Text: SSB01223 Text: SSB01225 Text: SSB01200 - SSB01299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 15E.221 AIR TRANSPORTATION 1 2 INFRASTRUCTURE. 1 3 1. There is appropriated from the Iowa comprehensive 1 4 petroleum underground storage tank fund created in section 1 5 455G.3 to the department of economic development for the 1 6 fiscal year beginning July 1, 1999, and ending June 30, 2000, 1 7 the sum of ten million dollars. The department shall use the 1 8 moneys for purposes of providing financial assistance in the 1 9 form of loans to meet air transportation expansion and 1 10 infrastructure needs in the state, notwithstanding section 1 11 455G.3. Under terms provided by the department, recipients of 1 12 financial assistance under this section shall repay the total 1 13 amount of any loan received under this section by June 30, 1 14 2006, and all loan repayments shall be deposited in the Iowa 1 15 comprehensive petroleum underground storage tank fund. All 1 16 loan repayments to be deposited in the Iowa comprehensive 1 17 petroleum underground storage tank fund shall include loan 1 18 principal and an interest rate on the loan principal 1 19 equivalent to the rate earned on the state pooled money fund 1 20 contained in chapter 12 during the period of the loan. Any 1 21 moneys received by the department from a recipient of the 1 22 loans in excess of the moneys deposited in the Iowa 1 23 comprehensive petroleum underground storage tank fund shall be 1 24 retained by the department and are appropriated to the 1 25 department for purposes of air transportation expansion needs 1 26 of the state. The department shall not draw down the 1 27 appropriation for purposes of providing financial assistance 1 28 unless all criteria provided in this section are met prior to 1 29 a disbursement by the department. 1 30 2. An initial round of air transportation infrastructure 1 31 financial assistance disbursements shall be made by the 1 32 department in installments of three million dollars on or 1 33 after July 1, 1999, and three million dollars on or after 1 34 January 1, 2000, provided the following criteria are met: 1 35 a. The applicant is an Iowa-based airline company with 2 1 immediate expansion and infrastructure needs. 2 2 b. The applicant provides a dollar-for-dollar private 2 3 sector equity match for every state dollar expended. 2 4 c. The applicant demonstrates the expansion and 2 5 infrastructure project has statewide economic impact. 2 6 d. The funds will be used for the costs associated with 2 7 direct expansion and infrastructure needs. 2 8 3. A second round of air transportation infrastructure 2 9 financial assistance disbursements totaling not more than four 2 10 million dollars may be made in any number of installments at 2 11 any time after January 1, 2000, by the department of economic 2 12 development only after a determination of necessity has been 2 13 made by the department of management and the legislative 2 14 council, and the department of management has certified the 2 15 determination to the department of economic development. The 2 16 department of economic development shall report quarterly to 2 17 the department of management and the legislative council 2 18 regarding the status of existing loans, the ongoing expansion 2 19 and air transportation infrastructure needs of financial 2 20 assistance recipients, the air transportation industry 2 21 conditions, and any other information deemed necessary by the 2 22 department of management or the legislative council for making 2 23 a determination of necessity. 2 24 4. Notwithstanding section 8.33, moneys appropriated in 2 25 this section that remain unencumbered or unobligated at the 2 26 close of the fiscal year shall not revert but shall remain 2 27 available for expenditure for the purposes designated. 2 28 EXPLANATION 2 29 This bill appropriates to the department of economic 2 30 development for the 1999-2000 fiscal year $10 million from the 2 31 Iowa comprehensive petroleum underground storage tank fund for 2 32 purposes of providing financial assistance in the form of 2 33 loans to meet air transportation expansion and infrastructure 2 34 needs in the state. The bill provides that any loan shall be 2 35 repaid by June 30, 2006, and all loan repayments shall be 3 1 deposited in the Iowa comprehensive petroleum underground 3 2 storage tank fund. The bill provides that all loan repayments 3 3 to be deposited in the Iowa comprehensive petroleum 3 4 underground storage tank fund shall include loan principal and 3 5 an interest rate on the loan principal equivalent to the rate 3 6 earned on the state pooled money fund during the period of the 3 7 loan. The bill provides that any moneys received by the 3 8 department from a recipient of the loans in excess of the 3 9 moneys deposited in the Iowa comprehensive petroleum 3 10 underground storage tank fund shall be retained by the 3 11 department and are appropriated to the department for purposes 3 12 of air transportation expansion needs of the state. 3 13 The bill provides that an initial round of air 3 14 transportation infrastructure financial assistance 3 15 disbursements shall be made by the department in installments 3 16 of $3 million on or after July 1, 1999, and $3 million on or 3 17 after January 1, 2000, provided that certain criteria are met 3 18 by an applicant. The bill provides that a second round of air 3 19 transportation infrastructure financial assistance 3 20 disbursements totaling not more than $4 million may be made in 3 21 any number of installments at any time after January 1, 2000, 3 22 by the department of economic development only after a 3 23 determination of necessity has been made by the department of 3 24 management and the legislative council. The bill provides 3 25 that the department of economic development shall report to 3 26 the department of management and the legislative council 3 27 quarterly in an effort to provide the department of management 3 28 and the legislative council with information necessary to make 3 29 a determination of necessity. 3 30 The bill provides that moneys appropriated from the Iowa 3 31 comprehensive petroleum underground storage tank fund that 3 32 remain unencumbered or unobligated at the close of the fiscal 3 33 year shall not revert. 3 34 LSB 3441XC 78 3 35 tm/jw/5
Text: SSB01223 Text: SSB01225 Text: SSB01200 - SSB01299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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