Text: HF02374                           Text: HF02376
Text: HF02300 - HF02399                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 2375

Partial Bill History

Bill Introduced: H.J. 380
Complete Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 7C.5, Code 1999, is amended to read as
  1  2 follows:
  1  3    7C.5  FORMULA FOR ALLOCATION.
  1  4    Except as provided in section 7C.4A, subsections 1 through
  1  5 5, the state ceiling shall be allocated among all political
  1  6 subdivisions on a statewide basis on the basis of the
  1  7 chronological orders of receipt by the governor's designee of
  1  8 the applications described in section 7C.6 with respect to a
  1  9 definitive issue of bonds, as determined by the day, hour, and
  1 10 minute time-stamped on the application immediately upon
  1 11 receipt by the governor's designee a competitive basis
  1 12 according to rules adopted pursuant to chapter 17A by the
  1 13 governor's designee.  However, for the period January 1
  1 14 through June 30 of each year, allocations to bonds for which
  1 15 an amount of the state ceiling has been reserved pursuant to
  1 16 section 7C.4A, subsection 6, shall be made to the political
  1 17 subdivisions submitting the applications first from the
  1 18 reserved amount until the reserved amount has been fully
  1 19 allocated and then from the amount specified in section 7C.4A,
  1 20 subsection 7.  
  1 21                           EXPLANATION
  1 22    Currently, the state is allowed by the internal revenue
  1 23 service to provide a formula different from the formula
  1 24 provided by the internal revenue service for allocating the
  1 25 state ceiling amount of federally tax-exempt private activity
  1 26 bonds to various governmental units.  This bill amends the
  1 27 method of allocating the portion of the state ceiling reserved
  1 28 for political subdivisions and any unallocated state ceiling
  1 29 amount.  Currently, these allocations are made on the basis of
  1 30 the chronological receipt of applications from political
  1 31 subdivisions.  The bill provides that the allocations shall be
  1 32 made on a competitive basis according to rules adopted by the
  1 33 governor's designee, which is currently the Iowa finance
  1 34 authority.  
  1 35 LSB 6054HV 78
  2  1 tm/as/5

Text: HF02374                           Text: HF02376
Text: HF02300 - HF02399                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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