Text: SSB03063 Text: SSB03065 Text: SSB03000 - SSB03099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 12.34, subsection 3, paragraph a, Code 1 2 Supplement 1999, is amended to read as follows: 1 3 a. For a linked investment other than a qualified linked 1 4 investment, the initial certificate of deposit for a given 1 5 borrower shall have a maturity of one year. The certificate 1 6 of deposit may be renewed on an annual basis for a total term 1 7 not to exceedfiveseven years. 1 8 Sec. 2. Section 12.41, subsection 2, Code Supplement 1 9 1999, is amended by striking the subsection. 1 10 EXPLANATION 1 11 This bill amends provisions in Code chapter 12 which in 1 12 part establishes loan programs under the "Linked Investments 1 13 for Tomorrow Act." Under the chapter, the treasurer of state 1 14 is authorized to invest a portion of the balance of the state 1 15 pooled money fund in certificates of deposit in eligible 1 16 lending institutions. The state receives a lower interest 1 17 rate as part of an agreement in which the lending institution 1 18 loans moneys to eligible persons under programs specified in 1 19 the chapter at a reduced rate of interest. Persons eligible 1 20 to receive these loans include rural small businesses; persons 1 21 involved in producing, processing, or marketing horticultural 1 22 or nontraditional crops; and businesses owned by minorities, 1 23 women, or disabled persons. 1 24 Last session, the general assembly enacted House File 779 1 25 (1999 Iowa Acts, ch. 177) which increased the amount of moneys 1 26 that the treasurer of state may invest, and created several 1 27 new programs, including the value-added agricultural linked 1 28 investment loan program, and the traditional livestock 1 29 producers linked investment program. 1 30 This bill amends provisions adopted in the 1999 Act. Prior 1 31 to 1999, a certificate of deposit, which was placed by the 1 32 treasurer of state with an eligible lending institution, could 1 33 be annually renewed at the option of the treasurer of state 1 34 for a total term of nine years. The 1999 Act reduced the 1 35 total term to five years for programs other than the program 2 1 to assist traditional livestock producers (the total term 2 2 under that program is three years). This bill provides a 2 3 seven-year term limit for loans other than the traditional 2 4 livestock producers linked investment program. 2 5 The bill also amends changes made in the 1999 Acts to Code 2 6 section 12.41 establishing the horticultural and 2 7 nontraditional crops linked investment loan program that 2 8 assists businesses engaged in producing, processing, or 2 9 marketing horticultural or nontraditional crops. The bill 2 10 eliminates a requirement added in 1999 that provides that the 2 11 gross income earned by the borrower's business cannot be more 2 12 than $300,000 for the borrower's last tax year. 2 13 LSB 5355DP 78 2 14 da/cf/24
Text: SSB03063 Text: SSB03065 Text: SSB03000 - SSB03099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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