Text: SF00451 Text: SF00453 Text: SF00400 - SF00499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 257D.1 TITLE. 1 2 This chapter may be cited as the school infrastructure 1 3 incentive match Act. 1 4 Sec. 2. NEW SECTION. 257D.2 SCHOOL INFRASTRUCTURE 1 5 REVOLVING FUND. 1 6 1. A school infrastructure revolving fund is created 1 7 within the state treasury under the control of the department 1 8 of education. The fund shall consist of any money 1 9 appropriated by the general assembly and any other moneys 1 10 available to and obtained or accepted by the department from 1 11 the federal government or private sources for placement in the 1 12 fund. The assets of the fund shall be used by the department 1 13 for carrying out the purpose of section 257D.3. 1 14 2. Payments of interest on moneys in the fund, recaptures 1 15 of awards, or repayments of moneys loaned shall be deposited 1 16 in the fund. Section 8.33 does not apply to any moneys in the 1 17 fund. 1 18 3. The fund is subject to an annual audit by the auditor 1 19 of state. Moneys in the fund, which may be subject to 1 20 warrants written by the director of revenue and finance, shall 1 21 be drawn upon the written requisition of the director of the 1 22 department of education or an authorized representative of the 1 23 director. 1 24 Sec. 3. NEW SECTION. 257D.3 SCHOOL INFRASTRUCTURE 1 25 INCENTIVE MATCH PROGRAM. 1 26 1. The department of education shall establish a school 1 27 infrastructure incentive match program. The program shall 1 28 make matching no interest loans to eligible school districts 1 29 for infrastructure projects within the school district. The 1 30 director of the department shall recommend rules to the state 1 31 board of education regarding the administration of the 1 32 program. The board shall adopt rules which include at least 1 33 the following: 1 34 a. That the board of directors of a school district 1 35 certify that the district is seeking a bond issue to finance 2 1 infrastructure projects in the district and include a 2 2 description of the projects to be funded through the bond 2 3 issue. 2 4 b. That the school district apply for the grant not later 2 5 than thirty days prior to the final action by the district to 2 6 adopt the bond resolution and place the bond issue before the 2 7 voters of the district. 2 8 c. The content of the application. 2 9 d. Procedures for the review of each application. The 2 10 rules shall provide for the prioritization of awards for 2 11 matching loans with projects which will correct life safety 2 12 violations in school buildings receiving the highest priority, 2 13 followed by projects to correct other building code 2 14 deficiencies. The department may add other types of projects 2 15 to the list which shall be lower in priority. 2 16 2. The department shall review each application and 2 17 approve, modify, or reject the application and notify the 2 18 district. Matching loans are contingent on the approval of 2 19 the bond issue by the voters of the school district. Matching 2 20 loans which are not made due to the failure of the school 2 21 district to approve a bond issue shall remain in the revolving 2 22 fund and be available for award to another district. 2 23 3. A school district may repay a loan received under this 2 24 program by bonds issued to fund the infrastructure project for 2 25 which a matching loan was awarded as authorized by section 2 26 296.1. 2 27 Sec. 4. Section 422.7, Code 1997, is amended by adding the 2 28 following new subsection: 2 29 NEW SUBSECTION. 35. Subtract, to the extent included, 2 30 interest earned on general obligation bonds or notes issued as 2 31 authorized in section 296.1 by a school district located in 2 32 the state for infrastructure projects. 2 33 Sec. 5. Section 422.35, Code 1997, is amended by adding 2 34 the following new subsection: 2 35 NEW SUBSECTION. 9. Subtract, to the extent included, 3 1 interest earned on general obligation bonds or notes issued as 3 2 authorized in section 296.1 by a school district located in 3 3 the state for infrastructure projects. 3 4 Sec. 6. APPROPRIATION. There is appropriated from the 3 5 general fund of the state to the department of education for 3 6 the fiscal year beginning July 1, 1997, and ending June 30, 3 7 1998, the following amount, or so much thereof as is 3 8 necessary, to be used for the purposes designated: 3 9 For the school infrastructure incentive match program 3 10 established in chapter 257D: 3 11 .................................................. $ 30,000,000 3 12 EXPLANATION 3 13 This bill provides for the creation of the school 3 14 infrastructure revolving fund under the control of the 3 15 department of education. The department shall receive a $30 3 16 million general fund appropriation for the fiscal year which 3 17 begins July 1, 1997, to be deposited in the fund. Moneys 3 18 remaining in the fund at the end of a fiscal year do not 3 19 revert to the general fund. Interest earned on moneys in the 3 20 fund also remain in the fund. The fund is subject to an 3 21 annual audit by the auditor of state. 3 22 The bill provides that moneys in the fund are to be used 3 23 for the school infrastructure incentive match program. This 3 24 program provides matching no interest loans to school 3 25 districts which are planning infrastructure projects to be 3 26 funded through bonds. 3 27 Matching loans are to be awarded on a priority system with 3 28 life safety violations receiving the highest priority. Other, 3 29 nonlife safety building code violations shall receive second 3 30 priority. The department may add other types of projects to 3 31 its priority list below these two. 3 32 A school district is to apply to the department for a 3 33 matching loan. The district must certify that it is in the 3 34 process of approving a bond issue and detail the 3 35 infrastructure projects to be funded. The district shall 4 1 repay the loans out of the proceeds of the bond issue used to 4 2 fund the infrastructure project which receives the matching 4 3 loan. 4 4 The bill also provides that the interest on bonds issued 4 5 for infrastructure projects is not subject to personal or 4 6 corporate income tax. 4 7 LSB 2419XS 77 4 8 mk/sc/14
Text: SF00451 Text: SF00453 Text: SF00400 - SF00499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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