A telecommunications and electric cabling revolving fund is created in the state treasury. The revolving fund shall be administered by the department and shall consist of moneys appropriated by the general assembly and any other moneys obtained or accepted by the department for deposit in the revolving fund. The proceeds of the revolving fund shall be used by the department for purposes as may be necessary to provide for appropriate telecommunications and electric cabling, planning cabling layouts, and locating, relocating, installing, or removing telecommunications and electric cable including peripheral equipment on the state capitol complex. The department shall submit an annual report not later than January 31, to the members of the general assembly and the legislative fiscal bureau, of the activities and expenditures funded from the revolving fund during the preceding fiscal year. Section 8.33 does not apply to any moneys in the revolving fund and, notwithstanding section 12C.7, subsection 2, earnings or interest on moneys deposited in the revolving fund shall be credited to the revolving fund.
98 Acts, ch 1055, §2
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