Text: SSB00204 Text: SSB00206 Text: SSB00200 - SSB00299 Text: SSB 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 2679SC 77 3 15 jp/sc/14
Text: SSB00204 Text: SSB00206 Text: SSB00200 - SSB00299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
© 1997 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: Wed Mar 5 03:41:36 CST 1997
URL: /DOCS/GA/77GA/Legislation/SSB/00200/SSB00205/970304.html
jhf