Text: HF00405                           Text: HF00407
Text: HF00400 - HF00499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index



House File 406

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 12C.6A, subsection 4, paragraph g, Code
  1  2 1999, is amended to read as follows:
  1  3    g.  Participation in local community and rural development
  1  4 and redevelopment projects, and in state and federal business
  1  5 and economic development programs, including investment in an
  1  6 Iowa agricultural industry finance corporation formed under
  1  7 the Iowa agricultural industry finance Act pursuant to chapter
  1  8 15E or in an investment fund controlled by an Iowa
  1  9 agricultural industry finance corporation.  
  1 10                           EXPLANATION
  1 11    In 1998, the general assembly enacted Senate File 2415
  1 12 (1998 Iowa Acts, ch. 1207) which allowed the formation of
  1 13 agricultural industry finance corporations for the purpose of
  1 14 encouraging local agricultural producer-led ventures to expand
  1 15 production and processing of high value agricultural products.
  1 16 This bill amends provisions relating to investments made by
  1 17 banks.
  1 18    Code section 12C.6A requires that public funds of the state
  1 19 be deposited in a financial institution which demonstrates a
  1 20 commitment to serve the needs of the local community in which
  1 21 it is chartered to do business.  This required commitment may
  1 22 be demonstrated by participation in local community and rural
  1 23 development and redevelopment projects, and in state and
  1 24 federal business and economic development programs.  This bill
  1 25 provides that the bank's participation may include investment
  1 26 in an Iowa agricultural industry finance corporation or an
  1 27 investment fund controlled by an Iowa agricultural industry
  1 28 finance corporation.  
  1 29 LSB 2772HH 78
  1 30 da/gg/8
     

Text: HF00405                           Text: HF00407
Text: HF00400 - HF00499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

Return To Home index


© 1999 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: Wed Jan 12 05:55:23 CST 2000
URL: /DOCS/GA/78GA/Legislation/HF/00400/HF00406/990225.html
jhf