12.72  Vision Iowa fund and reserve funds.

1.  A vision Iowa fund is created and established as a separate and distinct fund in the state treasury. The moneys in the fund are appropriated to the board for purposes of the vision Iowa program established in section 15F.302. Moneys in the fund shall not be subject to appropriation for any other purpose by the general assembly, but shall be used only for the purposes of the vision Iowa fund. The treasurer of state shall act as custodian of the fund and disburse moneys contained in the fund as directed by the board, including automatic disbursements of funds received pursuant to the terms of bond indentures and documents and security provisions to trustees. The fund shall be administered by the board which shall make expenditures from the fund consistent with the purposes of the vision Iowa program without further appropriation. An applicant under the vision Iowa program shall not receive more than seventy-five million dollars in financial assistance from the fund.

2.  Revenue for the vision Iowa fund shall include, but is not limited to, the following, which shall be deposited with the treasurer of state or its designee as provided by any bond or security documents and credited to the fund:

a.  The proceeds of bonds issued to capitalize and pay the costs of the fund and investment earnings on the proceeds.

b.  Interest attributable to investment of money in the fund or an account of the fund.

c.  Moneys in the form of a devise, gift, bequest, donation, federal or other grant, reimbursement, repayment, judgment, transfer, payment, or appropriation from any source intended to be used for the purposes of the fund.

3.  Moneys in the vision Iowa fund are not subject to section 8.33. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the fund shall be credited to the fund.

4.  The treasurer of state may establish reserve funds to secure one or more issues of bonds or notes issued pursuant to section 12.71. The treasurer of state may deposit in a reserve fund established under this subsection the proceeds of the sale of bonds or notes and other money which is made available from any other source. The treasurer of state may allow a reserve fund established under this subsection to be depleted.

Section History: Recent form

  2000 Acts, ch 1174, §16

Internal References

  Referred to in § 8.57, 12.71, 12.75, 12.76, 12.77, 15F.301

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