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
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Thu Apr 20 03:36:04 CDT 2000
URL: /DOCS/GA/78GA/Legislation/H/08900/H08969/000419.html
jhf