1. A property tax relief fund is created in the state treasury under the authority of the department of revenue and finance. The fund shall be separate from the general fund of the state and shall not be considered part of the general fund of the state except in determining the cash position of the state for payment of state obligations. The moneys in the fund are not subject to the provisions of section 8.33 and shall not be transferred, used, obligated, appropriated, or otherwise encumbered except as provided in this section.* Moneys in the fund may be used for cash flow purposes, provided that any moneys so allocated are returned to the fund by the end of each fiscal year. However, the fund shall be considered a special account for the purposes of section 8.53, relating to elimination of any GAAP deficit. For the purposes of this chapter, unless the context otherwise requires, "property tax relief fund" means the property tax relief fund created in this section.
2. There is appropriated to the property tax relief fund for the indicated fiscal years from the general fund of the state the following amounts:
a. For the fiscal year beginning July 1, 1995, sixty-one million dollars.
b. For the fiscal year beginning July 1, 1996, seventy- eight million dollars.
c. For the fiscal year beginning July 1, 1997, and succeeding fiscal years, ninety-five million dollars.
95 Acts, ch 206, §17
Referred to in § 331.424A
*"Chapter" probably intended; corrective legislation is pending
Iowa General Assembly
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