Text: HF00728 Text: HF00730 Text: HF00700 - HF00799 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 12.34, subsection 1, Code 2001, is 1 2 amended to read as follows: 1 3 1. The treasurer of state may invest up to the lesser of 1 4one hundred eightsixty million dollars or ten percent of the 1 5 balance of the state pooled money fund in certificates of 1 6 deposit in eligible lending institutions as provided in this 1 7 division. The moneys invested pursuant to this section shall 1 8 be used as follows: 1 9 a. The treasurer of state may invest up tosixty-eight1 10 twenty million dollars to support programs provided in this 1 11 division other than the traditional livestock producers linked 1 12 investment loan program as provided in section 12.43A and the 1 13 value-added agricultural linked investment loan program as 1 14 provided in section 12.43B. 1 15 b. The treasurer of state shall invest the remaining 1 16 amount as follows: 1 17 (1) At least twenty million dollars shall be invested in 1 18 order to support the traditional livestock producers linked 1 19 investment loan program as provided in section 12.43A. 1 20 (2) At least twenty million dollars shall be invested in 1 21 order to support the value-added agricultural linked 1 22 investment loan program as provided in section 12.43B. 1 23 Sec. 2. NEW AGREEMENTS RESTRICTED. Beginning on the 1 24 effective date of this Act, the treasurer of state shall not 1 25 execute a new investment agreement with an eligible lending 1 26 institution and an eligible lending institution shall not 1 27 execute a new loan agreement with an eligible borrower until 1 28 the first July 1 of any year following a determination by the 1 29 treasurer of state that the balance of outstanding loans under 1 30 all of the linked investment loan programs is less than sixty 1 31 million dollars. 1 32 Sec. 3. REPORT TO GENERAL ASSEMBLY. Within sixty days 1 33 after receiving notice from the treasurer of state of a 1 34 determination by the treasurer of state that the balance of 1 35 outstanding loans under all of the linked investment loan 2 1 programs is less than seventy million dollars, the department 2 2 of economic development shall submit a report to the general 2 3 assembly recommending three new linked investment loan 2 4 programs which would complement the promotion of targeted 2 5 industries listed in section 15.329, subsection 2. The report 2 6 shall also include a recommendation of three current linked 2 7 investment loan programs that should be discontinued. 2 8 Sec. 4. NEW PROGRAMS. It is the intent of the general 2 9 assembly that any new linked investment loan program should be 2 10 enacted with a repeal date of three years following the 2 11 effective date of the program. 2 12 Sec. 5. CONTINUATION OF CURRENT AGREEMENTS. This Act 2 13 shall not affect the terms or conditions of an investment 2 14 agreement executed by the treasurer of state with an eligible 2 15 lending institution that is in effect before the effective 2 16 date of this Act. This Act shall not affect the terms or 2 17 conditions of a loan agreement executed by an eligible lending 2 18 institution with an eligible borrower that is in effect before 2 19 the effective date of this Act. 2 20 Sec. 6. EFFECTIVE DATES. 2 21 1. With the exception of section 1 of this Act, this Act, 2 22 being deemed of immediate importance, takes effect upon 2 23 enactment. 2 24 2. Section 1 of this Act takes effect upon the first July 2 25 1 of any year following a determination by the treasurer of 2 26 state that the balance of outstanding loans under all of the 2 27 linked investment loan programs is less than sixty million 2 28 dollars. The treasurer of state shall provide notice to the 2 29 Iowa Code editor of such a determination. 2 30 EXPLANATION 2 31 This bill amends the linked investments for tomorrow Act in 2 32 Code chapter 12, which allows the treasurer of state to invest 2 33 moneys of the state pooled money fund in certificates of 2 34 deposit in eligible lending institutions. The state receives 2 35 a lower interest rate as part of an investment agreement in 3 1 which the lending institution loans moneys to eligible 3 2 persons, under programs specified in the chapter, at a reduced 3 3 rate of interest. 3 4 The bill provides that the treasurer of state shall not 3 5 execute a new investment agreement and eligible lending 3 6 institutions shall not execute a new loan agreement until the 3 7 first July 1 of any year following a determination by the 3 8 treasurer of state that the balance of outstanding loans under 3 9 all of the linked investment loan programs is less than $60 3 10 million. This provision takes effect upon enactment. 3 11 The bill provides that 60 days after receiving notice from 3 12 the treasurer of state of a determination by the treasurer 3 13 that the balance of outstanding loans under all of the linked 3 14 investment loan programs is less than $70 million, the 3 15 department of economic development shall submit a report to 3 16 the general assembly recommending three new linked investment 3 17 loan programs which would complement the promotion of targeted 3 18 industries and recommending three current linked investment 3 19 loan programs that should be discontinued. This provision 3 20 takes effect upon enactment. 3 21 The bill provides that it is the intent of the general 3 22 assembly that any new linked investment loan program should be 3 23 enacted with a repeal date of three years following the 3 24 effective date of the program. This provision takes effect 3 25 upon enactment. 3 26 The bill provides that, on the first July 1 of any year 3 27 following a determination by the treasurer of state that the 3 28 balance of outstanding loans under all of the linked 3 29 investment loan programs is less than $60 million, the maximum 3 30 amount of state pooled money which may be invested by the 3 31 treasurer shall be reduced from $108 million to $60 million 3 32 and the amount that the treasurer may invest to support 3 33 programs other than the traditional livestock producers linked 3 34 investment loan program and the value-added agricultural 3 35 linked investment loan program shall be reduced from $68 4 1 million to $20 million. 4 2 LSB 3165HV 79 4 3 tm/cls/14
Text: HF00728 Text: HF00730 Text: HF00700 - HF00799 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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