Senate Amendment 5408 PAG LIN 1 1 Amend House File 2663, as passed by the House, as 1 2 follows: 1 3 #1. By striking everything after the enacting 1 4 clause and inserting the following: 1 5 <Section 1. Section 8.57, subsection 6, paragraph 1 6 f, Code Supplement 2007, is amended to read as 1 7 follows: 1 8 f. There is appropriated from the rebuild Iowa 1 9 infrastructure fund to the secure an advanced vision 1 10 for education fund created in section 423E.4, foreach1 11 the fiscal yearof the fiscal periodbeginning July 1, 1 12 2004, andending June 30, 2014each succeeding fiscal 1 13 year, the amount of the moneys in excess of the first 1 14 forty=seven million dollars credited to the rebuild 1 15 Iowa infrastructure fund during the fiscal year, not 1 16 to exceed ten million dollars. 1 17 Sec. 2. Section 423E.1, subsection 2, Code 2007, 1 18 is amended to read as follows: 1 19 2. The maximum rate of tax shall be one percent. 1 20 The tax shall be imposed without regard to any other 1 21 local sales and services tax authorized in chapter 1 22 423B, and is repealed at the expiration of a period of 1 23 ten years of imposition or a shorter period as 1 24 provided in the ballot proposition unless the period 1 25 is extended as provided in section 423E.2, subsection 1 26 5.However, all local option sales and services taxes 1 27 for school infrastructure purposes are repealed 1 28 December 31, 2022.1 29 Sec. 3. Section 423E.2, subsection 5, paragraph c, 1 30 Code Supplement 2007, is amended to read as follows: 1 31 c. A local option sales and services tax shall not 1 32 be repealed or reduced in rate if obligations are 1 33 outstanding which are payable as provided in section 1 34 423E.5, unless funds sufficient to pay the principal, 1 35 interest, and premium, if any, on the outstanding 1 36 obligations at and prior to maturity have been 1 37 properly set aside and pledged for that purpose. 1 38However, this paragraph does not apply to the repeal 1 39 of the tax on December 31, 2022, as specified in 1 40 section 423E.1, subsection 2.1 41 Sec. 4. Section 423E.4, subsection 3, paragraph a, 1 42 Code 2007, is amended to read as follows: 1 43 a. The director of revenue by August 15 of each 1 44 fiscal year shall compute the guaranteed school 1 45 infrastructure amount for each school district, each 1 46 school district's sales tax capacity per student for 1 47 each county, the statewide tax revenues per student, 1 48 and the supplemental school infrastructure amount for 1 49 thecomingfiscal year. 1 50 Sec. 5. Section 423E.4, subsection 3, paragraph b, 2 1 subparagraph (3), Code 2007, is amended by striking 2 2 the subparagraph and inserting in lieu thereof the 2 3 following: 2 4 (3) "Statewide tax revenues per student" means the 2 5 greater of the following amounts: 2 6 (a) The amount determined by estimating the total 2 7 revenues that would be generated by a one percent 2 8 local option sales and services tax for school 2 9 infrastructure purposes if imposed by all the counties 2 10 during the entire fiscal year and dividing this 2 11 estimated revenue amount by the sum of the combined 2 12 actual enrollment for all counties as determined in 2 13 section 423E.3, subsection 5, paragraph "d", 2 14 subparagraph (2). 2 15 (b) Five hundred seventy=five dollars per student. 2 16 Sec. 6. Section 423E.4, Code 2007, is amended by 2 17 adding the following new subsections: 2 18 NEW SUBSECTION. 5A. For the fiscal year beginning 2 19 July 1, 2008, if any school district will not receive 2 20 a distribution under this section from the fund equal 2 21 to at east five hundred seventy=five dollars per 2 22 student, there is appropriated from the surplus 2 23 existing in the general fund of the state at the 2 24 conclusion of the fiscal year beginning July 1, 2007, 2 25 to the secure an advanced vision for education fund an 2 26 amount to be distributed to such school districts so 2 27 that the amount received for the fiscal year beginning 2 28 July 1, 2008, will equal five hundred seventy=five 2 29 dollars per student. The appropriation under this 2 30 subsection shall be made prior to the appropriation 2 31 and distribution to the senior living trust fund and 2 32 cash reserve fund of the surplus existing in the 2 33 general fund of the state at the conclusion of the 2 34 fiscal year beginning July 1, 2007. 2 35 NEW SUBSECTION. 5B. For the fiscal year beginning 2 36 July 1, 2009, and each subsequent fiscal year, if any 2 37 school district will not receive a distribution under 2 38 this section from the fund equal to at least five 2 39 hundred seventy=five dollars per student, there is 2 40 appropriated from the general fund of the state to the 2 41 secure an advanced vision for education fund an amount 2 42 to be distributed to such school districts so that the 2 43 amount received for the fiscal year will equal five 2 44 hundred seventy=five dollars per student. 2 45 Sec. 7. Section 423E.7, Code 2007, is repealed. 2 46 Sec. 8. CONSTITUTIONAL AMENDMENT == INTENT. It is 2 47 the intent of the general assembly that an amendment 2 48 to the Constitution of the State of Iowa be proposed 2 49 and passed by two successive general assemblies and 2 50 submitted to the voters of the state that provides the 3 1 following: 3 2 All revenues derived from the imposition and 3 3 collection of a local sales and services tax for 3 4 school infrastructure purposes be distributed to 3 5 school districts of the state to be used exclusively 3 6 for school infrastructure proposes or school property 3 7 tax relief, including the payment of principal and 3 8 interest on bonds issued for school infrastructure 3 9 purposes.> 3 10 #2. Title page, by striking lines 1 through 7 and 3 11 inserting the following: <An Act relating to the 3 12 local sales and services tax for school infrastructure 3 13 purposes and providing for appropriations, if 3 14 necessary.> 3 15 3 16 3 17 3 18 LARRY McKIBBEN 3 19 3 20 3 21 3 22 JEFF ANGELO 3 23 HF 2663.518 82 3 24 mg/ml/12 -1-