Text: HF00337 Text: HF00339 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 8.55, subsection 2, paragraph a, as 1 2 enacted by 2002 Iowa Acts, Second Extraordinary Session, 1 3 chapter 1001, section 25, is amended to read as follows: 1 4 a. The maximum balance of the fund is the amount equal to 1 5twoforty-two and one-half percent of the adjusted revenue 1 6 estimate for the fiscal year. If the amount of moneys in the 1 7 Iowa economic emergency fund is equal to the maximum balance, 1 8 moneys in excess of this amount shall be transferred to the 1 9 general fund. 1 10 Sec. 2. CONTINGENT EFFECTIVE DATE. This Act takes effect 1 11 on July 1 of the fiscal year immediately following the fiscal 1 12 year in which all transfers have been made from the Iowa 1 13 economic emergency fund, as required by section 8.55, 1 14 subsection 2, paragraphs "b", "c", and "d". The director of 1 15 the department of management shall notify the Code editor when 1 16 the transfers have been made. 1 17 EXPLANATION 1 18 This bill increases the maximum balance for the Iowa 1 19 economic emergency fund. Under current law, through June 30, 1 20 2003, the maximum balances of the cash reserve fund and the 1 21 Iowa economic emergency fund are both 5 percent of the 1 22 adjusted revenue estimate for the fiscal year. However, 1 23 effective July 1, 2003, current law changes the maximum 1 24 balance percentage to 7.5 percent for the cash reserve and 2.5 1 25 percent for the Iowa economic emergency fund. 1 26 Under current law, moneys do not flow to the Iowa economic 1 27 emergency fund until the cash reserve fund has reached the 1 28 maximum balance. Also, under current law, once the Iowa 1 29 economic emergency fund reaches the maximum balance, there are 1 30 appropriations made to various other trust funds and then 1 31 moneys flow back to the general fund of the state. The bill 1 32 changes the maximum balance percentage for the Iowa economic 1 33 emergency fund to 42.5 percent of the adjusted revenue 1 34 estimate for the fiscal year. 1 35 The bill takes effect on July 1 of the fiscal year 2 1 immediately following the fiscal year in which all transfers 2 2 have been made from the Iowa economic emergency fund, as 2 3 required by Code section 8.55, subsection 2, paragraphs "b", 2 4 "c", and "d". These transfers are required to be made to the 2 5 tobacco settlement trust fund, senior living trust fund, and 2 6 endowment for Iowa's health account of the tobacco settlement 2 7 trust fund when the Iowa economic emergency fund has reached 2 8 the maximum balance and moneys would otherwise be transferred 2 9 to the general fund. The director of the department of 2 10 management is required to notify the Code editor when the 2 11 transfers have been made. 2 12 LSB 2202YH 80 2 13 jp/sh/8
Text: HF00337 Text: HF00339 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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