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House Journal: Page 1567: Wednesday, April 21, 1999

 3   the state of Iowa.

 4     4. Funds Notwithstanding section 8.33, funds on
 5   deposit in the loan reserve account or in the
 6   administrative account and operating accounts shall
 7   not revert to the state general fund at the close of
 8   any fiscal year.
 9     5.  The treasurer of state shall invest any funds,
10   including those in the loan reserve account and
11   operating accounts, and, notwithstanding section
12   12C.7, the interest income earned shall be credited
13   back to the loan reserve appropriate account.
14     Sec. ___.  Section 261.38, subsection 6, Code 1999,
15   is amended by striking the subsection.
16     Sec. ___.  Section 261.38, subsection 7, unnumbered
17   paragraph 1, Code 1999, is amended to read as follows:
18     The commission may expend funds in the reserve
19   account and enter into agreements with the Iowa
20   student loan liquidity corporation in order to
21   increase access for students to education loan
22   programs that the commission determines meet the
23   education needs of Iowa residents.  The agreements
24   shall permit the establishment, funding, and operation
25   of alternative education loan programs, as described
26   in section 144(b)(1)(B) of the Internal Revenue Code
27   of 1986 as amended, as defined in section 422.3, in
28   addition to programs permitted under the federal
29   Higher Education Act of 1965.  In accordance with
30   those agreements, the Iowa student loan liquidity
31   corporation may issue bonds, notes, or other
32   obligations to the public and others for the purpose
33   of funding the alternative education loan programs.
34   This authority to issue such bonds, notes, or other
35   obligations shall be in addition to the authority
36   established in the articles of incorporation and
37   bylaws of the Iowa student loan liquidity
38   corporation."
39     22.  By renumbering, relettering, and
40   redesignating as necessary.
The House stood at ease at 5:28 p.m., until the fall of the gavel.
The House resumed session at 6:25 p.m., Speaker Corbett in the 
chair.
Hansen of Pottawattamie moved the adoption of amendment      
H-1725, to the committee amendment H-1618.
Amendment H?1725 was adopted.

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