Text: SSB02001 Text: SSB02003 Text: SSB02000 - SSB02099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 7C.4A, subsections 4, 5, and 6, Code 1 2 1997, are amended to read as follows: 1 3 4.SixteenTwenty percent of the state ceiling shall be 1 4 allocated to qualified small issue bonds issued for first-time 1 5 farmers. However, at any time during the calendar year the 1 6 governor's designee, with the approval of the Iowa 1 7 agricultural development authority, may determine that a 1 8 lesser amount need be allocated to qualified small issue bonds 1 9 for first-time farmers and on that date this lesser amount 1 10 shall be the amount allocated for those bonds and the excess 1 11 shall be allocated under subsection 6. 1 125. During the period of January 1 through October 25, five1 13percent of the state ceiling shall be reserved for private1 14activity bonds issued by political subdivisions, the proceeds1 15of which are used by the issuing political subdivisions.1 16 6. a. The amount of the state ceiling not allocated under 1 17 subsections 1 through 4,and after October 25, the amount of1 18the state ceiling reserved under subsection 5 and not1 19allocated,shall be allocated to all bonds requiring an 1 20 allocation under section 146 of the Internal Revenue Code 1 21 without priority for any type of bond over another, except as 1 22 otherwise provided in sections 7C.5 and 7C.11. 1 23 b. The population of the state shall be determined in 1 24 accordance with the Internal Revenue Code. 1 25 Sec. 2. Section 7C.5, Code 1997, is amended to read as 1 26 follows: 1 27 7C.5 FORMULA FOR ALLOCATION. 1 28 Except as provided in section 7C.4A, subsections 1 through 1 29 4, the state ceiling shall be allocated among all political 1 30 subdivisions on a statewide basis on the basis of the 1 31 chronological orders of receipt by the governor's designee of 1 32 the applications described in section 7C.6 with respect to a 1 33 definitive issue of bonds, as determined by the day, hour, and 1 34 minute time-stamped on the application immediately upon 1 35 receipt by the governor's designee.However, for the period2 1January 1 through October 25 of each year, allocations to2 2bonds for which an amount of the state ceiling has been2 3reserved pursuant to section 7C.4A, subsection 5, shall be2 4made to the political subdivisions submitting the applications2 5first from the reserved amount until the reserved amount has2 6been fully allocated and then from the amount specified in2 7section 7C.4A, subsection 6.2 8 EXPLANATION 2 9 Iowa Code section 7C.4A allocates a ceiling among the 2 10 various governmental units which are authorized to issue 2 11 private activity bonds under the laws of this state. The 2 12 section allocates a percentage of the state ceiling for a 2 13 number of public purposes, including housing, job training, 2 14 and education. Sixteen percent of the state ceiling is 2 15 allocated to qualified small issue bonds issued for first-time 2 16 farmers, under programs administered by the agricultural 2 17 development authority. This bill increases the allocation to 2 18 20 percent of the state ceiling. The bill eliminates a 2 19 provision allocating five percent of the state ceiling for the 2 20 issuance of private activity bonds by political subdivisions 2 21 authorized to issue such bonds. 2 22 LSB 3066SC 77 2 23 da/jw/5.1
Text: SSB02001 Text: SSB02003 Text: SSB02000 - SSB02099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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