House Journal: Page 2123: Tuesday, June 3, 2003
2 pursuant to this chapter shall submit an annual
3 written report by the end of each calendar year with
4 the grow Iowa values board created in section 15G.102,
5 if enacted by 2003 Iowa Acts, House File 692 or
6 another Act. The report shall provide information
7 regarding how the agreement affects the achievement of
8 the goals and performance measures provided in section
9 15G.106, if enacted by 2003 Iowa Acts, House File 692
10 or another Act.
11 DIVISION IX
12 LOAN AND CREDIT GUARANTEE FUND
13 Sec. . NEW SECTION. 15E.227 LOAN AND CREDIT
14 GUARANTEE FUND.
15 1. A loan and credit guarantee fund is created and
16 established as a separate and distinct fund in the
17 state treasury. Moneys in the fund shall only be used
18 for purposes provided in this section. The moneys in
19 the fund are appropriated to the department to be used
20 for all of the following purposes:
21 a. Payment of claims pursuant to loan and credit
22 guarantee agreements entered into under this division.
23 b. Payment of administrative costs of the
24 department for actual and necessary administrative
25 expenses incurred by the department in administering
26 the program.
27 c. Purchase or buyout of superior or prior liens,
28 mortgages, or security interests.
29 d. Purchase of insurance to cover the default of
30 loans made pursuant to the requirements of the loan
31 and credit guarantee program.
32 2. Moneys in the loan and credit guarantee fund
33 shall consist of all of the following:
34 a. Moneys appropriated by the general assembly for
35 that purpose and any other moneys available to and
36 obtained or accepted by the department for placement
37 in the fund.
38 b. Proceeds from collateral assigned to the
39 department, fees for guarantees, gifts, and moneys
40 from any grant made to the fund by any federal agency.
41 c. Moneys appropriated from the grow Iowa values
42 fund created in section 15G.107, if enacted by 2003
43 Iowa Acts, House File 692 or another Act.
44 3. Moneys in the fund are not subject to section
45 8.33. Notwithstanding section 12C.7, interest or
46 earnings on the moneys in the fund shall be credited
47 to the fund.
48 4. a. The department shall only pledge moneys in
49 the loan and credit guarantee fund and not any other
50 moneys of the department. In a fiscal year, the
© 2003 Cornell College and
League of Women Voters of Iowa
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