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House Journal: Page 1569: Tuesday, April 14, 1998

 8   allocated among bonds issued for various purposes as
 9   follows:
10     1.  Thirty percent of the state ceiling shall be
11   allocated solely to the Iowa finance authority for the
12   following purposes:
13     a.  Issuing qualified mortgage bonds.
14     b.  Reallocating the amount, or any portion
15   thereof, to another qualified political subdivision
16   for the purpose of issuing qualified mortgage bonds;
17   or
18     c.  Exchanging the allocation, or any portion
19   thereof, for the authority to issue mortgage credit
20   certificates by election under section 25(c) of the
21   Internal Revenue Code.
22     However, at any time during the calendar year the
23   executive director of the Iowa finance authority may
24   determine that a lesser amount need be allocated to
25   the Iowa finance authority and on that date this
26   lesser amount shall be the amount allocated to the
27   authority and the excess shall be allocated under
28   subsection 6 7.
29     2.  Twelve percent of the state ceiling shall be
30   allocated to bonds issued to carry out programs
31   established under chapters 260C, 260E, and 260F.
32   However, at any time during the calendar year the
33   director of the Iowa department of economic
34   development may determine that a lesser amount need be
35   allocated and on that date this lesser amount shall be
36   the amount allocated for those programs and the excess
37   shall be allocated under subsection 6 7.
38     3.  Sixteen percent of the state ceiling shall be
39   allocated to qualified student loan bonds.  However,
40   at any time during the calendar year the governor's
41   designee, with the approval of the Iowa student loan
42   liquidity corporation, may determine that a lesser
43   amount need be allocated to qualified student loan
44   bonds and on that date the lesser amount shall be the
45   amount allocated for those bonds and the excess shall
46   be allocated under subsection 6 7.
47     4.  Sixteen Twenty-one percent of the state
ceiling
48   shall be allocated to qualified small issue bonds
49   issued for first-time farmers.  However, at any time
50   during the calendar year the governor's designee, with

Page 2  

 1   the approval of the Iowa agricultural development
 2   authority, may determine that a lesser amount need be
 3   allocated to qualified small issue bonds for first-
 4   time farmers and on that date this lesser amount shall
 5   be the amount allocated for those bonds and the excess
 6   shall be allocated under subsection 6 7.
 7     5.  Eighteen percent of the state ceiling shall be

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URL: /DOCS/GA/77GA/Session.2/HJournal/01500/01569.html
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