Text: SF02187 Text: SF02189 Text: SF02100 - SF02199 Text: SF 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. The maximum balance of the fund isthe amount equal to1 4five percent of the adjusted revenue estimate for the fiscal1 5yearone billion five hundred million dollars. If the amount 1 6 of moneys in the Iowa economic emergency fund is equal to the 1 7 maximum balance, moneys in excess of this amount shall be 1 8 transferred to the general fund. 1 9 Sec. 2. Section 8.55, subsection 3, paragraph a, Code 1 10 Supplement 2001, is amended to read as follows: 1 11 a. Except as provided in paragraphs "b" and "c", the 1 12 moneys in the Iowa economic emergency fund shall only be used 1 13 pursuant to an appropriation made by the general assembly.An1 14 Other than an appropriation made in accordance with subsection 1 15 3A, an appropriation shall only be made for the fiscal year in 1 16 which the appropriation is made. The moneys shall only be 1 17 appropriated by the general assembly for emergency 1 18 expenditures or during a period of economic recession. 1 19 Sec. 3. Section 8.55, Code Supplement 2001, is amended by 1 20 adding the following new subsection: 1 21 NEW SUBSECTION. 3A. If the state is in a period of 1 22 economic recession indicated by reduced economic activity for 1 23 at least two consecutive quarters, not more than twenty-five 1 24 percent of the balance of the Iowa economic emergency fund 1 25 determined to be available for appropriation for a fiscal year 1 26 may be appropriated for any fiscal year for proper purposes 1 27 necessitated by the period of economic recession. 1 28 EXPLANATION 1 29 This bill relates to Iowa economic emergency fund 1 30 restrictions. 1 31 Under current law in Code section 8.55, the maximum balance 1 32 of the fund is 5 percent of the adjusted revenue estimate for 1 33 the fiscal year. The bill revises the maximum balance to be 1 34 $1.5 billion. 1 35 Current law provides that, aside from certain exceptions, 2 1 an appropriation from the fund can only be made for the fiscal 2 2 year in which the appropriation is made. The bill provides 2 3 that if the state is in a period of economic recession, not 2 4 more than 25 percent of the fund's balance determined to be 2 5 available for a fiscal year may be appropriated for any fiscal 2 6 year purposes necessitated by the period of recession. 2 7 LSB 6332XS 79 2 8 jp/pj/5
Text: SF02187 Text: SF02189 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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