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House Journal: Page 1495: Wednesday, April 23, 1997

47   the blufflands protection revolving fund.  After the
48   first year and for each subsequent year that the
49   principal remains unpaid, interest shall be charged
50   against any unpaid balance of the loan.  The interest

Page 3

 1   rate shall be set at the prevailing market rate for
 2   similar real estate in the county as determined by the
 3   director.  All interest payments shall be credited to
 4   the blufflands protection revolving fund.  Each loan
 5   shall be repaid as provided in the loan agreement.
 6   However, interest on the principal of a loan shall be
 7   due and payable thirty days after the conclusion of
 8   the second year and each subsequent year that the
 9   principal or a part of the principal remains unpaid.
10   A loan may be extended annually beyond the original
11   five years with the approval of the district
12   commissioners and the administrative director.
13     6.  The administrative director may:
14     a.  Contract, sue and be sued, and adopt
15   administrative rules pursuant to chapter 17A and
16   approved by the committee, necessary to carry out this
17   section, but the administrative director, the
18   committee, or the district commissioners shall not
19   directly or indirectly pledge the credit of the state
20   of Iowa.
21     b.  Authorize payment from the blufflands
22   protection revolving fund from moneys received under
23   section 99F.11, subsection 4, and from any income
24   received by investments of any money in the fund for
25   costs, commissions, attorney fees, and other
26   reasonable expenses related to and necessary for the
27   making and protecting of direct loans under this
28   section, and for recovery of moneys loaned or the
29   management of property acquired in connection with the
30   loans.
31     7.  The principal and interest from any blufflands
32   protection loans outstanding on July 1, 2017, and
33   payable to the blufflands protection revolving fund,
34   shall be paid to the administrative director of the
35   division of soil conservation on or after July 1,
36   2017, pursuant to the terms of the loan agreement and
37   shall be credited to the rebuild Iowa infrastructure
38   fund.
39     8.  This section is repealed on July 1, 2017."
40     2.  By renumbering as necessary.
Roll call was requested by Witt of Black Hawk and Fallon of Polk.
On the question "Shall amendment H-1877 be adopted?" (H.F. 733)

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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