Text: S03604 Text: S03606 Text: S03600 - S03699 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 742, as amended, passed, and 1 2 reprinted by the House, as follows: 1 3 #1. Page 15, by inserting after line 35, the 1 4 following: 1 5 "Sec. . Section 8.57, subsection 5, paragraph 1 6 e, Code 2001, is amended to read as follows: 1 7 e. Notwithstanding provisions to the contrary in 1 8 sections 99D.17 and 99F.11, for the fiscal year 1 9 beginning July 1, 2000, and for each fiscal year 1 10 thereafter, not more than a total of sixty million 1 11 dollars shall be deposited in the general fund of the 1 12 state in any fiscal year pursuant to sections 99D.17 1 13 and 99F.11. The next fifteen million dollars of the 1 14 moneys directed to be deposited in the general fund of 1 15 the state in a fiscal year pursuant to sections 99D.17 1 16 and 99F.11 shall be deposited in the vision Iowa fund 1 17 created in section 12.72 for the fiscal year beginning 1 18 July 1, 2000, and for each fiscal year through the 1 19 fiscal year beginning July 1, 2019. The next five 1 20 million dollars of the moneys directed to be deposited 1 21 in the general fund of the state in a fiscal year 1 22 pursuant to sections 99D.17 and 99F.11 shall be 1 23 deposited in the school infrastructure fund created in 1 24 section 12.82 for the fiscal year beginning July 1, 1 25 2000, and for each fiscal year thereafter until the 1 26 principal and interest on all bonds issued by the 1 27 treasurer of state pursuant to section 12.81 are paid, 1 28 as determined by the treasurer of state. Once the 1 29 deposits in the general fund of the state and the 1 30 vision Iowa and school infrastructure funds are made, 1 31 an amount sufficient to pay any amounts due during a 1 32 fiscal year on bonds issued for construction of a 1 33 multipurpose laboratory facility pursuant to sections 1 34 12.29 and 12.29A, together with any interest due on 1 35 the bonds during the fiscal year, shall be deposited 1 36 in the multipurpose laboratory facility construction 1 37 fund established in section 12.29A from the moneys 1 38 directed to be deposited in the general fund of the 1 39 state during the fiscal year pursuant to sections 1 40 99D.17 and 99F.11. The total moneys in excess of the 1 41 moneys deposited in the general fund of the state, the 1 42 vision Iowa fund,andthe school infrastructure fund, 1 43 and the multipurpose laboratory facility construction 1 44 fund, in a fiscal year shall be deposited in the 1 45 rebuild Iowa infrastructure fund and shall be used as 1 46 provided in this section, notwithstanding section 1 47 8.60. 1 48 Sec. . NEW SECTION. 12.29 BONDING POWERS 1 49 STATE AGENCY PURCHASE OF REAL OR PERSONAL PROPERTY. 1 50 1. The treasurer of state may issue bonds for the 2 1 purchase of real or personal property for use by a 2 2 state agency if a constitutional majority of each 2 3 house of the general assembly authorizes, and the 2 4 governor approves, the treasurer of state to issue 2 5 such bonds. The treasurer of state shall have all of 2 6 the powers necessary to issue and secure bonds for the 2 7 purposes set forth in this section. The treasurer of 2 8 state may issue bonds in principal amounts that are 2 9 necessary to provide sufficient funds for the purposes 2 10 authorized by the general assembly and the governor, 2 11 the payment of interest on the bonds, the 2 12 establishment of reserves to secure the bonds, the 2 13 costs of issuance of the bonds, other expenditures of 2 14 the treasurer of state incident to and necessary or 2 15 convenient to carry out the bond issue for the 2 16 authorized purchase of real or personal property. The 2 17 bonds are investment securities and negotiable 2 18 instruments within the meaning of and for purposes of 2 19 the uniform commercial code. 2 20 2. Bonds issued under this section are payable 2 21 solely and only out of moneys deposited in a special 2 22 fund established by the general assembly and 2 23 authorized by the governor and designated for the 2 24 specific authorized purchase of real or personal 2 25 property, and any bond reserve funds established for 2 26 the specific authorized purchase, all of which may be 2 27 deposited with trustees or depositories in accordance 2 28 with bond or security documents and pledged by the 2 29 treasurer to the payment thereof. Bonds issued under 2 30 this section shall contain on their face a statement 2 31 that the bonds do not constitute an indebtedness of 2 32 the state. The treasurer of state shall not pledge 2 33 the credit or taxing power of this state or any 2 34 political subdivision of this state or make bonds 2 35 issued pursuant to this section payable out of any 2 36 moneys except moneys deposited in a special fund 2 37 designated for the specific authorized purchase. 2 38 3. The proceeds of bonds issued by the treasurer 2 39 of state and not required for immediate disbursement 2 40 may be deposited with a trustee or depository as 2 41 provided in the bond documents and invested or 2 42 reinvested in any investment as directed by the 2 43 department of general services and specified in the 2 44 trust indenture, resolution, or other instrument 2 45 pursuant to which the bonds are issued without regard 2 46 to any limitation otherwise provided by law. 2 47 4. The bonds shall be: 2 48 a. In a form, issued in denominations, executed in 2 49 a manner, and payable over terms and with rights of 2 50 redemption, and be subject to such other terms and 3 1 conditions as prescribed in the trust indenture, 3 2 resolution, or other instrument authorizing their 3 3 issuance. 3 4 b. Negotiable instruments under the laws of the 3 5 state and may be sold at prices, at public or private 3 6 sale, and in a manner, as prescribed by the treasurer 3 7 of state. Chapters 73A, 74, 74A, and 75 do not apply 3 8 to the sale or issuance of the bonds. 3 9 c. Subject to the terms, conditions, and covenants 3 10 providing for the payment of the principal, redemption 3 11 premiums, if any, interest, and other terms, 3 12 conditions, covenants, and protective provisions 3 13 safeguarding payment, not inconsistent with this 3 14 section and as determined by the trust indenture, 3 15 resolution, or other instrument authorizing their 3 16 issuance. 3 17 5. The bonds are securities in which public 3 18 officers and bodies of this state; political 3 19 subdivisions of this state; insurance companies and 3 20 associations and other persons carrying on an 3 21 insurance business; banks, trust companies, savings 3 22 associations, savings and loan associations, and 3 23 investment companies; administrators, guardians, 3 24 executors, trustees, and other fiduciaries; and other 3 25 persons authorized to invest in bonds or other 3 26 obligations of the state, may properly and legally 3 27 invest funds, including capital, in their control or 3 28 belonging to them. 3 29 6. Bonds must be authorized by a trust indenture, 3 30 resolution, or other instrument of the treasurer of 3 31 state approved by the department of general services. 3 32 However, a trust indenture, resolution, or other 3 33 instrument authorizing the issuance of bonds may 3 34 delegate to an employee of the department of general 3 35 services the power to negotiate and fix the details of 3 36 an issue of bonds. 3 37 7. Neither the resolution or trust agreement, or 3 38 any other instrument by which a pledge is created 3 39 needs to be recorded or filed under the Iowa uniform 3 40 commercial code to be valid, binding, or effective. 3 41 8. Bonds issued under this section are declared to 3 42 be issued for a general public and governmental 3 43 purpose and all bonds issued under this section shall 3 44 be exempt from taxation by the state of Iowa and the 3 45 interest on the bonds shall be exempt from the state 3 46 income tax and the state inheritance and estate tax. 3 47 9. The treasurer of state may issue bonds for the 3 48 purpose of refunding any bonds or notes issued 3 49 pursuant to this section then outstanding, including 3 50 the payment of any redemption premiums thereon and any 4 1 interest accrued or to accrue to the date of 4 2 redemption of the outstanding bonds or notes. Until 4 3 the proceeds of bonds issued for the purpose of 4 4 refunding outstanding bonds or notes are applied to 4 5 the purchase or retirement of outstanding bonds or 4 6 notes or the redemption of outstanding bonds or notes, 4 7 the proceeds may be placed in escrow and be invested 4 8 and reinvested in accordance with the provisions of 4 9 this section. The interest, income, and profits 4 10 earned or realized on an investment may also be 4 11 applied to the payment of the outstanding bonds or 4 12 notes to be refunded by purchase, retirement, or 4 13 redemption. After the terms of the escrow have been 4 14 fully satisfied and carried out, any balance of 4 15 proceeds and interest earned or realized on the 4 16 investments may be returned to the treasurer for 4 17 deposit in the special fund designated for the 4 18 specific authorized purchase. All refunding bonds 4 19 shall be issued and secured and subject to the 4 20 provisions of this chapter in the same manner and to 4 21 the same extent as other bonds issued pursuant to this 4 22 section. 4 23 Sec. . NEW SECTION. 12.29A MULTIPURPOSE 4 24 LABORATORY FACILITY CONSTRUCTION FUND. 4 25 1. A multipurpose laboratory facility construction 4 26 fund is created and established as a separate and 4 27 distinct fund in the state treasury. The moneys are 4 28 appropriated to the department of general services for 4 29 purposes of construction of a multipurpose laboratory 4 30 facility that will provide space for the use of the 4 31 state medical examiner, for the laboratories of the 4 32 department of agriculture and land stewardship and the 4 33 division of criminal investigation of the department 4 34 of public safety, and for the board of regents 4 35 hygienic laboratory. The department may use the funds 4 36 for purchasing land for construction of the facility, 4 37 for planning, design, and construction of the 4 38 facility, and for purchasing laboratory and 4 39 telecommunications equipment for the facility. 4 40 2. The treasurer of state shall act as custodian 4 41 of the fund and disburse moneys contained in the fund 4 42 as directed by the department of general services, 4 43 including automatic disbursements of funds received 4 44 pursuant to the terms of bond indentures and documents 4 45 and security provisions to trustees. The fund shall 4 46 be administered by the department which shall make 4 47 expenditures from the fund for expenses related to the 4 48 purposes described in subsection 1 without further 4 49 appropriation. 4 50 3. Revenue for the multipurpose laboratory 5 1 facility construction fund shall include, but is not 5 2 limited to, the following, which shall be deposited 5 3 with the treasurer of state or the treasurer's 5 4 designee, as provided by any bond or security 5 5 documents and credited to the fund: 5 6 a. The proceeds of bonds issued to capitalize and 5 7 pay the costs of the fund and investment earnings on 5 8 the proceeds. 5 9 b. Interest attributable to investment of moneys 5 10 in the fund or on account of the fund. 5 11 c. Moneys in the form of a devise, gift, bequest, 5 12 donation, federal or other grant, reimbursement, 5 13 repayment, judgment, transfer, payment, or 5 14 appropriation from any source intended to be used for 5 15 purposes of the fund. 5 16 4. Moneys in the multipurpose laboratory facility 5 17 construction fund are not subject to section 8.33. 5 18 Notwithstanding section 12C.7, subsection 2, interest 5 19 or earnings on moneys in the fund shall be credited to 5 20 the fund. 5 21 5. a. The treasurer of state may create and 5 22 establish one or more special funds, to be known as 5 23 "bond reserve funds", to secure one or more issues of 5 24 bonds or notes issued pursuant to section 12.29. The 5 25 treasurer of state shall pay into each bond reserve 5 26 fund any moneys appropriated and made available by the 5 27 state or the treasurer for the purpose of the fund, 5 28 any proceeds of sale of notes or bonds to the extent 5 29 provided in the resolutions authorizing their 5 30 issuance, and any other moneys which may be available 5 31 to the treasurer for the purpose of the fund from any 5 32 other sources. All moneys held in a bond reserve 5 33 fund, except as otherwise provided in this chapter, 5 34 shall be used as required solely for the payment of 5 35 the principal of bonds secured in whole or in part by 5 36 the fund or of the sinking fund payments with respect 5 37 to the bonds, the purchase or redemption of the bonds, 5 38 the payment of interest on the bonds, or the payments 5 39 of any redemption premium required to be paid when the 5 40 bonds are redeemed prior to maturity. 5 41 b. Moneys in a bond reserve fund shall not be 5 42 withdrawn from it at any time in an amount that will 5 43 reduce the amount of the fund to less than the bond 5 44 reserve fund requirement established for the fund, as 5 45 provided in this subsection, except for the purpose of 5 46 making, with respect to bonds secured in whole or in 5 47 part by the fund, payment when due of principal, 5 48 interest, redemption premiums, and the sinking fund 5 49 payments with respect to the bonds for the payment of 5 50 which other moneys of the treasurer are not available. 6 1 Any income or interest earned by, or incremental to, a 6 2 bond reserve fund due to the investment of it may be 6 3 transferred by the treasurer to other funds or 6 4 accounts to the extent the transfer does not reduce 6 5 the amount of that bond reserve fund below the bond 6 6 reserve fund requirement for it. 6 7 c. The treasurer of state shall not at any time 6 8 issue bonds, secured in whole or in part by a bond 6 9 reserve fund if, upon the issuance of the bonds, the 6 10 amount in the bond reserve fund will be less than the 6 11 bond reserve fund requirement for the fund, unless the 6 12 treasurer at the time of issuance of the bonds 6 13 deposits in the fund from the proceeds of the bonds 6 14 issued or from other sources an amount which, together 6 15 with the amount then in the fund will not be less than 6 16 the bond reserve fund requirement for the fund. For 6 17 the purposes of this subsection, the term "bond 6 18 reserve fund requirement" means, as of any particular 6 19 date of computation, an amount of money, as provided 6 20 in the resolutions authorizing the bonds with respect 6 21 to which the fund is established. 6 22 d. To assure the continued solvency of any bonds 6 23 secured by the bond reserve fund, provision is made in 6 24 paragraph "a" for the accumulation in each bond 6 25 reserve fund of an amount equal to the bond reserve 6 26 fund requirement for the fund. In order further to 6 27 assure maintenance of the bond reserve funds, the 6 28 treasurer shall, on or before January 1 of each 6 29 calendar year, make and deliver to the governor the 6 30 treasurer's certificate stating the sum, if any, 6 31 required to restore each bond reserve fund to the bond 6 32 reserve fund requirement for that fund. Within thirty 6 33 days after the beginning of the session of the general 6 34 assembly next following the delivery of the 6 35 certificate, the governor shall submit to both houses 6 36 printed copies of a budget including the sum, if any, 6 37 required to restore each bond reserve fund to the bond 6 38 reserve fund requirement for that fund. Any sums 6 39 appropriated by the general assembly and paid to the 6 40 treasurer pursuant to this subsection shall be 6 41 deposited by the authority in the applicable bond 6 42 reserve fund. 6 43 6. Enactment of this section constitutes 6 44 authorization by the general assembly and approved by 6 45 the governor, as required under sections 12.29 and 6 46 18.12A, for the issuance of bonds by the treasurer of 6 47 state under section 12.29 for the purposes described 6 48 in this section up to an aggregate principal amount of 6 49 sixty-two million dollars. 6 50 Sec. . NEW SECTION. 12.29B PLEDGES. 7 1 It is the intention of the general assembly that a 7 2 pledge made in respect to bonds or notes shall be 7 3 valid and binding from the time the pledge is made, 7 4 that the moneys or property so pledged and received 7 5 after the pledge by the treasurer of state shall 7 6 immediately be subject to the lien of the pledge 7 7 without physical delivery or further act, and that the 7 8 lien of the pledge shall be valid and binding as 7 9 against all parties having claims of any kind in tort, 7 10 contract, or otherwise against the treasurer of state 7 11 whether or not the parties have notice of the lien." 7 12 #2. Page 16, by inserting before line 8, the 7 13 following: 7 14 "Sec. . NEW SECTION. 18.12A BONDING FOR STATE 7 15 AGENCY PURCHASE OF REAL OR PERSONAL PROPERTY. 7 16 If a constitutional majority of each house of the 7 17 general assembly authorizes, and the governor 7 18 approves, the treasurer of state to issue bonds for 7 19 the purchase of real or personal property for use by a 7 20 state agency as provided in section 12.29, the 7 21 department shall cooperate with the treasurer of state 7 22 in issuing the bonds and providing the information 7 23 necessary to complete the issuance of the bonds." 7 24 #3. Title page, line 16, by inserting after the 7 25 word "changes," the following: "providing bonding 7 26 authority to the treasurer of state for certain state 7 27 projects and making a standing appropriation for 7 28 payment of such bonds on a specific project,". 7 29 #4. By renumbering, redesignating, and correcting 7 30 internal references as necessary. 7 31 7 32 7 33 7 34 MIKE CONNOLLY 7 35 HF 742.707 79 7 36 nh/cls
Text: S03604 Text: S03606 Text: S03600 - S03699 Text: S Index Bills and Amendments: General Index Bill History: General Index
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