Text: SF02051 Text: SF02053 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 SENATE FILE 2052 1 2 1 3 AN ACT 1 4 RELATING TO PROGRAMS INVOLVING GOVERNMENT FINANCE, BY PROVIDING 1 5 FOR THE ISSUANCE OF PRIVATE ACTIVITY BONDS TO ADMINISTER 1 6 PROGRAMS BY GOVERNMENTAL ENTITIES, INCLUDING THE IOWA AGRI- 1 7 CULTURAL DEVELOPMENT AUTHORITY AND POLITICAL SUBDIVISIONS, 1 8 AND PROVIDING PROGRAM ASSISTANCE TO BEGINNING FARMERS. 1 9 1 10 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 11 1 12 Section 1. Section 7C.4A, Code 1997, is amended to read as 1 13 follows: 1 14 7C.4A ALLOCATION OF STATE CEILING. 1 15 For each calendar year, the state ceiling shall be 1 16 allocated among bonds issued for various purposes as follows: 1 17 1. Thirty percent of the state ceiling shall be allocated 1 18 solely to the Iowa finance authority for the following 1 19 purposes: 1 20 a. Issuing qualified mortgage bonds. 1 21 b. Reallocating the amount, or any portion thereof, to 1 22 another qualified political subdivision for the purpose of 1 23 issuing qualified mortgage bonds; or 1 24 c. Exchanging the allocation, or any portion thereof, for 1 25 the authority to issue mortgage credit certificates by 1 26 election under section 25(c) of the Internal Revenue Code. 1 27 However, at any time during the calendar year the executive 1 28 director of the Iowa finance authority may determine that a 1 29 lesser amount need be allocated to the Iowa finance authority 1 30 and on that date this lesser amount shall be the amount 1 31 allocated to the authority and the excess shall be allocated 1 32 under subsection67. 1 33 2. Twelve percent of the state ceiling shall be allocated 1 34 to bonds issued to carry out programs established under 1 35 chapters 260C, 260E, and 260F. However, at any time during 2 1 the calendar year the director of the Iowa department of 2 2 economic development may determine that a lesser amount need 2 3 be allocated and on that date this lesser amount shall be the 2 4 amount allocated for those programs and the excess shall be 2 5 allocated under subsection67. 2 6 3. Sixteen percent of the state ceiling shall be allocated 2 7 to qualified student loan bonds. However, at any time during 2 8 the calendar year the governor's designee, with the approval 2 9 of the Iowa student loan liquidity corporation, may determine 2 10 that a lesser amount need be allocated to qualified student 2 11 loan bonds and on that date the lesser amount shall be the 2 12 amount allocated for those bonds and the excess shall be 2 13 allocated under subsection67. 2 14 4.SixteenTwenty-one percent of the state ceiling shall 2 15 be allocated to qualified small issue bonds issued for first- 2 16 time farmers. However, at any time during the calendar year 2 17 the governor's designee, with the approval of the Iowa 2 18 agricultural development authority, may determine that a 2 19 lesser amount need be allocated to qualified small issue bonds 2 20 for first-time farmers and on that date this lesser amount 2 21 shall be the amount allocated for those bonds and the excess 2 22 shall be allocated under subsection67. 2 23 5. Eighteen percent of the state ceiling shall be 2 24 allocated to bonds issued by political subdivisions to finance 2 25 a qualified industry or industries for the manufacturing, 2 26 processing, or assembly of agricultural or manufactured 2 27 products even though the processed products may require 2 28 further treatment before delivery to the ultimate consumer. 2 2956. During the period of January 1 throughOctober 252 30 June 30,fivethree percent of the state ceiling shall be 2 31 reserved for private activity bonds issued by political 2 32 subdivisions, the proceeds of which are used by the issuing 2 33 political subdivisions. 2 3467. a. The amount of the state ceiling which is not 2 35 otherwise allocated under subsections 1 through45, and after 3 1October 25June 30, the amount of the state ceiling reserved 3 2 under subsection56 and not allocated, shall be allocated to 3 3 all bonds requiring an allocation under section 146 of the 3 4 Internal Revenue Code without priority for any type of bond 3 5 over another, except as otherwise provided in sections 7C.5 3 6 and 7C.11. 3 7 b. The population of the state shall be determined in 3 8 accordance with the Internal Revenue Code. 3 9 Sec. 2. Section 7C.5, Code 1997, is amended to read as 3 10 follows: 3 11 7C.5 FORMULA FOR ALLOCATION. 3 12 Except as provided in section 7C.4A, subsections 1 through 3 1345, the state ceiling shall be allocated among all political 3 14 subdivisions on a statewide basis on the basis of the 3 15 chronological orders of receipt by the governor's designee of 3 16 the applications described in section 7C.6 with respect to a 3 17 definitive issue of bonds, as determined by the day, hour, and 3 18 minute time-stamped on the application immediately upon 3 19 receipt by the governor's designee. However, for the period 3 20 January 1 throughOctober 25June 30 of each year, allocations 3 21 to bonds for which an amount of the state ceiling has been 3 22 reserved pursuant to section 7C.4A, subsection56, shall be 3 23 made to the political subdivisions submitting the applications 3 24 first from the reserved amount until the reserved amount has 3 25 been fully allocated and then from the amount specified in 3 26 section 7C.4A, subsection67. 3 27 Sec. 3. Section 7C.6, unnumbered paragraph 1, Code 1997, 3 28 is amended to read as follows: 3 29 A political subdivision which proposes to issue bonds for a 3 30 particular project or purpose for which an allocation of the 3 31 state ceiling is required and has not already been made under 3 32 section 7C.4A, subsections 1 through45, must make an 3 33 application for allocation before issuance of the bonds. The 3 34 application may be made by the political subdivision or its 3 35 representative, the beneficiary of the project or purpose, or 4 1 by a person acting on behalf of the beneficiary. The 4 2 application shall be submitted to the governor's designee, in 4 3 the form prescribed by the governor's designee. The 4 4 application shall contain, where appropriate, the following 4 5 information: 4 6 Sec. 4. Section 7C.7, subsection 1, Code 1997, is amended 4 7 to read as follows: 4 8 1. If the bonds are issued and delivered for the purpose 4 9 or project within the thirty-day period or the forty-five day 4 10 extension period provided in subsection 2, the political 4 11 subdivision or its representative shall within ten days 4 12 following the issuance and delivery of the bonds or not later 4 13 thanOctober 25June 30 of that year, if the bonds were issued 4 14 and delivered on or before that date, file with the governor's 4 15 designee, in the form or manner the governor's designee may 4 16 prescribe, a notification of the date of issuance and the 4 17 delivery of the bonds, and the actual principal amount of 4 18 bonds issued and delivered. The filing of the notification 4 19 shall be done by actual delivery or by posting in a United 4 20 States post office depository with correct first class postage 4 21 paid. If the actual principal amount of bonds issued and 4 22 delivered is less than the amount of the allocation, the 4 23 amount of the allocation is automatically reduced to the 4 24 actual principal amount of the bonds issued and delivered. 4 25 Sec. 5. EXECUTIVE DIRECTOR – CONGRESSIONAL PERSUASION. 4 26 The executive director of the agricultural development 4 27 authority as established pursuant to chapter 175 shall use 4 28 every effort practical to persuade members of the Congress of 4 29 the United States regarding the following: 4 30 1. The need to change provisions in federal law, including 4 31 the federal Internal Revenue Code, 26 U.S.C. } 141 et seq., in 4 32 order to allow a person to qualify for assistance under the 4 33 beginning farmer loan program pursuant to section 175.12, to 4 34 finance the acquisition of agricultural land, improvements, 4 35 and depreciable property from a family member, if the purchase 5 1 price paid for the land, improvements, or depreciable property 5 2 is not less than seventy-five percent of its appraised value. 5 3 2. The need to increase the state of Iowa's ceiling to the 5 4 issuers of private activity bonds within the state in order to 5 5 maximize the economic benefit to the citizens of the state 5 6 from the issuance of private activity bonds pursuant to the 5 7 federal Internal Revenue Code, 26 U.S.C. } 146. 5 8 Sec. 6. COOPERATION BETWEEN THE AGRICULTURAL DEVELOPMENT 5 9 AUTHORITY AND THE IOWA FINANCE AUTHORITY. To the extent 5 10 authorized by the Iowa finance authority, the agricultural 5 11 development authority may use any percentage of the state 5 12 ceiling allocated to the Iowa finance authority pursuant to 5 13 section 7C.4A for purposes of supporting the agricultural 5 14 development authority in financing the beginning farmer loan 5 15 program pursuant to section 175.12 through the issuance of 5 16 qualified small issue bonds. The Iowa finance authority and 5 17 the agricultural development authority shall cooperate to 5 18 every extent practical in order to carry out this section 5 19 without impeding the purposes of the Iowa finance authority. 5 20 Sec. 7. ADDITIONAL POSITION AUTHORIZED. In addition to 5 21 any full-time equivalent positions otherwise authorized by the 5 22 general assembly for the fiscal year beginning July 1, 1998, 5 23 and ending June 30, 1999, the agricultural development 5 24 authority, as established in section 175.3, is authorized, one 5 25 full-time equivalent position for the fiscal year. 5 26 5 27 5 28 5 29 MARY E. KRAMER 5 30 President of the Senate 5 31 5 32 5 33 5 34 RON J. CORBETT 5 35 Speaker of the House 6 1 6 2 I hereby certify that this bill originated in the Senate and 6 3 is known as Senate File 2052, Seventy-seventh General Assembly. 6 4 6 5 6 6 6 7 MARY PAT GUNDERSON 6 8 Secretary of the Senate 6 9 Approved , 1998 6 10 6 11 6 12 6 13 TERRY E. BRANSTAD 6 14 Governor
Text: SF02051 Text: SF02053 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 1998 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Mon Jun 29 13:40:04 CDT 1998
URL: /DOCS/GA/77GA/Legislation/SF/02000/SF02052/980415.html
jhf