Text: H08968 Text: H08970 Text: H08900 - H08999 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend House File 2577 as follows:
1 2 #1. Page 3, by inserting after line 25 the
1 3 following:
1 4 "Sec. ___. NEW SECTION. 15F.105 BENEFITS.
1 5 Any applicant awarded financial assistance by the
1 6 board under both the vision Iowa program established
1 7 in section 15F.302 and the community attraction and
1 8 tourism program established in section 15F.202 shall
1 9 provide and pay at least fifty percent of the cost of
1 10 a standard medical insurance plan for all full-time
1 11 employees working at the project after the completion
1 12 of the project for which financial assistance was
1 13 received."
1 14 #2. Page 9, line 27, by inserting after the word
1 15 "located" the following: "or to persons living
1 16 outside the state".
1 17 #3. Page 9, by striking lines 34 and 35.
1 18 #4. Page 17, by inserting after line 11 the
1 19 following:
1 20 "Sec. . NEW SECTION. 12.81 GENERAL AND
1 21 SPECIFIC BONDING POWERS – SCHOOL INFRASTRUCTURE
1 22 PROGRAM.
1 23 1. The treasurer of state may issue bonds for
1 24 purposes of the school infrastructure program
1 25 established in section 292.2. Excluding the issuance
1 26 of refunding bonds, the treasurer of state shall not
1 27 issue bonds which result in the deposit of bond
1 28 proceeds of more than fifty million dollars into the
1 29 school infrastructure fund. The treasurer of state
1 30 shall have all of the powers which are necessary to
1 31 issue and secure bonds and carry out the purposes of
1 32 the fund. The treasurer of state may issue bonds in
1 33 principal amounts which are necessary to provide funds
1 34 for the fund as provided by this section, the payment
1 35 of interest on the bonds, the establishment of
1 36 reserves to secure the bonds, the costs of issuance of
1 37 the bonds, other expenditures of the treasurer of
1 38 state incident to and necessary or convenient to carry
1 39 out the bond issue for the fund, and all other
1 40 expenditures of the treasurer of state necessary or
1 41 convenient to administer the fund. The bonds are
1 42 investment securities and negotiable instruments
1 43 within the meaning of and for purposes of the uniform
1 44 commercial code.
1 45 2. Bonds issued under this section are payable
1 46 solely and only out of the moneys, assets, or revenues
1 47 of the school infrastructure fund and any bond reserve
1 48 funds, all of which may be deposited with trustees or
1 49 depositories in accordance with bond or security
1 50 documents and pledged by the treasurer of state to the
2 1 payment thereof. Bonds issued under this section
2 2 shall contain on their face a statement that the bonds
2 3 do not constitute an indebtedness of the state. The
2 4 treasurer of state shall not pledge the credit or
2 5 taxing power of this state or any political
2 6 subdivision of this state or make bonds issued
2 7 pursuant to this section payable out of any moneys
2 8 except those in the school infrastructure fund.
2 9 3. The proceeds of bonds issued by the treasurer
2 10 of state and not required for immediate disbursement
2 11 may be deposited with a trustee or depository as
2 12 provided in the bond documents and invested or
2 13 reinvested in any investment approved by the treasurer
2 14 of state and specified in the trust indenture,
2 15 resolution, or other instrument pursuant to which the
2 16 bonds are issued without regard to any limitation
2 17 otherwise provided by law.
2 18 4. The bonds shall be:
2 19 a. In a form, issued in denominations, executed in
2 20 a manner, and payable over terms and with rights of
2 21 redemption, and be subject to such other terms and
2 22 conditions as prescribed in the trust indenture,
2 23 resolution, or other instrument authorizing their
2 24 issuance.
2 25 b. Negotiable instruments under the laws of the
2 26 state and may be sold at prices, at public or private
2 27 sale, and in a manner, as prescribed by the treasurer
2 28 of state. Chapters 73A, 74, 74A, and 75 do not apply
2 29 to the sale or issuance of the bonds.
2 30 c. Subject to the terms, conditions, and covenants
2 31 providing for the payment of the principal, redemption
2 32 premiums, if any, interest, and other terms,
2 33 conditions, covenants, and protective provisions
2 34 safeguarding payment, not inconsistent with this
2 35 section and as determined by the trust indenture,
2 36 resolution, or other instrument authorizing their
2 37 issuance.
2 38 5. The bonds are securities in which public
2 39 officers and bodies of this state; political
2 40 subdivisions of this state; insurance companies and
2 41 associations and other persons carrying on an
2 42 insurance business; banks, trust companies, savings
2 43 associations, savings and loan associations, and
2 44 investment companies; administrators, guardians,
2 45 executors, trustees, and other fiduciaries; and other
2 46 persons authorized to invest in bonds or other
2 47 obligations of the state, may properly and legally
2 48 invest funds, including capital, in their control or
2 49 belonging to them.
2 50 6. Bonds must be authorized by a trust indenture,
3 1 resolution, or other instrument of the treasurer of
3 2 state. However, a trust indenture, resolution, or
3 3 other instrument authorizing the issuance of bonds may
3 4 delegate to an officer of the issuer the power to
3 5 negotiate and fix the details of an issue of bonds.
3 6 7. Neither the resolution, trust agreement, nor
3 7 any other instrument by which a pledge is created
3 8 needs to be recorded or filed under the Iowa uniform
3 9 commercial code to be valid, binding, or effective.
3 10 8. Bonds issued under the provisions of this
3 11 section are declared to be issued for a general public
3 12 and governmental purpose and all bonds issued under
3 13 this section shall be exempt from taxation by the
3 14 state of Iowa and the interest on the bonds shall be
3 15 exempt from the state income tax and the state
3 16 inheritance and estate tax.
3 17 9. Subject to the terms of any bond documents,
3 18 moneys in the school infrastructure fund may be
3 19 expended for administration expenses.
3 20 10. The treasurer of state may issue bonds for the
3 21 purpose of refunding any bonds or notes issued
3 22 pursuant to this section then outstanding, including
3 23 the payment of any redemption premiums thereon and any
3 24 interest accrued or to accrue to the date of
3 25 redemption of the outstanding bonds or notes. Until
3 26 the proceeds of bonds issued for the purpose of
3 27 refunding outstanding bonds or notes are applied to
3 28 the purchase or retirement of outstanding bonds or
3 29 notes or the redemption of outstanding bonds or notes,
3 30 the proceeds may be placed in escrow and be invested
3 31 and reinvested in accordance with the provisions of
3 32 this section. The interest, income, and profits
3 33 earned or realized on an investment may also be
3 34 applied to the payment of the outstanding bonds or
3 35 notes to be refunded by purchase, retirement, or
3 36 redemption. After the terms of the escrow have been
3 37 fully satisfied and carried out, any balance of
3 38 proceeds and interest earned or realized on the
3 39 investments may be returned and deposited in the
3 40 school infrastructure fund. All refunding bonds shall
3 41 be issued and secured and subject to the provisions of
3 42 this chapter in the same manner and to the same extent
3 43 as other bonds issued pursuant to this section.
3 44 Sec. . NEW SECTION. 12.82 SCHOOL
3 45 INFRASTRUCTURE AND RESERVE FUNDS.
3 46 1. A school infrastructure fund is created and
3 47 established as a separate and distinct fund in the
3 48 state treasury under the control of the department of
3 49 education. The fund shall be used for purposes of the
3 50 school infrastructure program established in section
4 1 292.2.
4 2 2. Revenue for the school infrastructure fund
4 3 shall include, but is not limited to, the following,
4 4 which shall be deposited with the treasurer of state
4 5 or its designee as provided by any bond or security
4 6 documents and credited to the fund:
4 7 a. The proceeds of bonds issued to capitalize and
4 8 pay the costs of the fund and investment earnings on
4 9 the proceeds.
4 10 b. Interest attributable to investment of money in
4 11 the fund or an account of the fund.
4 12 c. Moneys in the form of a devise, gift, bequest,
4 13 donation, federal or other grant, reimbursement,
4 14 repayment, judgment, transfer, payment, or
4 15 appropriation from any source intended to be used for
4 16 the purposes of the fund.
4 17 3. Moneys in the school infrastructure fund are
4 18 not subject to section 8.33. Notwithstanding section
4 19 12C.7, subsection 2, interest or earnings on moneys in
4 20 the fund shall be credited to the fund.
4 21 4. The treasurer of state may establish reserve
4 22 funds to secure one or more issues of bonds or notes
4 23 issued pursuant to section 12.81. The treasurer of
4 24 state may deposit in a reserve fund established under
4 25 this subsection the proceeds of the sale of its bonds
4 26 or notes and other money which is made available from
4 27 any other source. The treasurer of state may allow a
4 28 reserve fund established under this subsection to be
4 29 depleted.
4 30 Sec. . NEW SECTION. 12.83 PLEDGES.
4 31 1. It is the intention of the general assembly
4 32 that a pledge made in respect of bonds or notes shall
4 33 be valid and binding from the time the pledge is made,
4 34 that the money or property so pledged and received
4 35 after the pledge by the authority shall immediately be
4 36 subject to the lien of the pledge without physical
4 37 delivery or further act, and that the lien of the
4 38 pledge shall be valid and binding as against all
4 39 parties having claims of any kind in tort, contract,
4 40 or otherwise against the treasurer of state whether or
4 41 not the parties have notice of the lien.
4 42 2. The state pledges to and agrees with the
4 43 holders of bonds or notes issued under section 12.81,
4 44 that the state will not limit or alter the rights and
4 45 powers vested in the treasurer of state to fulfill the
4 46 terms of a contract made by the treasurer of state
4 47 with respect to the bonds or notes, or in any way
4 48 impair the rights and remedies of the holders until
4 49 the bonds and notes, together with the interest on
4 50 them including interest on unpaid installments of
5 1 interest, and all costs and expenses in connection
5 2 with an action or proceeding by or on behalf of the
5 3 holders, are fully met and discharged. The treasurer
5 4 of state is authorized to include this pledge and
5 5 agreement of the state, as it refers to holders of
5 6 bonds or notes of the authority, in a contract with
5 7 the holders.
5 8 Sec. . NEW SECTION. 12.84 LIMITATIONS.
5 9 Bonds or notes issued pursuant to section 12.81 are
5 10 not debts of the state, or of any political
5 11 subdivision of the state and do not constitute a
5 12 pledge of the faith and credit of the state or a
5 13 charge against the general credit or general fund of
5 14 the state. The issuance of any bonds or notes
5 15 pursuant to section 12.81 by the treasurer of state
5 16 does not directly, indirectly, or contingently
5 17 obligate the state or a political subdivision of the
5 18 state to apply moneys from, or to levy or pledge any
5 19 form of taxation whatever to, the payment of the bonds
5 20 or notes. Bonds and notes issued under section 12.81
5 21 are payable solely and only from the sources and
5 22 special fund provided in section 12.82. Expenses
5 23 incurred in carrying out sections 12.81 through 12.83,
5 24 this section, and section 12.85 are payable solely
5 25 from funds available under those sections.
5 26 Sec. . NEW SECTION. 12.85 CONSTRUCTION.
5 27 Sections 12.81 through 12.84, being necessary for
5 28 the welfare of this state and its inhabitants, shall
5 29 be liberally construed to effect its purposes."
5 30 #5. Page 17, line 24, by striking the figure
5 31 "292.3", and inserting the following: "12.82".
5 32 #6. Page 22, by striking lines 7 and 8 and
5 33 inserting the following: "requirement. The program
5 34 shall provide grants in an amount of not more than ten
5 35 million dollars during the fiscal year beginning July
5 36 1, 2000, not more than twenty million dollars during
5 37 the fiscal year beginning July 1, 2001, and not more
5 38 than twenty million dollars during the fiscal year
5 39 beginning July 1, 2002."
5 40 #7. Page 23, by striking lines 8 through 16.
5 41 #8. By renumbering, relettering, or redesignating
5 42 and correcting internal references as necessary.
5 43
5 44
5 45
5 46 TEIG of Hamilton
5 47 HF 2577.301 78
5 48 tm/cf
Text: H08968 Text: H08970 Text: H08900 - H08999 Text: H Index Bills and Amendments: General Index Bill History: General Index
© 2000 Cornell College and League of Women Voters of Iowa
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