House Journal: Page 2129: Tuesday, May 28, 2002
16 "DIVISION
17 FUND RESTORATION
18 Sec. ___. Section 455G.3, Code Supplement 2001, is
19 amended by adding the following new subsections:
20 NEW SUBSECTION. 7. There is appropriated from the
21 funds administered by the board to the following funds
22 for the fiscal year beginning July 1, 2002, and ending
23 June 30, 2003, the following amounts as specified:
24 a. To the rebuild Iowa infrastructure fund:
25 $ 9,370,600
26 b. To the environment first fund:
27 $ 9,500,000
28 c. To the general fund of the state:
29 $ 17,903,369
30 This subsection is repealed effective July 1, 2004.
31 NEW SUBSECTION. 8. Notwithstanding other
32 limitations of this chapter, the board may transfer
33 moneys without limitation between the different
34 accounts and funds authorized by this chapter as
35 determined by the board and to fulfill the purposes of
36 this chapter. This subsection is repealed effective
37 July 1, 2004.
38 Sec. ___. Section 455G.6, Code 2001, is amended by
39 adding the following new subsection:
40 NEW SUBSECTION. 17. Not later than October 31,
41 2002, the board shall enter into a loss portfolio
42 transfer agreement, to be implemented not later than
43 December 31, 2002, with the restructured insurance
44 board authorized in section 455G.11, subsection 1,
45 paragraph "c", for the payment of claims for
46 corrective action associated with releases at sites
47 which are insured at the time of the transfer by the
48 restructured insurance board subject to the following
49 conditions:
50 a. The value of the transfer shall be determined
Page 3
1 by mutual agreement of persons representing the board,
2 the restructured insurance board authorized in section
3 455G.11, subsection 1, paragraph "c", and a third
4 party designated and agreed to by the board and the
5 restructured insurance board. The amount transferred
6 shall be adequate to address all claim costs for
7 corrective action, fees, taxes, risk costs incurred by
8 the transferee, administration expenses associated
9 with the transferred claims, and other costs as
10 mutually agreed to by the parties.
11 b. The transfer shall address payments to eligible
12 claimants as determined by the board prior to the
13 transfer.
14 c. The transfer shall coincide with the transfer
© 2002 Cornell College and
League of Women Voters of Iowa
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