Text: HF00663 Text: HF00665 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. ENVIRONMENT FIRST FUND. There is appropriated
1 2 from the cash reserve fund to the environment first fund for
1 3 the fiscal year beginning July 1, 2002, and ending June 30,
1 4 2003, the following amount:
1 5 .................................................. $ 16,555,000
1 6 Sec. 2. CASH RESERVE FUND.
1 7 1. Notwithstanding section 8.33 and the nonreversion
1 8 provision in 2002 Iowa Acts, chapter 1173, section 22,
1 9 subsection 1, moneys in the environment first fund remaining
1 10 unencumbered or unobligated at the end of the fiscal year
1 11 beginning July 1, 2002, shall be transferred to the cash
1 12 reserve fund.
1 13 2. Notwithstanding subsection 1, the total amount
1 14 transferred pursuant to subsection 1 shall not exceed
1 15 $16,555,000. The transfer to the cash reserve fund specified
1 16 in subsection 1 shall not apply to any unencumbered or
1 17 unobligated moneys that are not to revert as provided in 2002
1 18 Iowa Acts, chapter 1173, section 22, subsection 2.
1 19 Sec. 3. CASH RESERVE FUND. If the United States supreme
1 20 court ruling is decided on or after July 1, 2003, in favor of
1 21 the state's taxation of the adjusted gross revenues from
1 22 gambling games at racetrack enclosures, and results in
1 23 additional tax revenues being deposited into the rebuild Iowa
1 24 infrastructure fund, an amount of the additional tax revenues
1 25 equal to the difference between $16,555,000 and the amount
1 26 transferred to the cash reserve fund pursuant to section 2 of
1 27 this Act shall be transferred to the cash reserve fund.
1 28 Sec. 4. EFFECTIVE DATE. This Act, being deemed of
1 29 immediate importance, takes effect upon enactment.
1 30 EXPLANATION
1 31 This bill appropriates $16,555,000 from the cash reserve
1 32 fund to the environment first fund for FY 2002-2003. The bill
1 33 provides that any moneys that are not obligated in the
1 34 environment first fund at the end of FY 2002-2003 are to be
1 35 transferred to the cash reserve fund, except for unobligated
2 1 moneys for soil conservation practices. In addition, if the
2 2 United States supreme court rules in favor of the legality of
2 3 Iowa's tax on the gross receipts from slot machines at the
2 4 racetracks then any additional tax revenues deposited into the
2 5 rebuild Iowa infrastructure fund are to be transferred to the
2 6 cash reserve fund in an amount equal to $16,555,000 less the
2 7 amount transferred from the environment first fund.
2 8 The bill takes effect upon enactment.
2 9 LSB 3415HV 80
2 10 mg/sh/8
Text: HF00663 Text: HF00665 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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