Text: S05473                            Text: S05475
Text: S05400 - S05499                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

Senate Amendment 5474

Amendment Text

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  8    For each calendar year, the The 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 the state ceiling amount
  1 15 shall be allocated solely to the Iowa finance
  1 16 authority for the following purposes:
  1 17    a. (1)  Issuing qualified mortgage bonds.
  1 18    b. (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 22    c. (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 subsection 6 3.
  1 33    2. b.  Twelve percent of the state ceiling amount
  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 subsection 6 3.
  1 42    3. c.  Sixteen percent of the state ceiling amount
  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 subsection 6 3.
  2  1    4. d.  Sixteen Twenty-one percent of the state
  2  2 ceiling amount 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 subsection 6 3.
  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 require further treatment before delivery
  2 18 to the ultimate consumer.
  2 19    5. 2.  During the period of January 1 through
  2 20 October 25 June 30, five three 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 27    6. 3.  a.  The amount of the state ceiling which is
  2 28 not otherwise allocated under subsections this
  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 1 through 4 which is not allocated, and after October
  2 33 25 June 30, the any amount of the state ceiling
  2 34 reserved under subsection 5 and 2 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, subsections
  2 46 subsection 1 through 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 through October 25
  3  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, subsection 5 2, 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, subsection 6 3.
  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, subsections
  3 18 subsection 1 through 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 than October 25
  3 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 SF 2052H
  4  1 da/25/25
     

Text: S05473                            Text: S05475
Text: S05400 - S05499                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

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