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House Journal: Page 1668: Wednesday, April 15, 1998

30   the five percent maximum balance for that fiscal
31   year."
32     2.  Page 3, line 13, by inserting after the word
33   "section" the following:  "and sections 2, 3, and 4".
34     3.  Page 3, by inserting after line 13 the
35   following:
36     "GAAP FUND.  Sec. 2.
37     1.  The generally accepted accounting principles
38   fund is created.  The fund shall be separate from the
39   general fund of the state and the balance in the fund
40   shall not be considered part of the balance of the
41   general fund of the state.  The moneys in the fund
42   shall not revert to the general fund of the state or
43   any other fund.
44     2.  There is no maximum balance for the generally
45   accepted accounting principles fund.
46     3.  The moneys in the generally accepted accounting
47   principles fund shall only be appropriated by the
48   general assembly for reducing any deficit of the
49   state.
50     4.  Interest or earnings on moneys deposited in the

Page 2  

 1   generally accepted accounting principles fund shall be
 2   credited to the generally accepted accounting
 3   principles fund.
 4     IOWA ECONOMIC EMERGENCY FUND.  Sec. 3.
 5     1.  The Iowa economic emergency fund is created.
 6   The fund shall be separate from the general fund of
 7   the state and the balance in the fund shall not be
 8   considered part of the balance of the general fund of
 9   the state.  The moneys in the fund shall not revert to
10   the general fund unless and to the extent the fund
11   exceeds the maximum balance.
12     2.  The maximum balance of the fund is the amount
13   equal to five percent of the adjusted revenue estimate
14   for the fiscal year.  If the amount of moneys in the
15   Iowa economic emergency fund is equal to the maximum
16   balance, moneys in excess of this amount shall be
17   transferred to the general fund of the state and the
18   original state general fund expenditure limitation
19   provided in section 1, subsection 3, shall be
20   readjusted to include the moneys transferred.
21     3.  The moneys in the Iowa economic emergency fund
22   may be appropriated by the general assembly only in
23   the fiscal year for which the appropriation is made.
24   The moneys shall only be appropriated by the general
25   assembly for emergency expenditures.  However, except
26   as provided in subsection 6, the balance in the Iowa
27   economic emergency fund may be used in determining the
28   cash position of the general fund of the state for the
29   payment of state obligations.

© 1998 Cornell College and League of Women Voters of Iowa

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Last update: Thu Apr 16 13:40:03 CDT 1998
URL: /DOCS/GA/77GA/Session.2/HJournal/01600/01668.html
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