Text: HF00594 Text: HF00596 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 15.381 COUNCIL OF GOVERNMENTS
1 2 FUND.
1 3 1. As used in this section, unless the context otherwise
1 4 requires:
1 5 a. "Council of governments" means an entity organized
1 6 under chapter 28H. "Council of governments" also includes a
1 7 group of counties that are not included in a council of
1 8 governments organized under chapter 28H that have formed a
1 9 development fund.
1 10 b. "Index of income" means the average county income
1 11 divided by the average state income.
1 12 c. "Sales leakage" means the product of the county
1 13 population, the index of income, and the state average sales
1 14 per person minus the actual sales for the county as reported
1 15 by the department of revenue and finance.
1 16 2. A council of governments fund is created in the state
1 17 treasury under the control of the department and consisting of
1 18 any moneys appropriated by the general assembly and any other
1 19 moneys available to and obtained or accepted by the department
1 20 for placement in the fund. Moneys in the fund are not subject
1 21 to section 8.33. Notwithstanding section 12C.7, interest or
1 22 earnings on moneys in the fund shall be credited to the fund.
1 23 3. Moneys in the fund shall be used to provide assistance
1 24 to a council of governments to meet economic development needs
1 25 described in subsection 5. The department shall not use any
1 26 moneys in the fund for administrative purposes.
1 27 4. The department shall distribute moneys in the fund on
1 28 an equal basis to each council of governments.
1 29 5. A council of governments shall use moneys received from
1 30 the fund for loans for economic development purposes in
1 31 counties with a positive sales leakage or for loans to assist
1 32 projects located in enterprise zones designated pursuant to
1 33 section 15E.194. A council of governments shall not use
1 34 moneys received from the fund for purposes of providing
1 35 forgivable loans. Any moneys received from the fund and
2 1 loaned by a council of governments shall require a one hundred
2 2 percent match from the loan recipient. Each council of
2 3 governments shall establish a loan review committee which
2 4 shall include bankers from the region to review loan
2 5 applications and make recommendations on the applications.
2 6 6. By January 15 of each year, each council of governments
2 7 receiving moneys from the fund shall submit a report to the
2 8 general assembly. The report shall include the use of moneys
2 9 received from the fund during the previous calendar year, the
2 10 recipients of any loans, the purposes for which the moneys
2 11 were used, the amount of money outstanding, and any other
2 12 related information the council of governments deems
2 13 necessary.
2 14 Sec. 2. APPROPRIATION. Notwithstanding section 8.57,
2 15 subsection 5, paragraph "c", there is appropriated from the
2 16 rebuild Iowa infrastructure fund to the department of economic
2 17 development, the following amounts, to be deposited in the
2 18 council of governments fund created in section 15.381:
2 19 FY 2001-2002...................................... $ 5,000,000
2 20 FY 2002-2003...................................... $ 5,000,000
2 21 EXPLANATION
2 22 This bill creates a council of governments fund and
2 23 appropriates moneys from the rebuild Iowa infrastructure fund
2 24 to the council of governments fund. The bill provides that
2 25 "council of governments" means an entity organized under Code
2 26 chapter 28H and includes a group of counties that are not
2 27 included in a council of governments organized under Code
2 28 chapter 28H that have formed a development fund.
2 29 The bill creates a council of governments fund in the state
2 30 treasury under the control of the department and consisting of
2 31 any moneys appropriated by the general assembly and any other
2 32 moneys available to and obtained or accepted by the department
2 33 for placement in the fund. The bill provides that moneys in
2 34 the fund shall be used to provide assistance to councils of
2 35 governments to meet certain economic development needs.
3 1 The bill provides that the department shall distribute
3 2 moneys in the fund on an equal basis to each council of
3 3 governments. The bill provides that a council of governments
3 4 shall use moneys received from the fund for loans for economic
3 5 development purposes in counties with a positive sales leakage
3 6 or for loans to assist projects located in enterprise zones.
3 7 The bill provides that any moneys received from the fund and
3 8 loaned by a council of governments shall require a 100 percent
3 9 match from the loan recipient. The bill provides that each
3 10 council of governments shall establish a loan review committee
3 11 which shall include bankers from the region to review loan
3 12 applications and make recommendations on the applications.
3 13 The bill requires each council of governments to submit a
3 14 report to the general assembly annually detailing the use of
3 15 moneys received from the fund.
3 16 The bill appropriates from the rebuild Iowa infrastructure
3 17 fund to the department of economic development for deposit in
3 18 the council of governments fund $5 million for FY 2001-2002
3 19 and $5 million for FY 2002-2003.
3 20 LSB 2614HH 79
3 21 tm/cls/14
Text: HF00594 Text: HF00596 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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