159A.7  Renewable fuels and coproducts fund.

1.  A renewable fuels and coproducts fund is created in the state treasury under the control of the office of renewable fuels and coproducts. The fund is composed of moneys accepted by the office. The fund may include moneys appropriated by the general assembly, and other moneys available to and obtained or accepted by the office, including moneys from the United States, other states in the union, foreign nations, state agencies, political subdivisions, and private sources.

Moneys in the fund shall be used only to carry out the provisions of this section and sections 159A.3, 159A.4, 159A.5, 159A.6, 159A.6A, and 159A.6B within the state of Iowa.

2.  Moneys in the fund shall be allocated during each fiscal year as follows:

a.  At least forty percent shall be dedicated to support education, promotion, and advertising of renewable fuels and coproducts as provided in section 159A.6.

b.  Up to thirty percent may be dedicated to support research at the university of Iowa, Iowa state university of science and technology, and the university of northern Iowa, as provided in section 159A.6A.

c.  Any remaining balance shall be used by the office to support technical assistance as provided in section 159A.6B and any other projects or programs developed by the office.

3.  Until July 1, 2000, moneys shall be deposited in the fund as provided in section 423.24. Not more than one and one-half percent of the total moneys available to support value-added agricultural products and processes pursuant to section 423.24 shall be allocated to the department for administration of the office.

4.  Moneys in the fund are subject to an annual audit by the auditor of state. The fund is subject to warrants by the director of revenue and finance, drawn upon the written requisition of the coordinator.

5.  In administering the fund, the office may do all of the following:

a.  Contract, sue and be sued, and adopt procedures necessary to administer this section. However, the office shall not in any manner, directly or indirectly, pledge the credit of the state.

b.  Authorize payment from the fund for commissions, attorney and accountant fees, and other reasonable expenses related to and necessary for administering the fund.

6.  Section 8.33 does not apply to moneys in the fund. Income received by investment of moneys in the fund shall remain in the fund. Unencumbered or unobligated moneys in the fund derived from moneys deposited pursuant to section 423.24, which are in excess of three hundred fifty thousand dollars of unencumbered or unobligated moneys in the fund deposited pursuant to that section, and which are remaining on June 30 of each fiscal year, shall be credited on August 31 to the road use tax fund as created in section 312.1.

Section History: Recent form

  91 Acts, ch 254, §12; 92 Acts, ch 1099, § 4, 10; 93 Acts, ch 180, § 74; 94 Acts, ch 1119, §22

Internal References

  Referred to in § 159A.2, 423.24

Footnotes

  For future amendments to subsections 1, 3, and 6 effective July 1, 2000, see 97 Acts, ch 207, §7-9, 15


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