Text: H01635 Text: H01637 Text: H01600 - H01699 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 767 as follows: 1 2 #1. Page 1, by inserting before line 1 the 1 3 following: 1 4 "Sec. 100. Section 12.34, Code 1999, is amended to 1 5 read as follows: 1 6 12.34 LINKED INVESTMENTS – LIMITATIONS – RULES 1 7 – MATURITY AND RENEWAL OF CERTIFICATES. 1 8 1. The treasurer of state may invest up to the 1 9 lesser ofsixty-eightone hundred fifty million 1 10 dollars or ten percent of the balance of the state 1 11 pooled money fund in certificates of deposit in 1 12 eligible lending institutionspursuant toas provided 1 13 in this division. The moneys invested pursuant to 1 14 this section shall be used as follows: 1 15 a. The treasurer of state may invest the first 1 16 sixty-eight million dollars to support programs 1 17 provided in this division other than the emergency 1 18 assistance linked deposit program for swine or cattle 1 19 producers provided in section 12.43A. 1 20 b. The treasurer of state shall invest the 1 21 remaining amount to support the emergency assistance 1 22 linked deposit program for swine or cattle producers 1 23 as provided in section 12.43A. The treasurer of state 1 24 shall not make the investment unless a market 1 25 emergency exists. If a market emergency exists, the 1 26 treasurer of state shall make the investment 1 27 immediately. For purposes of this paragraph, a market 1 28 emergency exists as follows: 1 29 (1) For swine, a market emergency exists when the 1 30 market price paid in this state and southern Minnesota 1 31 for swine per hundredweight on a live basis is less 1 32 than thirty dollars for thirty consecutive days, 1 33 according to market news reports published by the 1 34 agricultural marketing service of the United States 1 35 department of agriculture. 1 36 (2) For cattle, a market emergency exists when the 1 37 market price paid in the midwest and high plains 1 38 states for cattle per hundredweight on a live basis is 1 39 less than fifty-six dollars for thirty consecutive 1 40 days, according to market news reports published by 1 41 the agricultural marketing service of the United 1 42 States department of agriculture. 1 43 2. The treasurer of state shall adopt rules 1 44 pursuant to chapter 17A to administer this division. 1 45 The treasurer of state shall consult with the 1 46 department of agriculture and land stewardship in 1 47 adopting rules for the administration of the emergency 1 48 assistance linked deposit program for swine or cattle 1 49 producers. 1 50 3. Certificates of deposit placed by the treasurer 2 1 of state on or after July 1, 1996, pursuant to this 2 2 division may be renewed at the option of the treasurer 2 3 of state. The initial certificate of deposit for a 2 4 given borrower shall have a maturity of one year and 2 5 may be renewed for eight additional one-year periods. 2 6 Sec. 101. NEW SECTION. 12.43A EMERGENCY 2 7 ASSISTANCE LINKED DEPOSIT PROGRAM FOR SWINE OR CATTLE 2 8 PRODUCERS. 2 9 1. As used in this section, unless the context 2 10 otherwise requires: 2 11 a. "Actively engaged in farming" means the same as 2 12 defined in section 10.1. 2 13 b. "Farming" means the same as defined in section 2 14 9H.1. 2 15 2. The treasurer of state shall adopt rules to 2 16 implement an emergency assistance linked deposit 2 17 program for swine or cattle producers. The purpose of 2 18 the program is to increase the availability of lower 2 19 cost loans to provide emergency financial assistance 2 20 to farmers threatened with financial calamity due to 2 21 the market price of swine or cattle. 2 22 3. The loan shall be subject to all of the 2 23 following: 2 24 a. In order to qualify as an eligible borrower, 2 25 all of the following must apply: 2 26 (1) The applicant must be a resident of this 2 27 state. 2 28 (2) The applicant for the loan must be actively 2 29 engaged in farming in this state. 2 30 (3) If the market emergency exists because of the 2 31 market price paid for swine, the applicant must not 2 32 have marketed more than five thousand swine during the 2 33 last twelve months. If the market emergency exists 2 34 because of the market price paid for cattle, the 2 35 applicant must not have marketed more than one 2 36 thousand cattle during the last twelve months. 2 37 (4) If the market emergency exists because of the 2 38 market price paid for swine, the applicant must not 2 39 have provided for the care and feeding of swine under 2 40 contract. If the market emergency exists because of 2 41 the market price paid for cattle, the applicant must 2 42 not have provided for the care and feeding of cattle 2 43 under contract. 2 44 (5) The applicant must not have received a loan 2 45 under this program during the previous twelve months. 2 46 b. The purpose of the loan must be used to support 2 47 farming operations on an emergency basis, and may be 2 48 used to refinance existing debt. 2 49 4. The maximum loan amount that an eligible 2 50 borrower may receive under this program is one hundred 3 1 thousand dollars." 3 2 #2. Page 18, by inserting after line 32 the 3 3 following: 3 4 "Sec. . The certified capital company tax 3 5 credit provided in section 15E.232 shall not be 3 6 claimed until moneys have been made available for 3 7 purposes of funding the emergency assistance linked 3 8 deposit program for swine or cattle established in 3 9 sections 100 and 101." 3 10 #3. By renumbering as necessary. 3 11 3 12 3 13 3 14 FREVERT of Palo Alto 3 15 HF 767.301 78 3 16 tm/cf
Text: H01635 Text: H01637 Text: H01600 - H01699 Text: H Index Bills and Amendments: General Index Bill History: General Index
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