Text: HSB00499 Text: HSB00501 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 8.55, subsection 2, Code Supplement
1 2 2001, is amended to read as follows:
1 3 2. a. The maximum balance of the fund is the amount equal
1 4 to five percent of the adjusted revenue estimate for the
1 5 fiscal year. If the amount of moneys in the Iowa economic
1 6 emergency fund is equal to the maximum balance, moneys in
1 7 excess of this amount shall be transferred to the general
1 8 fund.
1 9 b. Notwithstanding paragraph "a", any moneys in excess of
1 10 the maximum balance in the economic emergency fund after the
1 11 distribution of the surplus in the general fund of the state
1 12 at the conclusion of the fiscal year beginning July 1, 2002,
1 13 and subsequent fiscal years, shall not be transferred to the
1 14 general fund of the state but shall be transferred to the
1 15 endowment for Iowa's health account of the tobacco settlement
1 16 trust fund. The amount transferred under this paragraph shall
1 17 not exceed the difference between forty million dollars and
1 18 the total amount transferred to the endowment for Iowa's
1 19 health account pursuant to 2001 Iowa Acts, chapter 177,
1 20 section 2, as amended by 2001 Iowa Acts, chapter 187, section
1 21 28, and previous fiscal years.
1 22 EXPLANATION
1 23 An appropriation of $40 million was made by the 2001
1 24 Regular Session of the Seventy-ninth General Assembly from the
1 25 endowment for Iowa's health account of the tobacco settlement
1 26 trust fund for purposes of the student achievement and teacher
1 27 quality program. The moneys were to be repaid pursuant to
1 28 2001 legislation to that account from surplus moneys from the
1 29 state general fund that were not needed to fill up the
1 30 economic emergency fund. This repayment applied to fiscal
1 31 years beginning July 1, 2000, and July 1, 2001. Since the $40
1 32 million has not been repaid and will likely not be repaid at
1 33 the end of the 2001-2002 fiscal year, this bill extends
1 34 indefinitely the time period for repayment but makes no
1 35 changes in the repayment sources.
2 1 LSB 5289YC 79
2 2 mg/sh/8
Text: HSB00499 Text: HSB00501 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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