Text: HSB00667 Text: HSB00669 Text: HSB00600 - HSB00699 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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,theon the first day of a calendar year on which 1 6 applications are received by the governor's designee, the 1 7 state ceiling shall be allocated based on a drawing conducted 1 8 at the end of the day by the governor's designee. The drawing 1 9 shall include all applications received from political 1 10 subdivisions by the governor's designee during that first day 1 11 of the calendar year on which applications are received and 1 12 the seven days preceding that first day of the calendar year. 1 13 Beginning on the second day of the calendar year on which 1 14 applications are received, any remaining state ceiling shall 1 15 be allocated among all political subdivisions on a statewide 1 16 basis on the basis of the chronological orders of receipt by 1 17 the governor's designee of the applications described in 1 18 section 7C.6 with respect to a definitive issue of bonds, as 1 19 determined by the day, hour, and minute time-stamped on the 1 20 application immediately upon receipt by the governor's 1 21 designee. However, for the period January 1 through June 30 1 22 of each year, allocations to bonds for which an amount of the 1 23 state ceiling has been reserved pursuant to section 7C.4A, 1 24 subsection 6, shall be made to the political subdivisions 1 25 submitting the applications first from the reserved amount 1 26 until the reserved amount has been fully allocated and then 1 27 from the amount specified in section 7C.4A, subsection 7. 1 28 EXPLANATION 1 29 Currently, the state is allowed by the internal revenue 1 30 service to provide a formula different from the formula 1 31 provided by the internal revenue service for allocating the 1 32 state ceiling amount of federally tax-exempt private activity 1 33 bonds to various governmental units. This bill amends the 1 34 method of allocating the portion of the state ceiling reserved 1 35 for political subdivisions and any unallocated state ceiling 2 1 amount. Currently, these allocations are made on the basis of 2 2 the chronological receipt of applications from political 2 3 subdivisions. The governor's designee to administer the 2 4 allocation of the state ceiling is the Iowa finance authority. 2 5 The bill provides that on the first day of a calendar year 2 6 on which applications are received by the governor's designee, 2 7 the state ceiling shall be allocated based on a drawing 2 8 conducted at the end of the day by the governor's designee. 2 9 The bill provides that the drawing shall include all 2 10 applications received by the governor's designee on that day 2 11 and the seven preceding days. Beginning on the second day of 2 12 a calendar year on which applications are received, any 2 13 remaining state ceiling shall be allocated on the basis of the 2 14 chronological receipt of applications from political 2 15 subdivisions. 2 16 LSB 6054YC 78 2 17 tm/as/5
Text: HSB00667 Text: HSB00669 Text: HSB00600 - HSB00699 Text: HSB 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: Fri Feb 11 03:35:35 CST 2000
URL: /DOCS/GA/78GA/Legislation/HSB/00600/HSB00668/000210.html
jhf