Text: H08472 Text: H08474 Text: H08400 - H08499 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 2298, as amended, passed, and 1 2 reprinted by the Senate, as follows: 1 3 #1. Page 37, by inserting after line 4 the 1 4 following: 1 5 "Sec. . ECONOMIC DEVELOPMENT REGION FINANCIAL 1 6 ASSISTANCE APPROPRIATION. 1 7 1. There is appropriated from the grow Iowa values 1 8 fund created in section 15G.108 to the department of 1 9 economic development for the fiscal year beginning 1 10 July 1, 2004, and ending June 30, 2005, the following 1 11 amount, or so much thereof as is necessary, to be used 1 12 for the purpose designated: 1 13 For providing financial assistance under section 1 14 15E.232, subsections 3, 4, 5, and 6, and under section 1 15 15E.233: 1 16 .................................................. $ 20,000,000 1 17 2. Notwithstanding section 8.33, moneys that 1 18 remain unexpended at the end of a fiscal year shall 1 19 not revert to any fund but shall remain available for 1 20 expenditure for the designated purposes during the 1 21 succeeding fiscal year. 1 22 Sec. . REHABILITATION PROJECT TAX CREDITS 1 23 APPROPRIATION. 1 24 1. There is appropriated from the grow Iowa values 1 25 fund to the general fund of the state for each fiscal 1 26 year of the fiscal period beginning July 1, 2004, and 1 27 ending June 30, 2006, the following amounts, or so 1 28 much thereof as is necessary, to be used for the 1 29 purpose designated: 1 30 For payment of tax credits approved pursuant to 1 31 section 404A.4 for projects located in certified 1 32 cultural and entertainment districts: 1 33 FY 2004-2005 ..................................... $ 1,500,000 1 34 FY 2005-2006 ..................................... $ 1,500,000 1 35 2. Notwithstanding section 8.33, moneys that 1 36 remain unexpended at the end of a fiscal year shall 1 37 not revert to any fund but shall remain available for 1 38 expenditure for the designated purposes during the 1 39 succeeding fiscal year. 1 40 Sec. . COMMUNITY ATTRACTION AND TOURISM 1 41 PROGRAM. 1 42 1. There is appropriated from the grow Iowa values 1 43 fund to the office of the treasurer of state for each 1 44 fiscal year of the fiscal period beginning July 1, 1 45 2004, and ending June 30, 2007, the following amounts, 1 46 or so much thereof as is necessary, to be used for the 1 47 purpose designated: 1 48 For deposit in the community attraction and tourism 1 49 fund: 1 50 FY 2004-2005 ..................................... $ 15,000,000 2 1 FY 2005-2006 ..................................... $ 15,000,000 2 2 FY 2006-2007 ..................................... $ 15,000,000 2 3 2. Notwithstanding section 8.33, moneys that 2 4 remain unexpended at the end of a fiscal year shall 2 5 not revert to any fund but shall remain available for 2 6 expenditure for the designated purposes during the 2 7 succeeding fiscal year. 2 8 Sec. . STATE PARKS. 2 9 1. There is appropriated from the grow Iowa values 2 10 fund to the grow Iowa values board for each fiscal 2 11 year of the fiscal period beginning July 1, 2004, and 2 12 ending June 30, 2006, the following amounts, or so 2 13 much thereof as is necessary, to be used for the 2 14 purpose designated: 2 15 For the purpose of providing financial assistance 2 16 for projects in targeted state parks and destination 2 17 parks: 2 18 FY 2004-2005 ..................................... $ 3,000,000 2 19 FY 2005-2006 ..................................... $ 3,000,000 2 20 2. Notwithstanding section 8.33, moneys that 2 21 remain unexpended at the end of a fiscal year shall 2 22 not revert to any fund but shall remain available for 2 23 expenditure for the designated purposes during the 2 24 succeeding fiscal year. 2 25 Sec. . IOWA CULTURAL TRUST FUND. 2 26 1. There is appropriated from the grow Iowa values 2 27 fund to the office of the treasurer of state for each 2 28 fiscal year of the fiscal period beginning July 1, 2 29 2004, and ending June 30, 2006, the following amounts, 2 30 or so much thereof as is necessary, to be used for the 2 31 purpose designated: 2 32 For deposit in the Iowa cultural trust fund created 2 33 in section 303A.4: 2 34 FY 2004-2005 ..................................... $ 2,000,000 2 35 FY 2005-2006 ..................................... $ 2,000,000 2 36 2. Notwithstanding section 8.33, moneys that 2 37 remain unexpended at the end of a fiscal year shall 2 38 not revert to any fund but shall remain available for 2 39 expenditure for the designated purposes during the 2 40 succeeding fiscal year. 2 41 Sec. . GENERAL FUND APPROPRIATION. From the 2 42 proceeds received from the sale of bonds issued 2 43 pursuant to section 12.91, there is appropriated from 2 44 the grow Iowa values fund to the general fund of the 2 45 state for the fiscal period beginning July 1, 2004, 2 46 and ending June 30, 2006, the following amounts for 2 47 deposit in the general fund: 2 48 FY 2004-2005.......................................$ 43,600,000 2 49 FY 2005-2006.......................................$ 43,600,000 2 50 Sec. . VALUE-ADDED AGRICULTURAL PRODUCTS AND 3 1 PROCESSES FINANCIAL ASSISTANCE FUND APPROPRIATION. In 3 2 addition to any moneys allocated from moneys 3 3 appropriated pursuant to 2003 Iowa Acts, First 3 4 Extraordinary Session, chapter 2, section 66, there is 3 5 appropriated from the grow Iowa values fund to the 3 6 department of economic development for the fiscal year 3 7 beginning July 1, 2004, and ending June 30, 2005, the 3 8 following amount, or so much thereof as is necessary, 3 9 to be used for the purpose designated: 3 10 For deposit in the value-added agricultural 3 11 products and processes financial assistance fund: 3 12 .................................................. $ 2,000,000 3 13 Sec. . COMMUNITY ECONOMIC BETTERMENT PROGRAM 3 14 ACCOUNT APPROPRIATION. In addition to any moneys 3 15 allocated from moneys appropriated pursuant to 2003 3 16 Iowa Acts, First Extraordinary Session, chapter 2, 3 17 section 66, there is appropriated from the grow Iowa 3 18 values fund to the department of economic development 3 19 for the fiscal year beginning July 1, 2004, and ending 3 20 June 30, 2005, the following amount, or so much 3 21 thereof as is necessary, to be used for the purpose 3 22 designated: 3 23 For deposit in the community economic betterment 3 24 program account: 3 25 .................................................. $ 2,000,000 3 26 Sec. . Section 8.57, subsection 5, paragraph e, 3 27 Code Supplement 2003, is amended to read as follows: 3 28 e. Notwithstanding provisions to the contrary in 3 29 sections 99D.17 and 99F.11, for the fiscal year 3 30 beginning July 1,20002003, andfor each fiscal year3 31thereafterending June 30, 2004, not more than a total 3 32 of sixty million dollars shall be deposited in the 3 33 general fund of the state inanythe fiscal year 3 34 pursuant to sections 99D.17 and 99F.11; for the fiscal 3 35 period beginning July 1, 2004, and ending June 30, 3 36 2030, not more than a total of forty-three million six 3 37 hundred thousand dollars of the moneys directed to be 3 38 deposited in the general fund of the state in a fiscal 3 39 year pursuant to sections 99D.17 and 99F.11 shall be 3 40 deposited in the grow Iowa values fund created in 3 41 section 15G.108 in any fiscal year, and not more than 3 42 a total of sixteen million four hundred thousand 3 43 dollars shall be deposited in the general fund in any 3 44 fiscal year; and for the fiscal year beginning July 1, 3 45 2030, and for each fiscal year thereafter, not more 3 46 than a total of sixty million dollars shall be 3 47 deposited in the general fund of the state in any 3 48 fiscal year pursuant to sections 99D.17 and 99F.11. 3 49 The next fifteen million dollars of the moneys 3 50 directed to be deposited in the general fund of the 4 1 state in a fiscal year pursuant to sections 99D.17 and 4 2 99F.11 shall be deposited in the vision Iowa fund 4 3 created in section 12.72 for the fiscal year beginning 4 4 July 1, 2000, and for each fiscal year through the 4 5 fiscal year beginning July 1, 2019. The next five 4 6 million dollars of the moneys directed to be deposited 4 7 in the general fund of the state in a fiscal year 4 8 pursuant to sections 99D.17 and 99F.11 shall be 4 9 deposited in the school infrastructure fund created in 4 10 section 12.82 for the fiscal year beginning July 1, 4 11 2000, and for each fiscal year thereafter until the 4 12 principal and interest on all bonds issued by the 4 13 treasurer of state pursuant to section 12.81 are paid, 4 14 as determined by the treasurer of state. The total 4 15 moneys in excess of the moneys deposited in the 4 16 general fund of the state, the grow Iowa values fund, 4 17 the vision Iowa fund, and the school infrastructure 4 18 fund in a fiscal year shall be deposited in the 4 19 rebuild Iowa infrastructure fund and shall be used as 4 20 provided in this section, notwithstanding section 4 21 8.60. 4 22 If the total amount of moneys directed to be 4 23 deposited in the general fund of the state under 4 24 sections 99D.17 and 99F.11 in a fiscal year is less 4 25 than the total amount of moneys directed to be 4 26 deposited in the grow Iowa values fund, the vision 4 27 Iowa fund, and the school infrastructure fund in the 4 28 fiscal year pursuant to this paragraph "e", the 4 29 difference shall be paid from lottery revenues in the 4 30 manner provided in section 99G.39, subsection 3. 4 31 Sec. . NEW SECTION. 12.91 GENERAL AND 4 32 SPECIFIC BONDING POWERS. 4 33 1. The treasurer of state may issue bonds for the 4 34 purpose of funding the grow Iowa values fund created 4 35 in section 15G.108. The treasurer of state shall have 4 36 all of the powers which are necessary to issue and 4 37 secure bonds and carry out the purposes of the fund. 4 38 The treasurer of state may issue bonds in principal 4 39 amounts which are necessary to provide sufficient 4 40 funds for the grow Iowa values fund, the payment of 4 41 interest on the bonds, the establishment of reserves 4 42 to secure the bonds, the costs of issuance of the 4 43 bonds, other expenditures of the treasurer of state 4 44 incident to and necessary or convenient to carry out 4 45 the bond issue for the fund, and all other 4 46 expenditures of the board necessary or convenient to 4 47 administer the fund. The bonds are investment 4 48 securities and negotiable instruments within the 4 49 meaning of and for purposes of the uniform commercial 4 50 code. 5 1 2. Bonds issued under this section are payable 5 2 solely and only out of the moneys, assets, or revenues 5 3 of the grow Iowa values fund and any bond reserve 5 4 funds established pursuant to section 12.92, all of 5 5 which may be deposited with trustees or depositories 5 6 in accordance with bond or security documents and 5 7 pledged to the payment thereof. Bonds issued under 5 8 this section shall contain on their face a statement 5 9 that the bonds do not constitute an indebtedness of 5 10 the state. The treasurer of state shall not pledge 5 11 the credit or taxing power of this state or any 5 12 political subdivision of the state or make bonds 5 13 issued pursuant to this section payable out of any 5 14 moneys except those in the grow Iowa values fund. 5 15 3. The proceeds of bonds issued by the treasurer 5 16 of state and not required for immediate disbursement 5 17 may be deposited with a trustee or depository as 5 18 provided in the bond documents and invested or 5 19 reinvested in any investment as directed by the 5 20 treasurer of state and specified in the trust 5 21 indenture, resolution, or other instrument pursuant to 5 22 which the bonds are issued without regard to any 5 23 limitation otherwise provided by law. 5 24 4. The bonds shall be: 5 25 a. In a form, issued in denominations, executed in 5 26 a manner, and payable over terms and with rights of 5 27 redemption, and be subject to the terms, conditions, 5 28 and covenants providing for the payment of the 5 29 principal of, redemption premiums, if any, interest 5 30 which may be fixed or variable during any period the 5 31 bonds are outstanding, and such other terms and 5 32 conditions as prescribed in the trust indenture, 5 33 resolution, or other instrument authorizing their 5 34 issuance. 5 35 b. Negotiable instruments under the laws of the 5 36 state and may be sold at prices, at public or private 5 37 sale, and in a manner, as prescribed by the treasurer 5 38 of state. Chapters 73A, 74, 74A, and 75 do not apply 5 39 to the sale or issuance of the bonds. 5 40 c. Subject to the terms, conditions, and covenants 5 41 providing for the payment of the principal, redemption 5 42 premiums, if any, interest, and other terms, 5 43 conditions, covenants, and protective provisions 5 44 safeguarding payment, not inconsistent with this 5 45 section and as determined by the trust indenture, 5 46 resolution, or other instrument authorizing their 5 47 issuance. 5 48 5. The bonds are securities in which public 5 49 officers and bodies of this state, political 5 50 subdivisions of this state, insurance companies and 6 1 associations and other persons carrying on an 6 2 insurance business, banks, trust companies, savings 6 3 associations, savings and loan associations, and 6 4 investment companies; administrators, guardians, 6 5 executors, trustees, and other fiduciaries; and other 6 6 persons authorized to invest in bonds or other 6 7 obligations of the state may properly and legally 6 8 invest funds, including capital, in their control or 6 9 belonging to them. 6 10 6. Bonds must be authorized by a trust indenture, 6 11 resolution, or other instrument of the treasurer of 6 12 state. 6 13 7. Neither the resolution, trust indenture, nor 6 14 any other instrument by which a pledge is created 6 15 needs to be recorded or filed under the Iowa uniform 6 16 commercial code to be valid, binding, or effective. 6 17 8. Bonds issued under the provisions of this 6 18 section are declared to be issued for a general public 6 19 and governmental purpose and all bonds issued under 6 20 this section shall be exempt from taxation by the 6 21 state of Iowa and the interest on the bonds shall be 6 22 exempt from the state income tax and the state 6 23 inheritance and estate tax. 6 24 9. Subject to the terms of any bond documents, 6 25 moneys in the grow Iowa values fund may be expended 6 26 for administration expenses. 6 27 10. The treasurer of state may issue bonds for the 6 28 purpose of refunding any bonds issued pursuant to this 6 29 section then outstanding, including the payment of any 6 30 redemption premiums thereon and any interest accrued 6 31 or to accrue to the date of redemption of the 6 32 outstanding bonds. Until the proceeds of bonds issued 6 33 for the purpose of refunding outstanding bonds are 6 34 applied to the purchase or retirement of outstanding 6 35 bonds or the redemption of outstanding bonds, the 6 36 proceeds may be placed in escrow and be invested and 6 37 reinvested in accordance with the provisions of this 6 38 section. The interest, income, and profits earned or 6 39 realized on an investment may also be applied to the 6 40 payment of the outstanding bonds to be refunded by 6 41 purchase, retirement, or redemption. After the terms 6 42 of the escrow have been fully satisfied and carried 6 43 out, any balance of proceeds and interest earned or 6 44 realized on the investments may be returned to the 6 45 treasurer of state for deposit in the grow Iowa values 6 46 fund established in section 15G.108. All refunding 6 47 bonds shall be issued and secured and subject to the 6 48 provisions of this chapter in the same manner and to 6 49 the same extent as other bonds issued pursuant to this 6 50 section. 7 1 11. The treasurer of state shall have all of the 7 2 powers which are necessary to issue and secure bonds, 7 3 including but not limited to the power to procure 7 4 insurance, other credit enhancements, and other 7 5 financing arrangements, and to execute instruments and 7 6 contracts and to enter into agreements convenient or 7 7 necessary to facilitate financing arrangements with 7 8 respect to the bonds and to carry out the purposes of 7 9 the fund, including but not limited to such 7 10 arrangements, instruments, contracts, and agreements 7 11 as municipal bond insurance, self-insurance or 7 12 liquidity trusts, accounts, pools or other 7 13 arrangements, liquidity facilities or covenants, 7 14 letters of credit, and interest rate agreements. 7 15 12. For purposes of this section and sections 7 16 12.92 through 12.95, the term "bonds" means bonds, 7 17 notes, and other obligations and financing 7 18 arrangements issued or entered into by the treasurer 7 19 of state and the term "interest rate agreement" means 7 20 an interest rate swap or exchange agreement, an 7 21 agreement establishing an interest rate floor or 7 22 ceiling or both, or any similar agreement. Any such 7 23 agreement may include the option to enter into or 7 24 cancel the agreement or to reverse or extend the 7 25 agreement. 7 26 Sec. . NEW SECTION. 12.92 GROW IOWA VALUES 7 27 FUND ACCOUNTS AND RESERVE FUNDS. 7 28 1. The treasurer of state shall establish such 7 29 accounts within the grow Iowa values fund created in 7 30 section 15G.108 as may be appropriate, including debt 7 31 service accounts for the purpose of paying the 7 32 principal of, redemption premium, if any, and interest 7 33 on bonds payable therefrom. Moneys in the debt 7 34 service accounts shall not be subject to appropriation 7 35 for any other purpose by the general assembly, but 7 36 shall be used only for the purposes of paying the 7 37 principal of, redemption premium, if any, and interest 7 38 on the bonds payable therefrom. 7 39 2. Revenue for the grow Iowa values fund shall 7 40 include, but is not limited to, the following, which 7 41 shall be deposited with the treasurer of state or its 7 42 designee as provided by any bond or security documents 7 43 and credited to the debt service account: 7 44 a. The proceeds of bonds issued to capitalize and 7 45 pay the costs of the fund and investment earnings on 7 46 the proceeds. 7 47 b. Interest attributable to investment of moneys 7 48 in the fund or an account of the fund. 7 49 c. Moneys in the form of a devise, gift, bequest, 7 50 donation, federal or other grant, reimbursement, 8 1 repayment, judgment, transfer, payment, or 8 2 appropriation from any source intended to be used for 8 3 the purposes of the fund or account. 8 4 3. a. The treasurer of state may create and 8 5 establish one or more special funds, to be known as 8 6 "bond reserve funds", to secure one or more issues of 8 7 bonds issued pursuant to section 12.91. The treasurer 8 8 of state shall pay into each bond reserve fund any 8 9 moneys appropriated and made available by the state or 8 10 treasurer of state for the purpose of the fund, any 8 11 proceeds of sale of bonds to the extent provided in 8 12 the resolutions or trust indentures authorizing their 8 13 issuance, and any other moneys which may be available 8 14 to the treasurer of state for the purpose of the fund 8 15 from any other sources. All moneys held in a bond 8 16 reserve fund, except as otherwise provided in this 8 17 chapter, shall be used as required solely for the 8 18 payment of the principal of bonds secured in whole or 8 19 in part by the fund or of the sinking fund payments 8 20 with respect to the bonds, the purchase or redemption 8 21 of the bonds, the payment of interest on the bonds, or 8 22 the payments of any redemption premium required to be 8 23 paid when the bonds are redeemed prior to maturity. 8 24 b. Moneys in a bond reserve fund shall not be 8 25 withdrawn from it at any time in an amount that will 8 26 reduce the amount of the fund to less than the bond 8 27 reserve fund requirement established for the fund, as 8 28 provided in this subsection, except for the purpose of 8 29 making, with respect to bonds secured in whole or in 8 30 part by the fund, payment when due of principal, 8 31 interest, redemption premiums, and the sinking fund 8 32 payments with respect to the bonds for the payment of 8 33 which other moneys of the treasurer of state are not 8 34 available. 8 35 Any income or interest earned by, or incremental 8 36 to, a bond reserve fund due to the investment of it 8 37 may be transferred by the treasurer of state to other 8 38 funds or accounts to the extent the transfer does not 8 39 reduce the amount of that bond reserve fund below the 8 40 bond reserve fund requirement for it. 8 41 c. The treasurer of state shall not at any time 8 42 issue bonds, secured in whole or in part by a bond 8 43 reserve fund, if, upon the issuance of the bonds, the 8 44 amount in the bond reserve fund will be less than the 8 45 bond reserve fund requirement for the fund, unless the 8 46 treasurer of state at the time of issuance of the 8 47 bonds deposits in the fund from the proceeds of the 8 48 bonds issued or from other sources an amount which, 8 49 together with the amount then in the fund, will not be 8 50 less than the bond reserve fund requirement for the 9 1 fund. For the purposes of this subsection, the term 9 2 "bond reserve fund requirement" means, as of any 9 3 particular date of computation, an amount of money, as 9 4 provided in the resolutions or trust indentures 9 5 authorizing the bonds with respect to which the fund 9 6 is established. 9 7 d. To assure the continued solvency of any bonds 9 8 secured by the bond reserve fund, provision is made in 9 9 paragraph "a" for the accumulation in each bond 9 10 reserve fund of an amount equal to the bond reserve 9 11 requirement for the fund. In order to further assure 9 12 maintenance of the bond reserve funds, the treasurer 9 13 of state shall, on or before January 1 of each 9 14 calendar year, make and deliver to the governor the 9 15 treasurer of state's certificate stating the sum, if 9 16 any, required to restore each bond reserve fund to the 9 17 bond reserve fund requirement for that fund. Within 9 18 thirty days after the beginning of the session of the 9 19 general assembly next following the delivery of the 9 20 certificate, the governor shall submit to both houses 9 21 printed copies of a budget including the sum, if any, 9 22 required to restore each bond reserve fund to the bond 9 23 reserve fund requirement for that fund. Any sums 9 24 appropriated by the general assembly and paid to the 9 25 treasurer of state pursuant to this subsection shall 9 26 be deposited by the treasurer of state in the 9 27 applicable bond reserve fund. 9 28 Sec. . NEW SECTION. 12.93 PLEDGES. 9 29 1. It is the intention of the general assembly 9 30 that a pledge made in respect of bonds shall be valid 9 31 and binding from the time the pledge is made, that the 9 32 moneys or property so pledged and received after the 9 33 pledge by the treasurer of state shall immediately be 9 34 subject to the lien of the pledge without physical 9 35 delivery or further act, and that the lien of the 9 36 pledge shall be valid and binding as against all 9 37 parties having claims of any kind in tort, contract, 9 38 or otherwise against the treasurer of state whether or 9 39 not the parties have notice of the lien. 9 40 2. The moneys set aside in a fund or funds pledged 9 41 for any series or issue of bonds shall be held for the 9 42 sole benefit of the series or issue separate and apart 9 43 from moneys pledged for another series or issue of 9 44 bonds of the treasurer of state. Bonds may be issued 9 45 in series under one or more resolutions or trust 9 46 indentures and may be fully open-ended, thus providing 9 47 for the unlimited issuance of additional series, or 9 48 partially open-ended, limited as to additional series. 9 49 Sec. . NEW SECTION. 12.94 LIMITATIONS. 9 50 Bonds issued pursuant to section 12.91 are not 10 1 debts of the state, or of any political subdivision of 10 2 the state, and do not constitute a pledge of the faith 10 3 and credit of the state or a charge against the 10 4 general credit or general fund of the state. The 10 5 issuance of any bonds pursuant to section 12.91 by the 10 6 treasurer of state does not directly, indirectly, or 10 7 contingently obligate the state or a political 10 8 subdivision of the state to apply moneys, or to levy 10 9 or pledge any form of taxation whatever, to the 10 10 payment of the bonds. Bonds issued under section 10 11 12.91 are payable solely and only from the sources and 10 12 special fund and accounts provided in section 12.92. 10 13 Sec. . NEW SECTION. 12.95 CONSTRUCTION. 10 14 Sections 12.91 through 12.94, being necessary for 10 15 the welfare of this state and its inhabitants, shall 10 16 be liberally construed to effect its purposes. 10 17 Sec. . NEW SECTION. 15E.231 ECONOMIC 10 18 DEVELOPMENT REGIONS. 10 19 1. In order for an economic development region to 10 20 receive moneys from the grow Iowa values fund created 10 21 in section 15G.108, the organization of an economic 10 22 development region must be approved by the grow Iowa 10 23 values board established in section 15G.102. The 10 24 board shall approve an economic development region 10 25 that meets the following criteria: 10 26 a. The region consists of not less than three 10 27 contiguous counties. Upon the recommendation of the 10 28 director of the department of economic development, 10 29 this paragraph may be waived by the board. 10 30 b. The region establishes a single, focused 10 31 economic development effort, approved by the board, 10 32 that shall include the development of a regional 10 33 development plan and regional marketing strategies. 10 34 Regional marketing strategies must be focused on 10 35 marketing the region collectively. 10 36 2. An approved economic development region may 10 37 create an economic development region revolving fund 10 38 as provided in section 15E.232. 10 39 Sec. . NEW SECTION. 15E.232 ECONOMIC 10 40 DEVELOPMENT REGION REVOLVING FUNDS – TAX CREDITS. 10 41 1. An economic development region approved 10 42 pursuant to section 15E.231 may create an economic 10 43 development region revolving fund. 10 44 2. An approved economic development region may 10 45 apply for financial assistance from the Iowa values 10 46 fund to assist with physical infrastructure needs 10 47 related to a specific business partner. In order to 10 48 receive financial assistance pursuant to this 10 49 subsection, the economic development region must 10 50 demonstrate all of the following: 11 1 a. The ability to provide matching moneys on a one 11 2 to one basis. 11 3 b. The commitment of the specific business 11 4 partner. 11 5 c. That all other funding alternatives have been 11 6 exhausted. 11 7 3. An approved economic development region may 11 8 apply for financial assistance from the Iowa values 11 9 fund to assist an existing business located in the 11 10 economic development region impacted by business 11 11 consolidation actions. Business consolidation actions 11 12 include a substantial or total closure of an existing 11 13 business due to consolidating the existing business 11 14 out of state. In order to receive financial 11 15 assistance pursuant to this subsection, the economic 11 16 development region must demonstrate the ability to 11 17 provide matching moneys on a one-to-one basis. 11 18 4. An approved economic development region may 11 19 apply for financial assistance to implement economic 11 20 development initiatives unique to the region. In 11 21 order to receive financial assistance pursuant to this 11 22 subsection, the economic development region must 11 23 demonstrate the ability to provide matching moneys on 11 24 a one-to-one basis. 11 25 5. An approved economic development region may 11 26 apply for financial assistance to implement innovative 11 27 initiatives that do not qualify for assistance under 11 28 subsection 4. 11 29 5. The board may establish and administer a 11 30 regional economic development revenue sharing pilot 11 31 project for one or more regions. Not more than three 11 32 pilot projects shall be established. The department 11 33 of economic development shall provide technical 11 34 assistance to the regions participating in a pilot 11 35 project. 11 36 7. Financial assistance under subsections 2, 3, 4, 11 37 and 5 and section 15E.233 shall be limited to a total 11 38 of twenty million dollars. 11 39 Sec. . NEW SECTION. 15E.233 ECONOMICALLY 11 40 ISOLATED AREAS. 11 41 1. An approved economic development region may 11 42 apply to the Iowa values board for approval to be 11 43 designated as an economically isolated area. In order 11 44 to be considered an economically isolated area, the 11 45 region must have at least one county that meets all of 11 46 the following criteria: 11 47 a. A majority of the land area of the county is 11 48 located at least forty miles away from a major 11 49 commercial area, as determined by the board. Major 11 50 commercial areas include all of the following: 12 1 (1) Burlington. 12 2 (2) Carroll. 12 3 (3) Cedar Rapids. 12 4 (4) Clinton. 12 5 (5) Council Bluffs. 12 6 (6) Davenport. 12 7 (7) Des Moines. 12 8 (8) Dubuque. 12 9 (9) Fort Dodge. 12 10 (10) Iowa City. 12 11 (11) Marshalltown. 12 12 (12) Mason City. 12 13 (13) Ottumwa. 12 14 (14) Sioux City. 12 15 (15) Spencer. 12 16 (16) Storm Lake. 12 17 (17) Waterloo. 12 18 b. The county has at least one of the following: 12 19 (1) Per capita income that ranks in the lowest 12 20 twenty-five counties in the state based on the 2000 12 21 census. 12 22 (2) An annualized average weekly wage for 12 23 employees in private business that ranks in the lowest 12 24 twenty-five counties in the state in calendar year 12 25 2000. 12 26 2. An approved economically isolated area may 12 27 apply to the department of economic development for up 12 28 to seven hundred fifty thousand dollars over a five- 12 29 year period for purposes of economic-development- 12 30 related marketing assistance for the area. In order 12 31 to receive financial assistance pursuant to this 12 32 subsection, the economic development region must 12 33 demonstrate the ability to provide matching moneys on 12 34 a one-to-one basis. 12 35 Sec. . Section 15G.108, Code Supplement 2003, 12 36 is amended to read as follows: 12 37 15G.108 GROW IOWA VALUES FUND. 12 38 A grow Iowa values fund is created and established 12 39 as a separate and distinct fund in the state treasury 12 40under the control of the grow Iowa values board12 41consisting of moneys appropriated to the grow Iowa12 42values board. Moneys in the fund are not subject to 12 43 section 8.33. Notwithstanding section 12C.7, interest 12 44 or earnings on moneys in the fund shall be credited to 12 45 the fund. Moneys in the fund shall not be subject to 12 46 appropriation for any other purposes by the general 12 47 assembly other than as provided in this Act and 2003 12 48 Iowa Acts, First Extraordinary Session, chapter 2, but 12 49 shall be used only for the purposes of the grow Iowa 12 50 values fund. The treasurer of state shall act as 13 1 custodian of the fund and disburse moneys contained in 13 2 the fund as directed by the grow Iowa values board, 13 3 including automatic disbursements of moneys received 13 4 pursuant to the terms of bond indentures and documents 13 5 and security provisions to trustees. The fund shall 13 6 be administered by the grow Iowa values board, which 13 7 shall make expenditures from the fund consistent with 13 8 this chapter and pertinent Acts of the general 13 9 assembly. Any financial assistance provided using 13 10 moneys from the fund may be provided over a period of 13 11 time of more than one year. Payments of interest, 13 12 repayments of moneys loaned pursuant to this chapter, 13 13 and recaptures of grants or loans shall be deposited 13 14 in the fund. 13 15 Sec. . Section 15G.110, Code Supplement 2003, 13 16 is amended to read as follows: 13 17 15G.110 FUTURE CONSIDERATION. 13 18 Not later than February 1, 2007, the legislative 13 19 services agency shall prepare and deliver to the 13 20 secretary of the senate and the chief clerk of the 13 21 house of representatives identical bills that repeal 13 22 the provisions of this chapter, with the exception of 13 23 sections 15G.101, 15G.102, 15G.103, and 15G.108. It 13 24 is the intent of this section that the general 13 25 assembly shall bring the bill to a vote in either the 13 26 senate or the house of representatives expeditiously. 13 27 It is further the intent of this chapter that if the 13 28 bill is approved by the first house in which it is 13 29 considered, it shall expeditiously be brought to a 13 30 vote in the second house. 13 31 Sec. . Section 99G.39, subsection 3, paragraph 13 32 a, Code Supplement 2003, is amended to read as 13 33 follows: 13 34 a. Notwithstanding subsection 1, if gaming 13 35 revenues under sections 99D.17 and 99F.11 are 13 36 insufficient in a fiscal year to meet the total amount 13 37 of such revenues directed to be deposited in the grow 13 38 Iowa values fund, the vision Iowa fund, and the school 13 39 infrastructure fund during the fiscal year pursuant to 13 40 section 8.57, subsection 5, paragraph "e", the 13 41 difference shall be paid from lottery revenues prior 13 42 to deposit of the lottery revenues in the general 13 43 fund. If lottery revenues are insufficient during the 13 44 fiscal year to pay the difference, the remaining 13 45 difference shall be paid from lottery revenues in 13 46 subsequent fiscal years as such revenues become 13 47 available. 13 48 Sec. . Section 404A.4, subsection 4, Code 13 49 Supplement 2003, is amended to read as follows: 13 50 4. The total amount of tax credits that may be 14 1 approved for a fiscal year under this chapter shall 14 2 not exceed two million four hundred thousand dollars. 14 3 For the fiscalyears beginning July 1, 2005, andyear 14 4 beginning July 1, 2004, an additional one million five 14 5 hundred thousand dollars of tax credits may be 14 6 approved for purposes of projects located in cultural 14 7 and entertainment districts certified pursuant to 14 8 section 303.3B. For the fiscal year beginning July 1, 14 9 2005, an additional two million dollars of tax credits 14 10 may be approved for purposes of projects located in 14 11 cultural and entertainment districts certified 14 12 pursuant to section 303.3B. For the fiscal year 14 13 beginning July 1, 2006, an additional five hundred 14 14 thousand dollars of tax credits may be approvedeach14 15fiscal yearfor purposes of projects located in 14 16 cultural and entertainment districts certified 14 17 pursuant to section 303.3B. Any of the additional tax 14 18 credits allocated for projects located in certified 14 19 cultural and entertainment districts that are not 14 20 approved during a fiscal year may be carried over to 14 21 the succeeding fiscal year. Tax credit certificates 14 22 shall be issued on the basis of the earliest awarding 14 23 of certifications of completion as provided in 14 24 subsection 1. The departments of economic development 14 25 and revenue shall each adopt rules to jointly 14 26 administer this subsection and shall provide by rule 14 27 for the method to be used to determine for which 14 28 fiscal year the tax credits are approved. 14 29 Sec. . 2003 Iowa Acts, First Extraordinary 14 30 Session, chapter 1, section 114, is amended to read as 14 31 follows: 14 32 SEC. 114. The divisions of this Act designated the 14 33 grow Iowa values board and fund, with the exception of 14 34 sections 15G.101, 15G.102, 15G.103, and 15G.108, Code 14 35 Supplement 2003, the value-added agricultural products 14 36 and processes financial assistance program, the endow 14 37 Iowa grants, the technology transfer advisors, the 14 38 Iowa economic development loan and credit guarantee 14 39 fund, the economic development assistance and data 14 40 collection, the cultural and entertainment districts, 14 41 the workforce issues, and the university-based 14 42 research utilization program, are repealed effective 14 43 June 30, 2010. 14 44 Sec. . 2003 Iowa Acts, First Extraordinary 14 45 Session, chapter 2, section 75, subsection 1, is 14 46 amended to read as follows: 14 47 1. There is appropriated from the general fund of 14 48 the state from moneys credited to the general fund of 14 49 the state as a result of entering into the streamlined 14 50 sales and use tax agreement, for the fiscalperiod15 1 year beginning July 1, 2003, and ending June 30,201015 2 2004, the followingamountsamount to be used for the 15 3 purpose designated: 15 4 For deposit in the grow Iowa values fund created in 15 5 section15G.107, if enacted by 2003 Iowa Acts, House15 6File 692 or another Act15G.108: 15 7 FY 2003-2004...................................... $ 5,000,000 15 8FY 2004-2005...................................... $ 23,000,00015 9FY 2005-2006...................................... $ 75,000,00015 10FY 2006-2007...................................... $ 75,000,00015 11FY 2007-2008...................................... $ 75,000,00015 12FY 2008-2009...................................... $ 75,000,00015 13FY 2009-2010...................................... $ 75,000,000" 15 14 #2. Page 39, by inserting after line 7 the 15 15 following: 15 16 "Sec. . REGULATORY EFFICIENCY COMMISSION. 15 17 1. A regulatory efficiency commission is 15 18 established for purposes of identifying unneeded 15 19 regulations, fines, and fees that hinder business 15 20 development. The commission shall also identify 15 21 methods for streamlining access to regulatory 15 22 information. 15 23 2. The commission shall consist of seven voting 15 24 members appointed by the governor and four ex officio 15 25 members. 15 26 a. The seven voting members appointed by the 15 27 governor are subject to the requirements of sections 15 28 69.16, 69.16A, and 69.19. The seven members shall 15 29 consist of the following: 15 30 (1) Two members shall be economic development 15 31 representatives from two different chambers of 15 32 commerce. One shall be from a metropolitan area with 15 33 more than fifty thousand people and one shall be from 15 34 a metropolitan area with fifty thousand people or 15 35 less. 15 36 (2) Two members representing agricultural 15 37 interests. 15 38 (3) One member representing the Iowa association 15 39 of business and industry. 15 40 (4) Two members representing commercial-based and 15 41 manufacturing-based businesses. 15 42 b. The four ex officio members shall be members of 15 43 the general assembly. Two members shall be from the 15 44 senate and two members shall be from the house of 15 45 representatives, with not more than one member from 15 46 each chamber being from the same political party. The 15 47 two senators shall be designated by the president of 15 48 the senate after consultation with the majority and 15 49 minority leaders of the senate. The two 15 50 representatives shall be designated by the speaker of 16 1 the house of representatives after consultation with 16 2 the majority and minority leaders of the house of 16 3 representatives. Legislative members shall serve in 16 4 an ex officio, nonvoting capacity. 16 5 3. Meetings of the commission are subject to the 16 6 provisions of chapter 21. 16 7 4. By January 10, 2005, the commission shall 16 8 submit a written report to the governor and the 16 9 general assembly. The report shall include the 16 10 findings and legislative recommendations of the 16 11 commission. The report shall be distributed by the 16 12 secretary of the senate and the chief clerk of the 16 13 house of representatives to the chairpersons and 16 14 members of the administrative rules review committee 16 15 and the economic growth committees in the senate and 16 16 the house of representatives. 16 17 Sec. . PARTNERSHIP COMMISSION. 16 18 1. A partnership commission is established for 16 19 purposes of identifying unnecessary public mandates 16 20 for elimination and providing recommendations designed 16 21 to encourage city and county governments to share 16 22 services. 16 23 2. The commission shall consist of seven voting 16 24 members appointed by the governor and four ex officio 16 25 members. 16 26 a. The seven voting members appointed by the 16 27 governor are subject to the requirements of sections 16 28 69.16, 69.16A, and 69.19. The seven members shall 16 29 consist of representatives from various sized cities 16 30 and counties. 16 31 b. The four ex officio members shall be members of 16 32 the general assembly. Two members shall be from the 16 33 senate and two members shall be from the house of 16 34 representatives, with not more than one member from 16 35 each chamber being from the same political party. The 16 36 two senators shall be designated by the president of 16 37 the senate after consultation with the majority and 16 38 minority leaders of the senate. The two 16 39 representatives shall be designated by the speaker of 16 40 the house of representatives after consultation with 16 41 the majority and minority leaders of the house of 16 42 representatives. Legislative members shall serve in 16 43 an ex officio, nonvoting capacity. 16 44 3. Meetings of the commission are subject to the 16 45 provisions of chapter 21. 16 46 4. By January 10, 2005, the commission shall 16 47 submit a written report to the governor and the 16 48 general assembly. The report shall include the 16 49 findings and legislative recommendations of the 16 50 commission. The report shall be distributed by the 17 1 secretary of the senate and the chief clerk of the 17 2 house of representatives to the chairpersons and 17 3 members of the administrative rules review committee 17 4 and the state government committees in the senate and 17 5 the house of representatives." 17 6 17 7 17 8 17 9 PETERSEN of Polk 17 10 17 11 17 12 17 13 BELL of Jasper 17 14 17 15 17 16 17 17 BERRY of Black Hawk 17 18 17 19 17 20 17 21 BUKTA of Clinton 17 22 17 23 17 24 17 25 COHOON of Des Moines 17 26 17 27 17 28 17 29 CONNORS of Polk 17 30 17 31 17 32 17 33 DANDEKAR of Linn 17 34 17 35 17 36 17 37 DAVITT of Warren 17 38 17 39 17 40 17 41 FOEGE of Linn 17 42 17 43 17 44 17 45 FORD of Polk 17 46 17 47 17 48 17 49 FREVERT of Palo Alto 17 50 18 1 18 2 18 3 GASKILL of Wapello 18 4 18 5 18 6 18 7 GREIMANN of Story 18 8 18 9 18 10 18 11 HEDDENS of Story 18 12 18 13 18 14 18 15 HOGG of Linn 18 16 18 17 18 18 18 19 HUNTER of Polk 18 20 18 21 18 22 18 23 JACOBY of Johnson 18 24 18 25 18 26 18 27 JOCHUM of Dubuque 18 28 18 29 18 30 18 31 KUHN of Floyd 18 32 18 33 18 34 18 35 LENSING of Johnson 18 36 18 37 18 38 18 39 LYKAM of Scott 18 40 18 41 18 42 18 43 MASCHER of Johnson 18 44 18 45 18 46 18 47 MERTZ of Kossuth 18 48 18 49 18 50 19 1 MILLER of Webster 19 2 19 3 19 4 19 5 MURPHY of Dubuque 19 6 19 7 19 8 19 9 OLDSON of Polk 19 10 19 11 19 12 19 13 D. OLSON of Boone 19 14 19 15 19 16 19 17 OSTERHAUS of Jackson 19 18 19 19 19 20 19 21 QUIRK of Chickasaw 19 22 19 23 19 24 19 25 REASONER of Union 19 26 19 27 19 28 19 29 SHOMSHOR of Pottawattamie 19 30 19 31 19 32 19 33 SHOULTZ of Black Hawk 19 34 19 35 19 36 19 37 SMITH of Marshall 19 38 19 39 19 40 19 41 STEVENS of Dickinson 19 42 19 43 19 44 19 45 D. TAYLOR of Linn 19 46 19 47 19 48 19 49 T. TAYLOR of Linn 19 50 20 1 20 2 20 3 THOMAS of Clayton 20 4 20 5 20 6 20 7 WENDT of Woodbury 20 8 20 9 20 10 20 11 WHITAKER of Van Buren 20 12 20 13 20 14 20 15 WHITEAD of Woodbury 20 16 20 17 20 18 20 19 WINCKLER of Scott 20 20 20 21 20 22 20 23 WISE of Lee 20 24 SF 2298.741 80 20 25 tm/gg
Text: H08472 Text: H08474 Text: H08400 - H08499 Text: H Index Bills and Amendments: General Index Bill History: General Index
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