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House Journal: Page 890: Thursday, March 27, 1997

44   in this division is intended be established to
provide
45   statewide availability of lower cost funds for lending
46   purposes that will inject needed capital into the
47   business of, and stimulate existing or encourage new
48   businesses in, the area of producing, processing, or
49   marketing horticultural or nontraditional crops.
50     3.  It is the public policy of the state through

Page 2  

 1   the linked investments for tomorrow program to create
 2   an availability of lower cost funds to inject needed
 3   capital into the business of producing, processing, or
 4   marketing horticultural crops or nontraditional crops.
 5     Sec. ___.  Section 12.34, subsection 1, Code 1997,
 6   is amended to read as follows:
 7     1.  The treasurer of state may invest up to the
 8   lesser of sixty-five million dollars or ten percent of
 9   the balance of the state pooled money fund in
10   certificates of deposit in eligible lending
11   institutions pursuant to this division.
12     Sec. ___.  Section 12.40, subsection 3, Code 1997,
13   is amended to read as follows:
14     3.  In order to qualify as an eligible borrower,
15   the rural small business must be located in a city
16   with a population of five thousand or less.  A rural
17   small business located in a city located in a county
18   with a population in excess of three one hundred
19   thousand, if the city is contiguous to another city in
20   the county and that other city is contiguous to the
21   largest city in that county, shall be ineligible to
22   qualify as a borrower.  In order to qualify under this
23   program, all owners of the business or borrowers must
24   not have a combined net worth exceeding five hundred
25   thousand dollars as defined in rules adopted by the
26   treasurer of state pursuant to chapter 17A and the
27   rural small business must meet all of the following
28   criteria:
29     a.  Be a for-profit business under a single
30   management.
31     b.  Have annual sales of two million dollars or
32   less.
33     c.  Not be operated out of the home of any person,
34   unless the person is eligible for a deduction on
35   federal income taxes pursuant to 26 U.S.C. "/g" 280A.
36     d.  Not involve real estate investments, rental of
37   real estate, leasing of real estate, or real estate
38   speculation.
39     e.  Not provide the services of persons practicing
40   medicine and surgery pursuant to chapter 148,
41   dentistry pursuant to chapter 153, chiropractic
42   pursuant to chapter 151, optometry pursuant to chapter
43   154, osteopathic medicine and surgery pursuant to

Iowa General Assembly

Index: House Journal (77th General Assembly: Session 1)

© 1997 Cornell College and League of Women Voters of Iowa

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