department of education the sum of eight million dollars for 3 14 deposit into the school investment fund created in section 3 3 15 of this Act. 3 16 Sec. 4. This Act, being deemed of immediate importance, 3 17 takes effect upon enactment. 3 18 EXPLANATION 3 19 The bill requires the deposit of larger amounts of gambling 3 20 revenues into the rebuild Iowa infrastructure fund. Beginning 3 21 with the fiscal year 1999-2000, a $60 million standing 3 22 appropriation is made to a newly created school investment 3 23 fund. For the fiscal year 1998-1999, $52 million is 3 24 appropriated from the rebuild Iowa infrastructure fund and $8 3 25 million of federal funds allocated to Iowa is designated for 3 26 the school investment fund. The moneys in the school 3 27 investment fund are to be used to provide to each school 3 28 district up to 20 percent of the principal of bonds to be 3 29 issued by the school district in a school budget year for 3 30 vertical infrastructure purposes. These bonds must have been 3 31 authorized at an election and were to be paid from property 3 32 taxes. 3 33 The bill takes effect upon enactment. 3 34 LSB 3335YH 77 3 35 mg/cf/24
Text: HF02378 Text: HF02380 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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