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Senate Amendment 3456

Amendment Text

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 of sixty-eight one 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.  Certificates A 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 this
  1 40 division may 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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