House Journal: Page 2002: Tuesday, May 8, 2001
23 adversely affect the tax-exempt status of any
24 outstanding bonds issued by the tobacco settlement
25 authority.
26 Sec. ___. CONTINGENT APPROPRIATIONS - EFFECTIVE
27 DATE. The appropriations in sections 505 and 701 of
28 this division of this Act shall be made from the tax-
29 exempt bond proceeds restricted capital funds account
30 of the tobacco settlement trust fund on or after the
31 effective date of the receipt of tax-exempt bond
32 proceeds by the tobacco settlement authority and the
33 deposit of the proceeds of the tax-exempt bonds in the
34 tax-exempt bond proceeds restricted capital funds
35 account of the tobacco settlement trust fund.
36 However, if any of the following occurs, the
37 appropriations in sections 505 and 701 of this
38 division of this Act shall not be made from the tax-
39 exempt bond proceeds restricted capital funds account
40 of the tobacco settlement trust fund:
41 1. 2001 Iowa Acts, Senate File 532 is not enacted.
42 2. 2001 Iowa Acts, Senate File 532 is enacted, but
43 the tobacco settlement authority established in
44 chapter 12E does not securitize tobacco master
45 settlement agreement payments sold to the authority
46 pursuant to 2001 Iowa Acts, Senate File 532 prior to
47 June 30, 2002.
48 3. 2001 Iowa Acts, Senate File 532 is enacted and
49 the tobacco settlement authority securitizes tobacco
50 master settlement agreement payments sold to the
Page 10
1 authority pursuant to 2001 Iowa Acts, Senate File 532,
2 but the bond proceeds are not received by the tobacco
3 settlement authority and deposited in the tax-exempt
4 bond proceeds restricted capital funds account of the
5 tobacco settlement trust fund on or before June 30,
6 2002.
7 4. For any other reason, any of the amounts in
8 section 505 cannot be paid from the tax-exempt bond
9 proceeds restricted capital funds account of the
10 tobacco settlement trust fund.
11 Sec. ___. REVERSION. Notwithstanding section
12 8.33, moneys appropriated in this division of this Act
13 shall not revert at the close of the fiscal year for
14 which they were appropriated but shall remain
15 available for the purposes designated until the close
16 of the fiscal year that begins July 1, 2004, or until
17 the project for which the appropriation was made is
18 completed, whichever is earlier.
19 Sec. ___. EFFECTIVE DATES. Sections 501 through
20 503 of this division of this Act, amending 2000 Iowa
21 Acts, chapter 1224, sections 10, 15, and 18, being
© 2001 Cornell College and
League of Women Voters of Iowa
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