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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