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House Journal: Page 1133: Wednesday, April 1, 1998

21   one hundred fifty million dollars of the state ceiling
22   shall be reserved for private activity bonds issued by
23   political subdivisions, the proceeds of which are used
24   by the issuing political subdivisions.  During that
25   period, the reserved percentage shall not be allocated
26   for a purpose provided in subsection 1.
27     6. 3.  a.  The amount of the state ceiling
which is~ `
28   not otherwise allocated under subsections this
29   section, including any amount above the first one
30   hundred fifty million dollars of the state ceiling as
31   provided in this section, any amount under subsection
32   1 through 4 which is not allocated, and after
October
33   25 June 30, the any amount of the state
ceiling
34   reserved under subsection 5 and 2 which is not
35   allocated, shall be allocated to all bonds requiring
36   an allocation under section 146 of the Internal
37   Revenue Code without priority for any type of bond
38   over another, except as otherwise provided in sections
39   7C.5 and 7C.11.
40     b.  The population of the state shall be determined
41   in accordance with the Internal Revenue Code.
42     Sec. ___.  Section 7C.5, Code 1997, is amended to
43   read as follows:
44     7C.5  FORMULA FOR ALLOCATION.
45     Except as provided in section 7C.4A, subsections
46   subsection 1 through 4, the state ceiling shall be
47   allocated among all political subdivisions on a
48   statewide basis on the basis of the chronological
49   orders of receipt by the governor's designee of the
50   applications described in section 7C.6 with respect to

Page 3

 1   a definitive issue of bonds, as determined by the day,
 2   hour, and minute time-stamped on the application
 3   immediately upon receipt by the governor's designee.
 4   However, for the period January 1 through October 25
 5   June 30 of each year, allocations to bonds for which
 6   an amount of the state ceiling has been reserved
 7   pursuant to section 7C.4A, subsection 5 2, shall be
 8   made to the political subdivisions submitting the
 9   applications first from the reserved amount until the
10   reserved amount has been fully allocated and then from
11   the amount specified in section 7C.4A, subsection 6
3.
12     Sec. ___.  Section 7C.6, unnumbered paragraph 1,
13   Code 1997, is amended to read as follows:
14     A political subdivision which proposes to issue
15   bonds for a particular project or purpose for which an
16   allocation of the state ceiling is required and has
17   not already been made under section 7C.4A, subsections
18   subsection 1 through 4, must make an application for
19   allocation before issuance of the bonds.  The
20   application may be made by the political subdivision

© 1998 Cornell College and League of Women Voters of Iowa

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