Text: S03479                            Text: S03481
Text: S03400 - S03499                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index



Senate Amendment 3480

Amendment Text

PAG LIN
  1  1    Amend Senate File 221, as passed by the Senate, as
  1  2 follows:
  1  3    #1.  Page 2, by inserting after line 34 the
  1  4 following:
  1  5    "Sec.    .  SELF-EMPLOYMENT LOAN PROGRAM –
  1  6 INDIVIDUAL DEVELOPMENT ACCOUNTS.
  1  7    1.  Notwithstanding section 15.241, for the period
  1  8 beginning July 1, 1999, and ending June 30, 2000, a
  1  9 portion of the funds available under the self-
  1 10 employment loan program account may be made available
  1 11 to provide matching funds for individual development
  1 12 accounts under chapter 541A.  Self-employment loan
  1 13 program funding allocated for individual development
  1 14 accounts shall be used by account holders to start a
  1 15 business, acquire employment-related training or
  1 16 postsecondary education, or purchase a primary
  1 17 residence.  The allocation of loan program funding to
  1 18 individual development account holders may be made in
  1 19 the form of loans or grants.  A majority of the loan
  1 20 program funds allocated for individual development
  1 21 accounts must be used to start a business or to
  1 22 acquire training.  The department of economic
  1 23 development shall adopt rules governing the
  1 24 administration of this provision.  In addition, the
  1 25 department of economic development and the department
  1 26 of human services shall coordinate the use of self-
  1 27 employment loan program funds for individual
  1 28 development accounts.
  1 29    2.  In order to implement the provisions of this
  1 30 section, the department of human services may contract
  1 31 with an established, statewide nonprofit community
  1 32 development corporation.  The corporation must have a
  1 33 national reputation and demonstrated experience in
  1 34 poverty alleviation and asset-building programs for
  1 35 persons with low income, long-term involvement in the
  1 36 national individual development account movement,
  1 37 statewide capacity and infrastructure, expertise in
  1 38 program evaluation, and experience in managing and
  1 39 implementing large-scale federal grants."
  1 40    #2.  By renumbering as necessary.  
  1 41 SF 221H
  1 42 jp/jg/25
     

Text: S03479                            Text: S03481
Text: S03400 - S03499                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

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