Text: S03527 Text: S03529 Text: S03500 - S03599 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 772, as amended, passed, and 1 2 reprinted by the House, as follows: 1 3 #1. Page 21, by inserting after line 22 the 1 4 following: 1 5 "Sec. . Section 8.57, subsection 5, paragraph 1 6 e, Code 1999, is amended to read as follows: 1 7 e. Notwithstanding provisions to the contrary in 1 8 sections 99D.17 and 99F.11, for each of the fiscal 1 9 years in the fiscal period beginning July 1, 1995, and 1 10July 1, 1996,ending June 30, 1999, not more than a 1 11 total of sixty million dollars; for the fiscal year 1 12 beginning July 1, 1999, not more than fifty million 1 13 dollars; and for the fiscal year beginning July 1, 1 14 2000, and for each fiscal year thereafter, not more 1 15 than forty million dollars; shall be deposited in the 1 16 general fund of the state in any fiscal year pursuant 1 17 to sections 99D.17 and 99F.11. The total moneys in 1 18 excess of the moneys deposited in the general fund in 1 19 a fiscal year shall be deposited in the infrastructure 1 20 fund and shall be used as provided in this section, 1 21 notwithstanding section 8.60." 1 22 #2. Page 23, by inserting after line 23 the 1 23 following: 1 24 "Sec. . NEW SECTION. 16.110 IOWA SCHOOL 1 25 DISTRICT REVOLVING LOAN FUND PROGRAM – DEFINITIONS. 1 26 1. The Iowa school district revolving loan fund 1 27 program is established for the purpose of making loans 1 28 available to school districts to finance all or part 1 29 of the costs of a project. The purpose of the program 1 30 is to provide a means for Iowa schools to reduce their 1 31 long-term borrowing costs and thus reduce costs to 1 32 taxpayers. 1 33 2. The authority shall process, review, and 1 34 approve loan applications which satisfy the rules 1 35 adopted by the authority in implementing the Iowa 1 36 school district revolving loan fund program. The 1 37 school districts to which loans are to be made, the 1 38 purposes of the loan, the amount of each loan, the 1 39 interest rate of the loan, and the repayment terms of 1 40 the loan shall be determined by the authority in 1 41 accordance with its rules. 1 42 3. For purposes of this section and sections 1 43 16.111 through 16.115, "project" means any undertaking 1 44 by a school district for which financing is authorized 1 45 under chapter 296 or 298 to the extent the project 1 46 replaces or repairs a school building that is a danger 1 47 to public health or safety, or is otherwise dangerous 1 48 to human life, including all costs and expenses 1 49 associated with authorization for, and commencement 1 50 of, a project. However, "school district" means a 2 1 public school district as governed by chapter 274. 2 2 Sec. . NEW SECTION. 16.111 REVOLVING LOAN 2 3 FUND ESTABLISHED. 2 4 1. The Iowa school district revolving loan fund is 2 5 established in the state treasury under the control of 2 6 the authority. The revolving loan fund shall include 2 7 sums appropriated to the fund by the general assembly 2 8 and all receipts from loans made to school districts 2 9 by the authority, and any other sums designated for 2 10 deposit in the revolving loan fund from any public or 2 11 private source. All moneys appropriated to and 2 12 deposited in the revolving loan fund are appropriated 2 13 and shall be used for the sole purpose of making loans 2 14 to school districts to finance all or part of the cost 2 15 of projects. Moneys in the fund may also be used to 2 16 pay the costs and expenses associated with 2 17 administration of the Iowa school district revolving 2 18 loan fund program. A loan made to a school district 2 19 from the revolving loan fund is an indebtedness of the 2 20 school district within the meaning of any 2 21 constitutional or statutory school district debt 2 22 limitation in effect at the time the loan agreement is 2 23 made. 2 24 2. The moneys in the revolving loan fund are not 2 25 considered part of the general fund of the state, are 2 26 not subject to appropriation for any other purpose by 2 27 the general assembly, and in determining a general 2 28 fund balance shall not be included in the general fund 2 29 of the state but shall remain in the revolving loan 2 30 fund to be used for its respective purposes. The Iowa 2 31 school district revolving loan fund is a separate 2 32 dedicated fund under the administration and control of 2 33 the authority and subject to section 16.31. Moneys on 2 34 deposit in the fund shall be invested by the treasurer 2 35 of state in cooperation with the authority, and the 2 36 income from the investments shall be credited to and 2 37 deposited in the fund. 2 38 3. The authority may establish and maintain other 2 39 funds or accounts determined to be necessary to carry 2 40 out the purposes of sections 16.110 through 16.115 and 2 41 shall provide for the funding, administration, 2 42 investment, restrictions, and disposition of the funds 2 43 and accounts. 2 44 Sec. . NEW SECTION. 16.112 BONDS AND NOTES 2 45 ISSUED BY AUTHORITY. 2 46 1. The authority may issue its bonds and notes for 2 47 the purpose of funding the revolving loan fund 2 48 established in section 16.111. The authority may 2 49 enter into one or more lending agreements or purchase 2 50 agreements with one or more bondholders or noteholders 3 1 containing the terms and conditions of the repayment 3 2 of and the security for the bonds or notes. The 3 3 authority and the bondholders or noteholders or a 3 4 trustee agent designated by the authority may enter 3 5 into agreements to provide for any of the following: 3 6 a. That the proceeds of the bonds and notes and 3 7 the investments of the proceeds may be received, held, 3 8 and disbursed by the authority or by a trustee or 3 9 agent designated by the authority. 3 10 b. That the bondholders or noteholders or a 3 11 trustee or agent designated by the authority may 3 12 collect, invest, and apply the amount payable under 3 13 the loan agreements or any other instruments securing 3 14 the debt obligations under the loan agreements. 3 15 c. That the bondholders or noteholders may enforce 3 16 the remedies provided in the loan agreements or other 3 17 instruments on their own behalf without the 3 18 appointment or designation of a trustee. If there is 3 19 a default in the principal of or interest on the bonds 3 20 or notes or in the performance of any agreement 3 21 contained in the loan agreements or other instruments, 3 22 the payment or performance may be enforced in 3 23 accordance with the loan agreement or other 3 24 instrument. 3 25 d. Other terms and conditions as deemed necessary 3 26 or appropriate by the authority. 3 27 2. The powers granted the authority under this 3 28 section are in addition to other powers contained in 3 29 this chapter. All other provisions of this chapter, 3 30 except section 16.28, subsection 4, apply to bonds or 3 31 notes issued and powers granted to the authority under 3 32 this section except to the extent they are 3 33 inconsistent with this section. 3 34 3. All bonds or notes issued by the authority in 3 35 connection with the program are exempt from taxation 3 36 by this state and the interest on the bonds or notes 3 37 is exempt from state income tax. 3 38 Sec. . NEW SECTION. 16.113 SECURITY – 3 39 RESERVE FUNDS – PLEDGES – NONLIABILITY – 3 40 IRREVOCABLE CONTRACTS. 3 41 1. The authority may provide in the resolution, 3 42 trust agreement, or other instrument authorizing the 3 43 issuance of its bonds or notes pursuant to section 3 44 16.112 that the principal of, premium, and interest on 3 45 the bonds or notes are payable from any of the 3 46 following and may pledge the same to its bonds and 3 47 notes: 3 48 a. The income and receipts or other moneys derived 3 49 from the projects financed with the proceeds of the 3 50 bonds or notes. 4 1 b. The income and receipts or other moneys derived 4 2 from designated projects whether or not the projects 4 3 are financed in whole or in part with the proceeds of 4 4 the bonds or notes. 4 5 c. The authority's income and receipts or other 4 6 assets generally, or a designated part or parts of 4 7 them. 4 8 2. The authority may establish reserve funds to 4 9 secure one or more issues of its bonds or notes. The 4 10 authority may deposit in a reserve fund established 4 11 under this subsection the proceeds of the sale of its 4 12 bonds or notes and other moneys which are made 4 13 available from any other source. 4 14 3. It is the intention of the general assembly 4 15 that a pledge made in respect of bonds or notes shall 4 16 be valid and binding from the time the pledge is made, 4 17 that the moneys or property so pledged and received 4 18 after the pledge by the authority shall immediately be 4 19 subject to the lien of the pledge without physical 4 20 delivery or further act, and that the lien of the 4 21 pledge shall be valid and binding as against all 4 22 parties having claims of any kind in tort, contract, 4 23 or otherwise against the authority whether or not the 4 24 parties have notice of the lien. The resolution, 4 25 trust agreement, or any other instrument by which a 4 26 pledge is created does not need to be recorded or 4 27 filed under the Iowa uniform commercial code to be 4 28 valid, binding, or effective against the parties. 4 29 4. The members of the authority or persons 4 30 executing the bonds or notes are not personally liable 4 31 on the bonds or notes and are not subject to personal 4 32 liability or accountability by reason of the issuance 4 33 of the bonds or notes. 4 34 5. The bonds or notes issued by the authority are 4 35 not an indebtedness or other liability of the state or 4 36 of a political subdivision of the state within the 4 37 meaning of any constitutional or statutory debt 4 38 limitations but are special obligations of the 4 39 authority, and are payable solely from the income and 4 40 receipts or other funds or property of the authority, 4 41 and the amounts on deposit in the revolving loan fund, 4 42 and the amounts payable to the authority under its 4 43 loan agreements with a school district to the extent 4 44 that the amounts are designated in the resolution, 4 45 trust agreement, or other instrument of the authority 4 46 authorizing the issuance of the bonds or notes as 4 47 being available as security for such bonds or notes. 4 48 The authority shall not pledge the faith or credit of 4 49 the state or of a political subdivision of the state 4 50 to the payment of any bonds or notes. The issuance of 5 1 any bonds or notes by the authority does not directly, 5 2 indirectly, or contingently obligate the state or a 5 3 political subdivision of the state to apply moneys 5 4 from, or levy or pledge any form of taxation whatever 5 5 to, the payment of the bonds or notes. 5 6 6. The state pledges to and agrees with the 5 7 holders of bonds or notes issued under section 16.112 5 8 that the state will not limit or alter the rights and 5 9 powers vested in the authority to fulfill the terms of 5 10 a contract made by the authority with respect to the 5 11 bonds or notes, or in any way impair the rights and 5 12 remedies of the holders until the bonds or notes, 5 13 together with the interest on them, including interest 5 14 on unpaid installments of interest, and all costs and 5 15 expenses in connection with an action or proceeding by 5 16 or on behalf of the holders, are fully met and 5 17 discharged. The authority is authorized to include 5 18 this pledge and agreement of the state, as it refers 5 19 to holders of bonds or notes of the authority, in a 5 20 contract with the holders. 5 21 Sec. ___. NEW SECTION. 16.114 APPROPRIATION. 5 22 1. a. There is appropriated from the rebuild Iowa 5 23 infrastructure fund to the department of education for 5 24 the fiscal year beginning July 1, 1999, the sum of ten 5 25 million dollars for deposit in the revolving loan fund 5 26 established in section 16.111. 5 27 b. There is appropriated from the rebuild Iowa 5 28 infrastructure fund to the department of education for 5 29 the fiscal year beginning July 1, 2000, the sum of 5 30 twenty million dollars for deposit in the revolving 5 31 loan fund established in section 16.111. 5 32 2. It is the intent of the general assembly to 5 33 increase by ten million dollars annually the amount 5 34 appropriated in subsection 1, paragraph "b", until the 5 35 total amount appropriated annually for purposes of the 5 36 Iowa school district revolving loan fund program 5 37 reaches fifty million dollars. 5 38 Sec. . NEW SECTION. 16.115 ADOPTION OF RULES. 5 39 The authority shall adopt rules pursuant to chapter 5 40 17A to implement sections 16.110 through 16.114." 5 41 #3. By renumbering as necessary. 5 42 5 43 5 44 5 45 JOHN JUDGE 5 46 TOM FLYNN 5 47 MATT McCOY 5 48 BETTY A. SOUKUP 5 49 JOHNIE HAMMOND 5 50 MIKE CONNOLLY 6 1 JOE BOLKCOM 6 2 MARK SHEARER 6 3 PATRICIA HARPER 6 4 ELAINE SZYMONIAK 6 5 EUGENE S. FRAISE 6 6 MICHAEL E. GRONSTAL 6 7 DENNIS H. BLACK 6 8 STEVEN D. HANSEN 6 9 ROBERT E. DVORSKY 6 10 BILL FINK 6 11 WALLY E. HORN 6 12 DICK L. DEARDEN 6 13 JOHN P. KIBBIE 6 14 HF 772.217 78 6 15 nh/gg
Text: S03527 Text: S03529 Text: S03500 - S03599 Text: S Index Bills and Amendments: General Index Bill History: General Index
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