Text: S05619 Text: S05621 Text: S05600 - S05699 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend Senate File 2440 as follows:
1 2 #1. Page 1, by inserting before line 1 the
1 3 following:
1 4 "Section 1. Section 7C.5, Code 1999, is amended to
1 5 read as follows:
1 6 7C.5 FORMULA FOR ALLOCATION.
1 7 1. Except as provided in subsection 2 and in
1 8 section 7C.4A, subsections 1 through 5, the state
1 9 ceiling shall be allocated among all political
1 10 subdivisions on a statewide basis on the basis of the
1 11 chronological orders of receipt by the governor's
1 12 designee of the applications described in section 7C.6
1 13 with respect to a definitive issue of bonds, as
1 14 determined by the day, hour, and minute time-stamped
1 15 on the application immediately upon receipt by the
1 16 governor's designee. However, for the period January
1 17 1 through June 30 of each year, allocations to bonds
1 18 for which an amount of the state ceiling has been
1 19 reserved pursuant to section 7C.4A, subsection 6,
1 20 shall be made to the political subdivisions submitting
1 21 the applications first from the reserved amount until
1 22 the reserved amount has been fully allocated and then
1 23 from the amount specified in section 7C.4A, subsection
1 24 7.
1 25 2. a. Applications for the state ceiling
1 26 allocation under section 7C.4A, subsection 5, shall be
1 27 competitively rated by the governor's designee based
1 28 on the following criteria:
1 29 (1) The total number of jobs created.
1 30 (2) The total number of jobs to be created which
1 31 meet the wage threshold requirements of subparagraph
1 32 (3).
1 33 (3) The jobs to be created shall have a starting
1 34 wage of the lowest of any of the following:
1 35 (a) Ninety percent of the average county wage.
1 36 (b) Ninety percent of the average regional wage.
1 37 (c) Nine dollars and fifty cents adjusted annually
1 38 by calculating the percent increase or decrease in the
1 39 average Iowa hourly earnings level for all production
1 40 and nonproduction workers in the private sector from
1 41 the month of June of the previous year to June of the
1 42 current year.
1 43 (4) The provision and payment of at least eighty
1 44 percent of the cost of a standard medical and dental
1 45 plan for all full-time employees working at the
1 46 project for which assistance has been requested.
1 47 (5) The impact of the applicant's proposed project
1 48 on other businesses in competition with the applicant.
1 49 The governor's designee shall make a good faith effort
1 50 to prohibit the displacement of employees of existing
2 1 businesses through an allocation of the state ceiling.
2 2 (6) The issuance to the applicant of all known
2 3 required environmental permits and the applicant's
2 4 compliance with all environmental regulations.
2 5 (7) The economic impact of the applicant's
2 6 proposed project on the state and the region of the
2 7 state in which the applicant will be locating.
2 8 b. Of the applications for the state ceiling
2 9 allocation under section 7C.4A, subsection 5, the
2 10 governor's designee shall place the highest rated
2 11 applications into one of the two drawings provided in
2 12 paragraph "c", subparagraph (1), based on the
2 13 population of the political subdivision where the
2 14 proposed project will be located. Upon request, the
2 15 governor's designee shall make available a written
2 16 rationale detailing the reasons used for selecting the
2 17 particular applicants chosen for the drawings
2 18 conducted pursuant to paragraph "c", subparagraph (1).
2 19 c. (1) On or before June 30 of each year, the
2 20 state ceiling allocated under section 7C.4A,
2 21 subsection 5, shall be allocated based on one drawing
2 22 conducted by the governor's designee for each of the
2 23 following groups:
2 24 (a) Applicants eligible pursuant to paragraph "b"
2 25 whose proposed project would be located in a political
2 26 subdivision with a population of twenty thousand or
2 27 less according to the most recent census.
2 28 (b) Applicants eligible pursuant to paragraph "b"
2 29 whose proposed project would be located in a political
2 30 subdivision with a population over twenty thousand.
2 31 (2) One-half of the state ceiling allocated under
2 32 section 7C.4A, subsection 5, shall be reserved for the
2 33 applicants in the drawing conducted pursuant to
2 34 subparagraph (1), subparagraph subdivision (a). The
2 35 remaining one-half of the state ceiling allocated
2 36 under section 7C.4A, subsection 5, shall be reserved
2 37 for the applicants in the drawing conducted pursuant
2 38 to subparagraph (1), subparagraph subdivision (b).
2 39 (3) Any remaining portion of the state ceiling
2 40 allocated under section 7C.4A, subsection 5, which has
2 41 not been awarded after the drawings under paragraph
2 42 "c" shall become available to any applicant as
2 43 determined by the governor's designee.
2 44 d. An applicant shall not be allocated a portion
2 45 of the state ceiling under this subsection more than
2 46 once during the same calendar year. An applicant
2 47 shall not be allocated a portion of the state ceiling
2 48 under this subsection if the applicant has a majority
2 49 owner who is a majority owner of another applicant who
2 50 has been allocated a portion of the state ceiling
3 1 under this subsection during the same calendar year."
3 2 #2. By striking page 1, line 10, through page 2,
3 3 line 26.
3 4 #3. Title page, by striking lines 1 through 3 and
3 5 inserting the following: "An Act relating to the Iowa
3 6 finance authority by providing for the issuance of
3 7 closing protection letters and providing for the
3 8 allocation of the state ceiling of federally tax-
3 9 exempt private activity bonds."
3 10 #4. By renumbering as necessary.
3 11
3 12
3 13
3 14 JEFF LAMBERTI
3 15 SF 2440.501 78
3 16 tm/as
Text: S05619 Text: S05621 Text: S05600 - S05699 Text: S Index Bills and Amendments: General Index Bill History: General Index
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