House Journal: Page 1667: Wednesday, April 30, 2003
Page 109
1 423.24 423.43, subsection 1, paragraph "a", and
2 sections 455G.8, 455G.9, and 455G.11, and other funds
3 which by law may be credited to the fund. The moneys
4 in the fund are appropriated to and for the purposes
5 of the board as provided in this chapter. Amounts in
6 the fund shall not be subject to appropriation for any
7 other purpose by the general assembly, but shall be
8 used only for the purposes set forth in this chapter.
9 The treasurer of state shall act as custodian of the
10 fund and disburse amounts contained in it as directed
11 by the board including automatic disbursements of
12 funds as received pursuant to the terms of bond
13 indentures and documents and security provisions to
14 trustees and custodians. The treasurer of state is
15 authorized to invest the funds deposited in the fund
16 at the direction of the board and subject to any
17 limitations contained in any applicable bond
18 proceedings. The income from such investment shall be
19 credited to and deposited in the fund. The fund shall
20 be administered by the board which shall make
21 expenditures from the fund consistent with the
22 purposes of the programs set out in this chapter
23 without further appropriation. The fund may be
24 divided into different accounts with different
25 depositories as determined by the board and to fulfill
26 the purposes of this chapter.
27 Sec. . Section 455G.6, subsection 4, Code 2003,
28 is amended to read as follows:
29 4. Grant a mortgage, lien, pledge, assignment, or
30 other encumbrance on one or more improvements,
31 revenues, asset of right, accounts, or funds
32 established or received in connection with the fund,
33 including revenues derived from the use tax under
34 section 423.24 423.43, subsection 1, paragraph "a",
35 and deposited in the fund or an account of the fund.
36 Sec. . Section 455G.8, subsection 2, Code 2003,
37 is amended to read as follows:
38 2. USE TAX. The revenues derived from the use tax
39 imposed under chapter 423, subchapter III. The
40 proceeds of the use tax under section 423.24 423.43,
41 subsection 1, paragraph "a", shall be allocated,
42 consistent with this chapter, among the fund's
43 accounts, for debt service and other fund expenses,
44 according to the fund budget, resolution, trust
45 agreement, or other instrument prepared or entered
46 into by the board or authority under direction of the
47 board.
48 Sec. . Section 455G.9, subsection 2, Code 2003,
49 is amended to read as follows:
50 2. REMEDIAL ACCOUNT FUNDING. The remedial account
© 2003 Cornell College and
League of Women Voters of Iowa
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