Text: S05784 Text: S05786 Text: S05700 - S05799 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend the House amendment, S-5740, to Senate File
1 2 2381, as amended, passed, and reprinted by the Senate,
1 3 as follows:
1 4 #1. Page 1, by inserting after line 30 the
1 5 following:
1 6 "# . Page 4, by inserting after line 8 the
1 7 following:
1 8 "Sec. ___. There is appropriated from the rebuild
1 9 Iowa infrastructure fund to the department of economic
1 10 development for the fiscal year beginning July 1,
1 11 1998, and ending June 30, 1999, the following amount,
1 12 or so much thereof as is necessary, to be used for the
1 13 purpose designated:
1 14 To a city, county, or community organization for
1 15 infrastructure improvements related to the
1 16 construction of a nationally sanctioned automobile
1 17 racetrack facility for public use which meets the
1 18 definition of vertical infrastructure pursuant to
1 19 section 8.57, subsection 5, paragraph "c", to be
1 20 located in Iowa:
1 21 .................................................. $ 2,000,000
1 22 The department may award the funds appropriated
1 23 under this section to a city, county, or community
1 24 organization in the form of a loan or forgivable loan
1 25 for infrastructure improvements related to the
1 26 construction of the automobile racetrack facility.
1 27 However, as a condition of receiving the funds, the
1 28 city, county, or community organization shall first
1 29 demonstrate the commitment of substantial private and
1 30 local moneys to financing the construction of the
1 31 facility. For the award to qualify as a forgivable
1 32 loan, the city, county, or community organization
1 33 shall be required to demonstrate to the department
1 34 that the owner or operator of the racetrack facility
1 35 has generated state and local taxes within a ten-year
1 36 period that equal or exceed the amount of the award.
1 37 The general assembly finds that a nationally
1 38 sanctioned automobile racetrack facility in Iowa would
1 39 result in a substantial economic benefit to the state
1 40 and would offer thousands of spectators the
1 41 opportunity to experience and discover Iowa.
1 42 It is the intent of the general assembly to fund
1 43 the nationally sanctioned automobile racetrack
1 44 facility in the fiscal year beginning July 1, 1999,
1 45 and ending June 30, 2000, in the amount of $5,000,000.
1 46 Notwithstanding section 8.33, unencumbered or
1 47 unobligated funds remaining on June 30, 2002, from the
1 48 funds appropriated in this section shall revert to the
1 49 rebuild Iowa infrastructure fund on August 31, 2002."
1 50 #2. Page 1, by striking lines 43 and 44.
2 1 #3. Page 2, line 7, by striking the figure
2 2 "5,820,000" and inserting the following: "5,620,000".
2 3 #4. By renumbering as necessary.
2 4
2 5
2 6
2 7 ALLEN BORLAUG
2 8 WALLY E. HORN
2 9 STEWART IVERSON, Jr.
2 10 DENNIS H. BLACK
2 11 SF 2381.345 77
2 12 jm/cf/28
Text: S05784 Text: S05786 Text: S05700 - S05799 Text: S Index Bills and Amendments: General Index Bill History: General Index
© 1998 Cornell College and League of Women Voters of Iowa
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