Text: HF00452 Text: HF00454 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 10C.6, subsection 1, paragraph a, 1 2 subparagraph (1), Code 2003, is amended to read as follows: 1 3 (1) The life science enterprise acquires the agricultural 1 4 land on or before June 30,20042008. 1 5 Sec. 2. Section 12E.12, subsection 1, paragraph b, 1 6 subparagraph (1), Code 2003, is amended to read as follows: 1 7 (1) The tax-exempt bond proceeds restricted capital funds 1 8 account. The net proceeds of tax-exempt bonds issued to 1 9 provide funds for capital projects, certain debt service, and 1 10 attorney fees related to the master settlement agreement which 1 11 the state treasurer is authorized and directed to deposit on 1 12 behalf of the state shall be deposited in the account and 1 13 shall be used to fund capital projects, certain debt service, 1 14 and the payment of attorney fees related to the master 1 15 settlement agreement. The funding of capital projects may 1 16 take the form of grants. With respect to capital projects, it 1 17 is the intent of the general assembly to fund capital projects 1 18 that qualify as vertical infrastructure projects as defined in 1 19 section 8.57, subsection 5, paragraph "c", to the extent 1 20 practicable in any fiscal year and without limiting other 1 21 qualifying capital expenditures considered and approved by a 1 22 constitutional majority of each house of the general assembly 1 23 and the governor. 1 24 Sec. 3. NEW SECTION. 15E.221 ANIMAL BIOTECHNOLOGY 1 25 COMMERCIALIZATION FUND. 1 26 1. An animal biotechnology commercialization fund is 1 27 created in the state treasury under the control of the 1 28 department of economic development. Moneys in the fund shall 1 29 be used to provide financial assistance in the form of grants 1 30 and loans for all of the following: 1 31 a. Constructing infrastructure and developing proprietary 1 32 biotechnology interests in order to implement life science 1 33 enterprise plans approved by the department pursuant to 1 34 section 15.104. 1 35 b. Constructing facilities for the purification of animal 2 1 life science products which facilities shall, in part, be 2 2 available in a commercially reasonable manner to other 2 3 companies engaging in the business of purification of animal 2 4 life science products. At least ten million dollars of the 2 5 total cost of constructing such a facility must be paid for 2 6 through the use of any combination of federal, local, and 2 7 private moneys. 2 8 c. Constructing commercial animal biodefense 2 9 pharmaceutical production and processing facilities in this 2 10 state, provided that an Iowa-based qualified life science 2 11 enterprise holds an equity interest in the facilities. Prior 2 12 to receiving financial assistance under this paragraph, the 2 13 recipient must be a party to a federal contract for the 2 14 construction of a facility described in this paragraph. 2 15 2. The fund shall consist of moneys appropriated by the 2 16 general assembly for deposit in the fund, and other moneys 2 17 available to and obtained or accepted by the department for 2 18 deposit in the fund. Moneys in the fund are appropriated to 2 19 the department to be used for the purposes provided in this 2 20 section. 2 21 3. Any financial assistance received from the fund shall 2 22 not be used for purposes of purchasing agricultural land. 2 23 4. a. Applications for financial assistance for projects 2 24 described in subsection 1, paragraphs "a" and "b", shall be 2 25 filed with the department not later than May 30, 2003, and 2 26 shall be acted upon by the department not later than June 30, 2 27 2003. Administrative rules relating to the time frame for the 2 28 approval or disapproval of life science enterprise plans shall 2 29 not apply to the time frame for the application process under 2 30 this subsection. 2 31 b. Applications for financial assistance for projects 2 32 described in subsection 1, paragraph "c", shall be filed with 2 33 the department not later than July 1, 2005, and financial 2 34 assistance provided to such projects shall be expended not 2 35 later than June 30, 2006. 3 1 5. A financial assistance award approved under this 3 2 section may involve the disbursement of moneys from the fund 3 3 over a period of more than one year. 3 4 6. Notwithstanding section 8.33, all moneys in the animal 3 5 biotechnology commercialization fund which remain unexpended 3 6 or unobligated at the close of the fiscal year shall not 3 7 revert, but shall remain available for expenditure for 3 8 subsequent fiscal years. Notwithstanding section 12C.7, 3 9 interest or earnings on moneys in the fund shall be credited 3 10 to the fund. 3 11 Sec. 4. TAX-EXEMPT BOND PROCEEDS RESTRICTED CAPITAL FUNDS 3 12 ACCOUNT OF THE TOBACCO SETTLEMENT TRUST FUND – APPROPRIATION. 3 13 1. There is appropriated from the tax-exempt bond proceeds 3 14 restricted capital funds account of the tobacco settlement 3 15 trust fund established in section 12E.12 to the department of 3 16 economic development for the fiscal period beginning July 1, 3 17 2002, and ending June 30, 2005, the following amounts, or so 3 18 much thereof as is necessary, to be used for the purposes 3 19 designated: 3 20 a. For deposit in the animal biotechnology 3 21 commercialization fund created in section 15E.221 to be used 3 22 for purposes of projects described in section 15E.221, 3 23 subsection 1, paragraph "b": 3 24 FY 2002-2003 ..................................... $ 5,000,000 3 25 FY 2003-2004 ..................................... $ 5,000,000 3 26 FY 2004-2005 ..................................... $ 0 3 27 b. For deposit in the animal biotechnology 3 28 commercialization fund created in section 15E.221 to be used 3 29 for purposes of projects described in section 15E.221, 3 30 subsection 1, paragraph "c": 3 31 FY 2002-2003 ..................................... $ 0 3 32 FY 2003-2004 ..................................... $ 0 3 33 FY 2004-2005 ..................................... $ 10,000,000 3 34 2. Any financial assistance awarded from the animal 3 35 biotechnology commercialization fund using moneys from the 4 1 appropriations made under this section shall be in the form of 4 2 grants. 4 3 3. Any moneys remaining in the fund from the 4 4 appropriations under this section that are unexpended or 4 5 unobligated on June 30, 2006, shall revert to the tax-exempt 4 6 bond proceeds restricted capital funds account of the tobacco 4 7 settlement trust fund on June 30, 2006. 4 8 Sec. 5. REBUILD IOWA INFRASTRUCTURE FUND – APPROPRIATION. 4 9 1. There is appropriated from the rebuild Iowa 4 10 infrastructure fund created in section 8.57, subsection 5, 4 11 paragraph "a", to the department of economic development for 4 12 the fiscal period beginning July 1, 2003, and ending June 30, 4 13 2005, the following amounts, or so much thereof as is 4 14 necessary, to be used for the purposes designated: 4 15 a. For deposit in the animal biotechnology 4 16 commercialization fund created in section 15E.221 to be used 4 17 for purposes of projects described in section 15E.221, 4 18 subsection 1, paragraph "a": 4 19 FY 2003-2004 ..................................... $ 0 4 20 FY 2004-2005 ..................................... $ 5,000,000 4 21 b. For deposit in the animal biotechnology 4 22 commercialization fund created in section 15E.221 to be used 4 23 for purposes of projects described in section 15E.221, 4 24 subsection 1, paragraph "b": 4 25 FY 2003-2004 ..................................... $ 5,000,000 4 26 FY 2004-2005 ..................................... $ 0 4 27 2. Any financial assistance awarded from the animal 4 28 biotechnology commercialization fund using moneys from the 4 29 appropriations made under this section shall be in the form of 4 30 loans, forgivable loans, loan guarantees, principal buy-downs, 4 31 interest buy-downs, equity-like investments, or cost 4 32 reimbursement for technical or professional management 4 33 services. For purposes of this subsection, "equity-like 4 34 investments" means the provision of assistance in such a 4 35 manner that the potential return on investment to the provider 5 1 varies according to the profitability of the company assisted. 5 2 "Equity-like investments" includes royalty arrangements, 5 3 warrant arrangements, or other similar forms of investments. 5 4 Repayments of principal and interest on loans made from the 5 5 animal biotechnology commercialization fund shall be deposited 5 6 in the rebuild Iowa infrastructure fund. 5 7 3. Any moneys remaining in the animal biotechnology 5 8 commercialization fund from the appropriations under this 5 9 section that are unexpended or unobligated on June 30, 2006, 5 10 shall revert to the rebuild Iowa infrastructure fund on June 5 11 30, 2006. 5 12 Sec. 6. STATE BOARD OF REGENTS APPROPRIATION. There is 5 13 appropriated from the tax-exempt bond proceeds restricted 5 14 capital funds account of the tobacco settlement trust fund 5 15 established in section 12E.12 to the state board of regents 5 16 for the fiscal year beginning July 1, 2003, and ending June 5 17 30, 2004, the following amount, or so much thereof as is 5 18 necessary, to be used for the purpose designated: 5 19 For the construction of an animal biotechnology commercial 5 20 pharmaceutical research center to be built in cooperation with 5 21 the establishment by private and local sources of an animal 5 22 biotechnology business development center: 5 23 .................................................. $ 3,000,000 5 24 Sec. 7. EFFECTIVE DATE. This Act, being deemed of 5 25 immediate importance, takes effect upon enactment. 5 26 HF 453 5 27 tm/es/25
Text: HF00452 Text: HF00454 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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