1. Eighty percent of all revenues derived from the use tax on motor vehicles, trailers, and motor vehicle accessories and equipment as collected pursuant to section 423.7 shall be deposited and credited as follows:
a. Twenty-five percent of all such revenue, up to a maximum of three million eight hundred twenty- five thousand dollars per quarter, shall be deposited into and credited to the Iowa comprehensive petroleum underground storage tank fund created in section 455G.3, and the moneys so deposited are a continuing appropriation for expenditure under chapter 455G, and moneys so appropriated shall not be used for other purposes.
b. Beginning on July 1, 1993, three and one-half percent of the revenue, not to exceed one million dollars per quarter, derived from the use tax on motor vehicles, trailers, and motor vehicle accessories and equipment as collected pursuant to section 423.7, shall be used to support value-added agricultural products and processes as follows:
(1) Ninety-one and one-quarter percent of these moneys shall be deposited in the value-added agricultural products and processes financial assistance fund as created in section 15E.112.
(2) Eight and three-quarters percent of these moneys shall be deposited in the renewable fuels and coproducts fund as created in section 159A.7.
Moneys deposited according to this paragraph "b" are a continuing appropriation for expenditure under sections 15E.112 and 159A.7.
c. Any such revenues remaining shall be credited to the primary road fund to the extent necessary to reimburse that fund for the expenditures, not otherwise eligible to be made from the primary road fund, made for repairing, improving and maintaining bridges over the rivers bordering the state. Expenditures for those portions of bridges within adjacent states may be included when they are made pursuant to an agreement entered into under sections 313.63, 313A.34, and 314.10.
d. Any such revenues remaining shall be credited to the road use tax fund.
2. Twenty percent of all revenue derived from the use tax on motor vehicles, trailers, and motor vehicle accessories and equipment as collected pursuant to section 423.7 shall be deposited in the GAAP deficit reduction account established in the department of management pursuant to section 8.57, subsection 2, and shall be used in accordance with the provisions of that section.
3. All other revenue arising under the operation of this chapter shall be credited to the general fund of the state.
[C39, § 6943.124; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 423.24]
87 Acts, ch 232, § 26; 90 Acts, ch 1235, § 8; 91 Acts, ch 252, § 1; 92 Acts, ch 1099, §6, 10; 92 Acts, ch 1239, §41; 92 Acts, 2nd Ex, ch 1001, § 212; 93 Acts, ch 180, §7; 94 Acts, ch 1119, §29
Referred to in § 15E.112, 307.38, 312.1, 312.2, 312.2A, 321.34, 327I.26, 455G.3
Road use tax fund, § 312.1
Applicability of 1992 amendments by 92 Acts, 2nd Ex, ch 1001, § 212; 92 Acts, 2nd Ex, ch 1001, § 214 ~ISubsection 1, paragraph b, will be stricken effective July 1, 2000; procedures; 94 Acts, ch 1119, §36
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