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House Journal: Page 1132: Wednesday, April 1, 1998

21   or
22     c. (3)  Exchanging the allocation, or any portion
23   thereof, for the authority to issue mortgage credit
24   certificates by election under section 25(c) of the
25   Internal Revenue Code.
26     However, at any time during the calendar year the
27   executive director of the Iowa finance authority may
28   determine that a lesser amount need be allocated to
29   the Iowa finance authority and on that date this
30   lesser amount shall be the amount allocated to the
31   authority and the excess shall be allocated under
32   subsection 6 3.
33     2. b.  Twelve percent of the state ceiling
amount
34   shall be allocated to bonds issued to carry out
35   programs established under chapters 260C, 260E, and
36   260F.  However, at any time during the calendar year
37   the director of the Iowa department of economic
38   development may determine that a lesser amount need be
39   allocated and on that date this lesser amount shall be
40   the amount allocated for those programs and the excess
41   shall be allocated under subsection 6 3.
42     3. c.  Sixteen percent of the state ceiling
amount
43   shall be allocated to qualified student loan bonds.
44   However, at any time during the calendar year the
45   governor's designee, with the approval of the Iowa
46   student loan liquidity corporation, may determine that
47   a lesser amount need be allocated to qualified student
48   loan bonds and on that date the lesser amount shall be
49   the amount allocated for those bonds and the excess
50   shall be allocated under subsection 6 3.

Page 2  

 1     4. d.  Sixteen Twenty-one percent of the
state
 2   ceiling amount shall be allocated to qualified small
 3   issue bonds issued for first-time farmers.  However,
 4   at any time during the calendar year the governor's
 5   designee, with the approval of the Iowa agricultural
 6   development authority, may determine that a lesser
 7   amount need be allocated to qualified small issue
 8   bonds for first-time farmers and on that date this
 9   lesser amount shall be the amount allocated for those
10   bonds and the excess shall be allocated under
11   subsection 6 3.
12     e.  Eighteen percent of the amount shall be
13   allocated to bonds issued by political subdivisions to
14   finance a qualified industry or industries for the
15   manufacturing, processing, or assembly of agricultural
16   or manufactured products even though the processed
17   products may required further treatment before
18   delivery to the ultimate consumer.
19     5. 2.  During the period of January 1 through
20   October 25 June 30, five three percent of
the first

© 1998 Cornell College and League of Women Voters of Iowa

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URL: /DOCS/GA/77GA/Session.2/HJournal/01100/01132.html
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