Senate File 2430 - Enrolled
PAG LIN
1 1 SENATE FILE 2430
1 2
1 3 AN ACT
1 4 RELATING TO ECONOMIC DEVELOPMENT BY CREATING A COMMUNITY MICRO-
1 5 ENTERPRISE DEVELOPMENT ORGANIZATION GRANT PROGRAM, A MICRO-
1 6 ENTERPRISE DEVELOPMENT ADVISORY COMMITTEE, AND A RIVER
1 7 ENHANCEMENT COMMUNITY ATTRACTION AND TOURISM FUND, AND BY
1 8 MAKING CHANGES TO THE REQUIREMENTS FOR INDIVIDUAL DEVELOP-
1 9 MENT ACCOUNTS AND MAKING APPROPRIATIONS, AND INCLUDING
1 10 EFFECTIVE AND RETROACTIVE APPLICABILITY PROVISIONS.
1 11
1 12 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 13
1 14 DIVISION I
1 15 MICROENTERPRISE DEVELOPMENT
1 16 Section 1. Section 15.102, Code Supplement 2007, is
1 17 amended by adding the following new subsections:
1 18 NEW SUBSECTION. 1A. "Community microenterprise
1 19 development organization" means a community development,
1 20 economic development, social service, or nonprofit
1 21 organization that provides training, access to financing, and
1 22 technical assistance to microenterprises.
1 23 NEW SUBSECTION. 3A. "Microenterprise" means any business
1 24 with five or fewer employees which generally lacks collateral
1 25 and has difficulty securing financing from conventional
1 26 business lending sources. "Microenterprise" includes
1 27 start=up, home=based, and self=employed businesses.
1 28 Sec. 2. Section 15.108, subsection 7, unnumbered paragraph
1 29 1, Code Supplement 2007, is amended to read as follows:
1 30 To provide assistance to small business, targeted small
1 31 business, microenterprises, and entrepreneurs creating small
1 32 businesses to ensure continued viability and growth. To carry
1 33 out this responsibility, the department shall:
1 34 Sec. 3. NEW SECTION. 15.114 COMMUNITY MICROENTERPRISE
1 35 DEVELOPMENT ORGANIZATION GRANTS.
2 1 1. The department shall award grants to community
2 2 microenterprise development organizations. A grant shall not
2 3 be awarded to a community microenterprise development
2 4 organization unless the community microenterprise development
2 5 organization can match at least twenty percent of the funds to
2 6 be awarded. The matching funds may be from private
2 7 foundations, federal or local government funds, financial
2 8 institutions, or individuals.
2 9 2. In awarding grants to community microenterprise
2 10 development organizations, the department shall consider all
2 11 of the following:
2 12 a. The overall geographic diversity of the applicants for
2 13 grants, including both urban and rural communities.
2 14 b. The ability of a community microenterprise development
2 15 organization to provide services to low=income and
2 16 moderate=income individuals and underserved communities. In
2 17 determining the ability to provide services, all of the
2 18 following shall be considered:
2 19 (1) The ability to identify potential microentrepreneurs
2 20 within a community.
2 21 (2) The capacity to perform client assessment and
2 22 screening.
2 23 (3) The ability to provide business training and technical
2 24 assistance, including information about access to markets,
2 25 business management, and financial literacy.
2 26 (4) The capacity to provide assistance in securing
2 27 financing.
2 28 c. The scope of services offered and the efficient
2 29 delivery of such services, especially to low=income,
2 30 moderate=income, and minority individuals.
2 31 d. The ability to monitor the progress of clients and to
2 32 identify those clients in need of additional technical and
2 33 financial assistance.
2 34 e. The ability to build relationships and coordinate
2 35 resources with other entities supporting microentrepreneurs.
3 1 These entities may include but are not limited to community
3 2 colleges, cooperative extension services, small business
3 3 development centers, chambers of commerce, community economic
3 4 development organizations, workforce centers, and community
3 5 nonprofit service providers that serve low=income and
3 6 moderate=income individuals.
3 7 f. The ability to coordinate activities with any targeted
3 8 small business advocate services operating in the community.
3 9 g. The amount and sufficiency of operating funds
3 10 available.
3 11 h. Any other criteria the department deems reasonable.
3 12 Sec. 4. NEW SECTION. 15.240 MICROENTERPRISE DEVELOPMENT
3 13 ADVISORY COMMITTEE.
3 14 1. The department shall establish, administer, and
3 15 regularly convene a microenterprise development advisory
3 16 committee.
3 17 2. The committee shall include at least ten but not more
3 18 than fifteen members representing government agencies,
3 19 nonprofit organizations, and private sector entities that have
3 20 expertise and a demonstrated interest in the development of
3 21 microenterprises.
3 22 3. The committee shall study and make recommendations to
3 23 the department and the general assembly on the design and
3 24 implementation of a competitive grant program in support of
3 25 community efforts to develop microenterprises within
3 26 communities with low=income and moderate=income residents.
3 27 a. The committee shall make recommendations for improving
3 28 the mechanisms for connecting community grantees with
3 29 available microenterprise and entrepreneurship resources. The
3 30 recommendations shall include standardized applications for
3 31 participation in the community microenterprise development
3 32 organization grant program and standardized applications for
3 33 obtaining funding from various state and federal
3 34 microenterprise and entrepreneurship development programs.
3 35 b. The committee shall make recommendations to grantees
4 1 regarding the development of an entrepreneurship and business
4 2 education program. The program shall be designed to enhance
4 3 entrepreneurial skills, develop business acumen, increase
4 4 marketing skills, and improve financial literacy.
4 5 c. In making its recommendations, the committee shall
4 6 focus on creating a strong network of programs and shall
4 7 ensure that the needs of both rural and urban communities are
4 8 being met.
4 9 4. The committee shall by January 31 of each year report
4 10 to the department and the general assembly on the progress of
4 11 microenterprise development in Iowa and on its recommendations
4 12 for the community microenterprise development organizations
4 13 grants program.
4 14 DIVISION II
4 15 RIVER ENHANCEMENT COMMUNITY
4 16 ATTRACTION AND TOURISM
4 17 Sec. 5. Section 15F.202, subsection 1, Code 2007, is
4 18 amended to read as follows:
4 19 1. The board shall establish and the department, subject
4 20 to direction and approval by the board, shall administer a
4 21 community attraction and tourism program to assist communities
4 22 in the development, creation, and regional marketing of
4 23 multiple=purpose attraction or tourism facilities. Any moneys
4 24 appropriated to the river enhancement community attraction and
4 25 tourism fund created pursuant to section 15F.205 shall be used
4 26 exclusively for the creation and enhancement of community
4 27 attractions and tourism opportunities along lakes, rivers, and
4 28 river corridors in cities across the state, but a recipient of
4 29 moneys from the river enhancement community attraction and
4 30 tourism fund shall not be precluded from receiving funds from
4 31 the community attraction and tourism fund created pursuant to
4 32 section 15F.204.
4 33 Sec. 6. Section 15F.204, subsection 8, Code 2007, is
4 34 amended to read as follows:
4 35 8. a. There is appropriated from the rebuild Iowa
5 1 infrastructure fund to the community attraction and tourism
5 2 fund, the following amounts:
5 3 (1) For the fiscal year beginning July 1, 2004, and ending
5 4 June 30, 2005, the sum of twelve million dollars.
5 5 (2) For the fiscal year beginning July 1, 2005, and ending
5 6 June 30, 2006, the sum of five million dollars.
5 7 (3) For the fiscal year beginning July 1, 2006, and ending
5 8 June 30, 2007, the sum of five million dollars.
5 9 (4) For the fiscal year beginning July 1, 2007, and ending
5 10 June 30, 2008, the sum of five million dollars.
5 11 (5) For the fiscal year beginning July 1, 2008, and ending
5 12 June 30, 2009, the sum of five million dollars.
5 13 (6) For the fiscal year beginning July 1, 2009, and ending
5 14 June 30, 2010, the sum of five million dollars.
5 15 (7) For the fiscal year beginning July 1, 2010, and ending
5 16 June 30, 2011, the sum of five million dollars.
5 17 (8) For the fiscal year beginning July 1, 2011, and ending
5 18 June 30, 2012, the sum of five million dollars.
5 19 (9) For the fiscal year beginning July 1, 2012, and ending
5 20 June 30, 2013, the sum of five million dollars.
5 21 b. There is appropriated from the franchise tax revenues
5 22 deposited in the general fund of the state to the community
5 23 attraction and tourism fund, the following amounts:
5 24 (1) For the fiscal year beginning July 1, 2005, and ending
5 25 June 30, 2006, the sum of seven million dollars.
5 26 (2) For the fiscal year beginning July 1, 2006, and ending
5 27 June 30, 2007, the sum of seven million dollars.
5 28 (3) For the fiscal year beginning July 1, 2007, and ending
5 29 June 30, 2008, the sum of seven million dollars.
5 30 (4) For the fiscal year beginning July 1, 2008, and ending
5 31 June 30, 2009, the sum of seven million dollars.
5 32 (5) For the fiscal year beginning July 1, 2009, and ending
5 33 June 30, 2010, the sum of seven million dollars.
5 34 (6) For the fiscal year beginning July 1, 2010, and ending
5 35 June 30, 2011, the sum of seven million dollars.
6 1 (7) For the fiscal year beginning July 1, 2011, and ending
6 2 June 30, 2012, the sum of seven million dollars.
6 3 (8) For the fiscal year beginning July 1, 2012, and ending
6 4 June 30, 2013, the sum of seven million dollars.
6 5 Sec. 7. NEW SECTION. 15F.205 RIVER ENHANCEMENT COMMUNITY
6 6 ATTRACTION AND TOURISM FUND.
6 7 1. For purposes of this section, "lake" means a lake of
6 8 which the state or a political subdivision owns the lake bed
6 9 up to the ordinary high water line and which is open to the
6 10 use of the general public.
6 11 2. A river enhancement community attraction and tourism
6 12 fund is created as a separate fund in the state treasury under
6 13 the control of the board, consisting of any moneys
6 14 appropriated by the general assembly and any other moneys
6 15 available to and obtained or accepted by the board for
6 16 placement in the fund.
6 17 3. Payments of interest, repayments of moneys loaned
6 18 pursuant to this subchapter, and recaptures of grants or loans
6 19 shall be deposited in the fund.
6 20 4. The fund shall be used to provide assistance only from
6 21 funds, rights, and assets legally available to the board, and
6 22 the assistance shall be in the form of grants, loans,
6 23 forgivable loans, and credit enhancements and financing
6 24 instruments as described in the community attraction and
6 25 tourism program established in section 15F.202.
6 26 5. An applicant for financial assistance from moneys in
6 27 the river enhancement community attraction and tourism fund
6 28 for a river or lake enhancement project under the community
6 29 attraction and tourism program shall receive financial
6 30 assistance from the fund in an amount not to exceed one third
6 31 of the total cost of the project.
6 32 6. Moneys in the fund are not subject to section 8.33.
6 33 Notwithstanding section 12C.7, subsection 2, interest or
6 34 earnings on moneys in the fund shall be credited to the fund.
6 35 7. At the beginning of each fiscal year, the board shall
7 1 allocate moneys in the fund for financial assistance to
7 2 projects that promote and enhance recreational opportunities
7 3 and community attractions on and near rivers or lakes within
7 4 cities across the state. Such recreational opportunities and
7 5 community attractions shall be closely connected to a river or
7 6 lake and may include but is not limited to pedestrian trails
7 7 and walkways, amphitheaters, bike trails, water trails or
7 8 whitewater courses for watercraft, and any modifications
7 9 necessary for the safe mitigation of dams.
7 10 8. The board may make a multiyear commitment to an
7 11 applicant or may award assistance for multiple projects to the
7 12 same applicant provided the fund contains sufficient moneys.
7 13 Any moneys remaining in the fund at the end of a fiscal year
7 14 may be carried over to a subsequent fiscal year, or may be
7 15 obligated in advance for a subsequent fiscal year.
7 16 9. The board is not required to award financial assistance
7 17 pursuant to this section unless moneys are appropriated to and
7 18 available from the fund.
7 19 DIVISION III
7 20 INDIVIDUAL DEVELOPMENT ACCOUNTS
7 21 Sec. 8. Section 422.7, subsection 28, paragraph b, Code
7 22 Supplement 2007, is amended to read as follows:
7 23 b. The amount of any savings refund or state match
7 24 payments authorized under section 541A.3, subsection 1.
7 25 Sec. 9. Section 541A.1, subsection 2, Code 2007, is
7 26 amended to read as follows:
7 27 2. "Administrator" means the division of community action
7 28 agencies of the department of human services rights.
7 29 Sec. 10. Section 541A.1, Code 2007, is amended by adding
7 30 the following new subsection:
7 31 NEW SUBSECTION. 5A. "Household income" means the annual
7 32 household income of an account holder or prospective account
7 33 holder, as determined in accordance with rules adopted by the
7 34 administrator.
7 35 Sec. 11. Section 541A.2, subsection 4, paragraph a, Code
8 1 2007, is amended by adding the following new subparagraphs:
8 2 NEW SUBPARAGRAPH. (7) A purpose approved in accordance
8 3 with rule for a refugee individual development account.
8 4 NEW SUBPARAGRAPH. (8) Purchase of an automobile.
8 5 NEW SUBPARAGRAPH. (9) Purchase of assistive technology,
8 6 home or vehicle modification, or other device or physical
8 7 improvement to assist an account holder or family member with
8 8 a disability.
8 9 NEW SUBPARAGRAPH. (10) Other purpose approved in
8 10 accordance with rule that is intended to move the account
8 11 holder or a family member toward a higher degree of
8 12 self=sufficiency.
8 13 Sec. 12. Section 541A.2, subsection 10, Code 2007, is
8 14 amended to read as follows:
8 15 10. The total amount of sources of principal which may be
8 16 in an individual development account shall be limited to fifty
8 17 thirty thousand dollars.
8 18 Sec. 13. Section 541A.3, Code 2007, is amended to read as
8 19 follows:
8 20 541A.3 INDIVIDUAL DEVELOPMENT ACCOUNTS == REFUND STATE
8 21 MATCH AND TAX PROVISIONS.
8 22 All of the following state match and tax provisions shall
8 23 apply to an individual development account:
8 24 1. a. Payment by the state of a state savings refund
8 25 match on amounts of up to two thousand dollars per calendar
8 26 year that an account holder deposits in the account holder's
8 27 account. To be eligible to receive a state match an account
8 28 holder must have a household income that is equal to or less
8 29 than two hundred percent of the federal poverty level.
8 30 b. Moneys transferred to an individual development account
8 31 from another individual development account and a savings
8 32 refund state match received by the account holder in
8 33 accordance with this section shall not be considered an
8 34 account holder deposit for purposes of determining a savings
8 35 refund state match.
9 1 c. Payment of a savings refund state match either shall be
9 2 made directly to the account holder or to an operating
9 3 organization's central reserve account for later distribution
9 4 to the account holder in the most appropriate manner as
9 5 determined by the administrator.
9 6 d. The Subject to the limitation in paragraph "a", the
9 7 state savings refund match shall be the indicated percentage
9 8 of equal to one hundred percent of the amount deposited: by
9 9 the account holder. However, the administrator may limit,
9 10 reduce, delay, or otherwise revise state match payment
9 11 provisions as necessary to restrict the payments to the
9 12 funding available.
9 13 a. For an account holder with a household income, as
9 14 defined in section 425.17, subsection 6, which is one hundred
9 15 fifty percent or less of the federal poverty level,
9 16 twenty=five percent.
9 17 b. For an account holder with a household income which is
9 18 more than one hundred fifty percent but less than one hundred
9 19 seventy=five percent of the federal poverty level, twenty
9 20 percent.
9 21 c. For an account holder with a household income which is
9 22 one hundred seventy=five percent or more but not more than two
9 23 hundred percent of the federal poverty level, fifteen percent.
9 24 d. For an account holder with a household income which is
9 25 more than two hundred percent of the federal poverty level,
9 26 zero percent.
9 27 2. Income earned by an individual development account is
9 28 not subject to state tax, in accordance with the provisions of
9 29 section 422.7, subsection 28.
9 30 3. Amounts transferred between individual development
9 31 accounts are not subject to state tax.
9 32 4. The administrator shall work with the United States
9 33 secretary of the treasury and the state's congressional
9 34 delegation as necessary to secure an exemption from federal
9 35 taxation for individual development accounts and the earnings
10 1 on those accounts. The administrator shall report annually to
10 2 the governor and the general assembly concerning the status of
10 3 federal approval.
10 4 5. 4. The administrator shall coordinate the filing of
10 5 claims for a state savings refunds match authorized under
10 6 subsection 1, between account holders, and operating
10 7 organizations, and the department of administrative services.
10 8 Claims approved by the administrator may be paid by the
10 9 department of administrative services to each account holder,
10 10 for an aggregate amount for distribution to the holders of the
10 11 accounts in a particular financial institution, or to an
10 12 operating organization's central reserve account for later
10 13 distribution to the account holders depending on the
10 14 efficiency for issuing the refunds state match payments.
10 15 Claims shall be initially filed with the administrator on or
10 16 before a date established by the administrator. Claims
10 17 approved by the administrator shall be paid from the general
10 18 fund of the state in the manner specified in section 422.74
10 19 individual development account state match fund.
10 20 Sec. 14. Section 541A.5, Code 2007, is amended to read as
10 21 follows:
10 22 541A.5 RULES.
10 23 1. The administrator commission on community action
10 24 agencies created in section 216A.92A, in consultation with the
10 25 department of administrative services, shall adopt
10 26 administrative rules to administer this chapter.
10 27 2. a. The rules adopted by the administrator commission
10 28 shall include but are not limited to provision for transfer of
10 29 an individual development account to a different financial
10 30 institution than originally approved by the administrator, if
10 31 the different financial institution has an agreement with the
10 32 account's operating organization.
10 33 b. The rules for determining household income may provide
10 34 categorical eligibility for prospective account holders who
10 35 are enrolled in programs with income eligibility restrictions
11 1 that are equal to or less than the maximum household income
11 2 allowed for payment of a state match under section 541A.3.
11 3 c. Subject to the availability of funding, the commission
11 4 may adopt rules implementing an individual development account
11 5 program for refugees. Rules shall identify purposes approved
11 6 for withdrawals to meet the special needs of refugee families.
11 7 3. The administrator shall utilize a request for proposals
11 8 process for selection of operating organizations and approval
11 9 of financial institutions.
11 10 Sec. 15. Section 541A.6, Code 2007, is amended to read as
11 11 follows:
11 12 541A.6 COMPLIANCE WITH FEDERAL REQUIREMENTS.
11 13 The administrator commission on community action agencies
11 14 shall adopt rules for compliance with federal individual
11 15 development account requirements under the federal Personal
11 16 Responsibility and Work Opportunity Reconciliation Act of
11 17 1996, } 103, as codified in 42 U.S.C. } 604(h), under the
11 18 federal Assets for Independence Act, Pub. L. No. 105=285,
11 19 Title IV, or with any other federal individual development
11 20 account program requirements, as necessary for the state to
11 21 qualify to use federal temporary assistance for needy families
11 22 block grant funding or other available for drawing federal
11 23 funding for allocation to operating organizations. Any rules
11 24 adopted under this section shall not apply the federal
11 25 individual development account program requirements to an
11 26 operating organization which does not utilize federal funding
11 27 for the accounts with which it is connected or to an account
11 28 holder who does not receive temporary assistance for needy
11 29 families block grant or other federal funding.
11 30 Sec. 16. NEW SECTION. 541A.7 INDIVIDUAL DEVELOPMENT
11 31 ACCOUNT STATE MATCH FUND.
11 32 1. An individual development account state match fund is
11 33 created in the state treasury under the authority of the
11 34 administrator. Notwithstanding section 8.33, moneys
11 35 appropriated to the fund shall not revert to any other fund.
12 1 Notwithstanding section 12C.7, subsection 2, interest or
12 2 earnings on moneys deposited in the fund shall be credited to
12 3 the fund.
12 4 2. Moneys available in the fund for a fiscal year are
12 5 appropriated to the administrator to be used to provide the
12 6 state match for account holder deposits in accordance with
12 7 section 541A.3. At least eighty=five percent of the amount
12 8 appropriated shall be used for state match payments and the
12 9 remainder may be used for the administrative costs of the
12 10 operating organization. Administrative costs include but are
12 11 not limited to accounting services, curriculum costs for
12 12 financial education or asset=specific training, and costs for
12 13 technical assistance contractors.
12 14 Sec. 17. INDIVIDUAL DEVELOPMENT ACCOUNT RULES ==
12 15 TRANSITION, EFFECTIVE DATE, AND APPLICABILITY.
12 16 1. The division of community action agencies of the
12 17 department of human rights shall administer individual
12 18 development accounts in accordance with the administrative
12 19 rules pertaining to the accounts in 441 IAC ch. 10, in place
12 20 of the department of human services until replacement
12 21 administrative rules are adopted. The commission on community
12 22 action agencies may adopt emergency rules under section 17A.4,
12 23 subsection 2, and section 17A.5, subsection 2, paragraph "b",
12 24 to implement the provisions of this Act and the rules shall be
12 25 effective immediately upon filing unless a later date is
12 26 specified in the rules. Any rules adopted in accordance with
12 27 this subsection shall also be published as a notice of
12 28 intended action as provided in section 17A.4.
12 29 2. This division of this Act, being deemed of immediate
12 30 importance, takes effect upon enactment.
12 31 3. The change from "savings refund" to "state match" as
12 32 authorized in section 422.7, subsection 28, and section
12 33 541A.3, as amended by this Act, is retroactively applicable to
12 34 January 1, 2008, for the tax year commencing on January 1,
12 35 2008.
13 1 DIVISION IV
13 2 APPROPRIATIONS
13 3 Sec. 18. COMMUNITY MICROENTERPRISE DEVELOPMENT
13 4 ORGANIZATION GRANTS == APPROPRIATION.
13 5 1. There is appropriated from any interest or earnings on
13 6 moneys in the federal economic stimulus and jobs holding fund
13 7 to the department of economic development for the fiscal year
13 8 beginning July 1, 2008, and ending June 30, 2009, the
13 9 following amount, or so much thereof as is necessary, to be
13 10 used for the purposes designated:
13 11 For competitive grants to community microenterprise
13 12 development organizations, including salaries, support,
13 13 maintenance, miscellaneous purposes, and for not more than the
13 14 following full=time equivalent positions:
13 15 .................................................. $ 475,000
13 16 ............................................... FTEs 1.00
13 17 2. Of the moneys appropriated in subsection 1, not more
13 18 than $80,000 shall be expended on any one community
13 19 microenterprise development organization.
13 20 3. From the moneys appropriated in subsection 1, the
13 21 department shall award grants to at least three community
13 22 microenterprise development organizations in rural areas of
13 23 the state that show an economic growth rate lower than the
13 24 average economic growth rate of the state.
13 25 4. From the moneys appropriated in subsection 1, the
13 26 department shall award grants to at least two community
13 27 microenterprise development organizations in neighborhoods in
13 28 urban areas of the state that show high rates of poverty and
13 29 signs of economic distress.
13 30 5. Of the moneys appropriated in subsection 1, not more
13 31 than $80,000 may be used for a full=time equivalent staff
13 32 person to administer the community microenterprise development
13 33 organization grants.
13 34 6. Of the moneys appropriated in subsection 1, not more
13 35 than $20,000 may be used to contract with an expert in
14 1 microenterprise development for consultation, technical
14 2 assistance, and recommendations regarding best practices and
14 3 industry standards for the development of community
14 4 microenterprises.
14 5 Sec. 19. WATER TRAILS AND LOW HEAD DAM PUBLIC HAZARD
14 6 STATEWIDE PLAN == APPROPRIATION. There is appropriated from
14 7 any interest or earnings on moneys in the federal economic
14 8 stimulus and jobs holding fund to the department of natural
14 9 resources for the fiscal year beginning July 1, 2008, and
14 10 ending June 30, 2009, the following amount, or so much thereof
14 11 as is necessary, to be used for the purposes designated:
14 12 For the establishment and administration of a water trails
14 13 and low head dam public hazard statewide plan, including
14 14 salaries, support, maintenance, and miscellaneous purposes:
14 15 .................................................. $ 250,000
14 16 Sec. 20. RIVER ENHANCEMENT COMMUNITY ATTRACTION AND
14 17 TOURISM FUND == APPROPRIATION. There is appropriated from any
14 18 interest or earnings on moneys in the federal economic
14 19 stimulus and jobs holding fund for deposit in the river
14 20 enhancement community attraction and tourism fund created in
14 21 section 15F.205 for the fiscal year beginning July 1, 2008,
14 22 and ending June 30, 2009, the following amount, or so much
14 23 thereof as is necessary, to be used for the purpose
14 24 designated:
14 25 For financial assistance to applicants under section
14 26 15F.205:
14 27 .................................................. $ 2,000,000
14 28 Sec. 21. INDIVIDUAL DEVELOPMENT ACCOUNTS == STATE MATCH
14 29 FUND APPROPRIATION. There is appropriated from the federal
14 30 economic stimulus and jobs holding fund to the department of
14 31 human rights for the fiscal year beginning July 1, 2008, and
14 32 ending June 30, 2009, the following amount, or so much thereof
14 33 as is necessary, to be used for the purposes designated:
14 34 To be credited to the individual development account state
14 35 match fund created in this Act:
15 1 .................................................. $ 150,000
15 2 ............................................... FTEs .50
15 3 Of the funds appropriated in this section, $50,000 may be
15 4 used by the department to administer an individual development
15 5 account program and to contract with the Iowa community action
15 6 association for the implementation, outreach, and technical
15 7 assistance to local community organizations engaged in efforts
15 8 to encourage savings by, and increase the financial literacy
15 9 of, Iowa families. Any remaining funds shall be utilized to
15 10 implement the individual development account program as
15 11 described in section 541A.7.
15 12
15 13
15 14
15 15 JOHN P. KIBBIE
15 16 President of the Senate
15 17
15 18
15 19
15 20 PATRICK J. MURPHY
15 21 Speaker of the House
15 22
15 23 I hereby certify that this bill originated in the Senate and
15 24 is known as Senate File 2430, Eighty=second General Assembly.
15 25
15 26
15 27
15 28 MICHAEL E. MARSHALL
15 29 Secretary of the Senate
15 30 Approved , 2008
15 31
15 32
15 33
15 34 CHESTER J. CULVER
15 35 Governor