Text: SJR00013 Text: SJR00015 Text: SJR00000 - SJR00099 Text: SJR Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. The following amendment to the Constitution of
1 2 the State of Iowa is proposed:
1 3 Article VII, Constitution of the State of Iowa, is amended
1 4 by adding the following new section:
1 5 MAINTENANCE OF CASH RESERVE AND ECONOMIC EMERGENCY FUNDS.
1 6 Sec. 9. A cash reserve fund and an economic emergency fund
1 7 shall be maintained by the state. Moneys in the two funds
1 8 shall be separate from the general fund of the state and shall
1 9 not be considered part of the general fund of the state except
1 10 in determining the cash position of the state. Moneys in the
1 11 two funds may be used for cash flow purposes provided that any
1 12 moneys so allocated from a fund during a fiscal year are
1 13 returned to the fund by the end of that fiscal year.
1 14 The target for the amount of moneys to be maintained in
1 15 each fund shall be five percent of the revenue estimate for
1 16 the general fund of the state for that fiscal year. The
1 17 revenue estimate shall be adjusted by subtracting estimated
1 18 tax refunds payable from the estimated revenue and by adding
1 19 any new revenue which may be considered to be eligible for
1 20 deposit in the general fund of the state. However, the
1 21 targets identified by this paragraph shall not be construed to
1 22 require more than one percent of the adjusted revenue estimate
1 23 for the general fund of the state to be set aside for these
1 24 purposes in any one fiscal year.
1 25 Moneys in the cash reserve fund may be appropriated by the
1 26 General Assembly only for use in the fiscal year in which the
1 27 appropriation is made. The moneys shall only be appropriated
1 28 in a bill or joint resolution in which the appropriation is
1 29 the only subject matter of the bill or joint resolution and
1 30 which contains a statement of the reasons why the
1 31 appropriation is necessary. In addition, moneys shall not be
1 32 appropriated from the cash reserve fund such that the balance
1 33 in the cash reserve fund would be less than three percent of
1 34 the adjusted revenue estimate for the fiscal year in which the
1 35 appropriation is made unless the bill or joint resolution
2 1 making the appropriation is approved by a vote of at least
2 2 three-fifths of the members of each chamber of the General
2 3 Assembly and approved by the Governor.
2 4 Moneys in the economic emergency fund may be appropriated
2 5 by the General Assembly only for use in the fiscal year in
2 6 which the appropriation is made.
2 7 This section applies to fiscal years commencing on or after
2 8 July 1, 2001.
2 9 Sec. 2. The foregoing proposed amendment to the
2 10 Constitution of the State of Iowa is referred to the General
2 11 Assembly to be chosen at the next general election for members
2 12 of the General Assembly and the Secretary of State is directed
2 13 to cause it to be published for three consecutive months
2 14 previous to the date of that election as provided by law.
2 15 EXPLANATION
2 16 This joint resolution proposes an amendment to the
2 17 Constitution of the State of Iowa requiring the maintenance of
2 18 a cash reserve fund and an economic emergency fund.
2 19 A target for the amount of moneys to be maintained in each
2 20 fund is identified. The target amount for each fund is 5
2 21 percent of the adjusted revenue estimate. The adjusted
2 22 revenue estimate is the revenue estimate for the general fund
2 23 of the state for the fiscal year adjusted by subtracting
2 24 estimated tax refunds payable from the estimated revenue and
2 25 by adding any new revenue which may be considered to be
2 26 eligible for deposit in the state general fund.
2 27 Moneys in the two funds may be used for cash flow purposes
2 28 provided that any moneys so allocated are returned to the fund
2 29 by the end of the fiscal year. Moneys in the cash reserve
2 30 fund may be appropriated by the general assembly only for use
2 31 in the fiscal year in which the appropriation is made. Moneys
2 32 appropriated from the cash reserve fund must be contained in a
2 33 bill or joint resolution in which the appropriation is the
2 34 only subject matter of the bill or joint resolution and which
2 35 contains a statement of the reasons why the appropriation is
3 1 necessary. In addition, moneys shall not be appropriated from
3 2 the cash reserve fund such that the balance in the cash
3 3 reserve would be less than 3 percent of the adjusted revenue
3 4 estimate for that fiscal year unless the bill or joint
3 5 resolution making the appropriation is approved by a vote of
3 6 at least three-fifths of the members of each chamber of the
3 7 general assembly and approved by the governor.
3 8 Moneys in the economic emergency fund may be appropriated
3 9 by the general assembly only for use in the fiscal year in
3 10 which the appropriation is made.
3 11 The resolution, if adopted, would be referred to the next
3 12 general assembly before being submitted to the electorate for
3 13 ratification.
3 14 LSB 2679SV 77
3 15 jp/sc/14
Text: SJR00013 Text: SJR00015 Text: SJR00000 - SJR00099 Text: SJR Index Bills and Amendments: General Index Bill History: General Index
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