House File 44

                                  HOUSE FILE       
                                  BY  HUSER, STEVENS, PETERSEN,
                                      T. TAYLOR, WENDT, WHITEAD,
                                      BELL, CONNORS, FORD, D. TAYLOR,
                                      COHOON, and MASCHER


    Passed House,  Date               Passed Senate, Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to the restoration and maintenance of the senior
  2    living trust fund and providing an effective and retroactive
  3    date.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 1427HH 80
  6 pf/pj/5

PAG LIN

  1  1    Section 1.  Section 249H.5, subsection 3, Code 2003, is
  1  2 amended to read as follows:
  1  3    3.  Any Notwithstanding any provision of this chapter to
  1  4 the contrary, beginning January 1, 2003, any funds remaining
  1  5 after disbursement of moneys under subsection 2 shall be
  1  6 invested with the interest earned to be available in
  1  7 subsequent fiscal years for the purposes provided in
  1  8 subsection 2, paragraph "b", and subsection 2, paragraph "c",
  1  9 subparagraphs (1) and (2) in the senior living trust fund
  1 10 shall be invested.  Thereafter, moneys in the fund shall not
  1 11 be available for appropriation or allocation until such time
  1 12 as the principal amount of the fund totals two hundred million
  1 13 dollars.  Upon reaching a principal amount of two hundred
  1 14 million dollars, only interest and other earnings on moneys in
  1 15 the fund may be appropriated or allocated and any
  1 16 appropriation or allocation shall be only for the purposes of
  1 17 subsection 2, paragraph "a", "b", or "c".
  1 18    Sec. 2.  EFFECTIVE DATE.  This Act, being deemed of
  1 19 immediate importance, takes effect upon enactment and is
  1 20 retroactively applicable to January 1, 2003.
  1 21                           EXPLANATION
  1 22    This bill provides that beginning January 1, 2003, moneys
  1 23 remaining in the senior living trust fund are to be invested.
  1 24 Thereafter, moneys in the fund are not to be available for
  1 25 appropriation or allocation until such time as the principal
  1 26 amount of the fund totals $200 million.  Upon reaching the
  1 27 $200 million mark, only interest and earnings on moneys in the
  1 28 fund may be appropriated or allocated and any appropriation or
  1 29 allocation is limited to the purposes of conversion of nursing
  1 30 facility space and the development of long=term care
  1 31 alternatives, long=term care alternatives programs, and
  1 32 delivery of long=term care services, administrative expenses,
  1 33 and increased delivery of services under the medical
  1 34 assistance home and community=based waivers.
  1 35 LSB 1427HH 80
  2  1 pf/pj/5