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House Journal: Page 1084: Tuesday, April 8, 1997

 6   recommendation shall be sent to the administrative
 7   director and the committee for approval.
 8     5.  Except as otherwise provided in this
 9   subsection, each loan made under this section shall be
10   for a period not to exceed five years, shall bear no
11   interest for the first year, and shall be repayable to
12   the blufflands protection revolving fund.  After the
13   first year and for each subsequent year that the
14   principal remains unpaid, interest shall be charged
15   against any unpaid balance of the loan.  The interest
16   rate shall be set at the prevailing market rate for
17   similar real estate in the county as determined by the
18   director.  All interest payments shall be credited to
19   the blufflands protection revolving fund.  Each loan
20   shall be repaid as provided in the loan agreement.
21   However, interest on the principal of a loan shall be
22   due and payable thirty days after the conclusion of
23   the second year and each subsequent year that the
24   principal or a part of the principal remains unpaid.
25   A loan may be extended annually beyond the original
26   five years with the approval of the district
27   commissioners and the administrative director.
28     6.  The administrative director may:
29     a.  Contract, sue and be sued, and adopt
30   administrative rules pursuant to chapter 17A and
31   approved by the committee, necessary to carry out this
32   section, but the administrative director, the
33   committee, or the district commissioners shall not
34   directly or indirectly pledge the credit of the state
35   of Iowa.
36     b.  Authorize payment from the blufflands
37   protection revolving fund from moneys received under
38   section 99F.11, subsection 4, and from any income
39   received by investments of any money in the fund for
40   costs, commissions, attorney fees, and other
41   reasonable expenses related to and necessary for the
42   making and protecting of direct loans under this
43   section, and for recovery of moneys loaned or the
44   management of property acquired in connection with the
45   loans.
46     7.  This section is repealed on July 1, 2017.
A non-record roll call was requested.
The ayes were 39, nays 45.
The motion to suspend the rules lost.
Greiner of Washington moved that the bill be read a last time
now and placed upon its passage which motion prevailed and the
bill was read a last time.
On the question "Shall the bill pass?" (H.F. 708)

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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