Text: S03455 Text: S03457 Text: S03400 - S03499 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 746, as amended, passed, and 1 2 reprinted by the House, as follows: 1 3 #1. Page 18, by inserting after line 31 the 1 4 following: 1 5 "Sec. . Section 12.32, Code 1999, is amended by 1 6 adding the following new subsection: 1 7 NEW SUBSECTION. 4. "Qualified linked investment" 1 8 means a linked investment in which a certificate of 1 9 deposit is placed by the treasurer of state with an 1 10 eligible lending institution under the value-added 1 11 agricultural linked investment program established 1 12 under section 12.42. 1 13 Sec. . Section 12.34, Code 1999, is amended to 1 14 read as follows: 1 15 12.34 LINKED INVESTMENTS LIMITATIONS RULES 1 16 MATURITY AND RENEWAL OF CERTIFICATES. 1 17 1. The treasurer of state may invest up to the 1 18 lesser ofsixty-eightone hundred eight million 1 19 dollars or ten percent of the balance of the state 1 20 pooled money fund in certificates of deposit in 1 21 eligible lending institutions pursuant to this 1 22 division. The treasurer of state shall allocate forty 1 23 million dollars of the amount authorized for 1 24 investment under this subsection for purposes of 1 25 supporting the value-added agricultural linked 1 26 investment program established in section 12.42. The 1 27 treasurer of state shall provide for the security of 1 28 the deposits made to eligible lending institutions as 1 29 provided in chapter 12C. 1 30 2. The treasurer of state shall adopt rules 1 31 pursuant to chapter 17A to administer this division. 1 32 3. The following shall apply to a certificate of 1 33 deposit, which is placed with an eligible lending 1 34 institution by the treasurer of state pursuant to this 1 35 division: 1 36 a.CertificatesA certificate of deposit, which is 1 37 not part of a qualified linked investment, placed by 1 38 the treasurer of state with an eligible lending 1 39 institution on or after July 1, 1996,pursuant to this1 40divisionmay be renewed at the option of the 1 41 treasurer. The initial certificate of deposit for a 1 42 given borrower shall have a maturity of one year and 1 43 may be renewed for eight additional one-year periods. 1 44 b. A certificate of deposit which is part of a 1 45 qualified linked investment placed by the treasurer of 1 46 state with an eligible lending institution shall have 1 47 a maturity of up to twelve months. The certificate of 1 48 deposit may be renewed at the option of the treasurer 1 49 on an annual basis for a total term not to exceed nine 1 50 years. 2 1 Sec. . NEW SECTION. 12.42 VALUE-ADDED 2 2 AGRICULTURAL LINKED INVESTMENT PROGRAM. 2 3 1. The treasurer of state shall establish and 2 4 administer, and adopt rules as necessary to establish 2 5 and administer, a value-added agricultural linked 2 6 investment program. The purpose of the program is to 2 7 provide capital in the form of low-interest loans in 2 8 order to do any of the following: 2 9 a. Stimulate existing businesses or encourage the 2 10 establishment of new businesses that add value through 2 11 the processing of agricultural commodities. 2 12 b. Encourage the production of agricultural 2 13 commodities, if a shortage in production exists. 2 14 2. A borrower shall be eligible to participate in 2 15 the value-added agricultural linked investment 2 16 program, to the extent that the borrower meets 2 17 eligibility requirements established by the treasurer 2 18 of state. 2 19 3. A borrower shall not receive a loan of more 2 20 than five hundred thousand dollars under this program. 2 21 Sec. . NEW SECTION. 15.204 VALUE-ADDED 2 22 AGRICULTURAL LINKED INVESTMENT PROGRAM. 2 23 The agricultural products advisory council 2 24 established in section 15.203, in cooperation with the 2 25 department of economic development, shall recommend to 2 26 the treasurer of state eligibility requirements for 2 27 borrowers to participate in the value-added 2 28 agricultural linked investment program established in 2 29 section 12.42. The treasurer of state shall establish 2 30 the eligibility requirements by rule adopted pursuant 2 31 to chapter 17A." 2 32 #2. By renumbering as necessary. 2 33 2 34 2 35 2 36 MARK SHEARER 2 37 EUGENE S. FRAISE 2 38 JOHN P. KIBBIE 2 39 HF 746.709 78 2 40 da/sc
Text: S03455 Text: S03457 Text: S03400 - S03499 Text: S Index Bills and Amendments: General Index Bill History: General Index
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