Senate File 310 SENATE FILE BY BOLKCOM Passed Senate, Date Passed House, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to the limitations in the use of moneys in the 2 senior living trust fund and providing an effective date and 3 providing for retroactive applicability. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 1556XS 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.AnyNotwithstanding any provision of this chapter to 1 4 the contrary, for the period beginning January 1, 2003, and 1 5 ending December 31, 2005, any funds remainingafter 1 6 disbursement of moneys under subsection 2 shall be invested 1 7 with the interest earned to be available in subsequent fiscal 1 8 years for the purposes provided in subsection 2, paragraph 1 9 "b", and subsection 2, paragraph "c", subparagraphs (1) and 1 10 (2)in the senior living trust fund shall be invested. 1 11 Thereafter, moneys in the fund shall not be available for 1 12 appropriation or allocation until such time as the principal 1 13 amount of the fund totals two hundred million dollars. Upon 1 14 reaching a principal amount of two hundred million dollars, 1 15 only interest and other earnings on moneys in the fund may be 1 16 appropriated or allocated and any appropriation or allocation 1 17 shall be only for the purposes of subsection 2, paragraph "a", 1 18 "b", or "c". 1 19 Sec. 2. EFFECTIVE DATE. This Act, being deemed of 1 20 immediate importance, takes effect upon enactment and is 1 21 retroactively applicable to January 1, 2003. 1 22 EXPLANATION 1 23 This bill provides that for the period beginning January 1, 1 24 2003, and ending December 31, 2005, moneys remaining in the 1 25 senior living trust fund are to be invested. Thereafter, 1 26 moneys in the fund are not to be available for appropriation 1 27 or allocation until such time as the principal amount of the 1 28 fund totals $200 million. Upon reaching the $200 million 1 29 mark, only interest and earnings on moneys in the fund may be 1 30 appropriated or allocated and any appropriation or allocation 1 31 is limited to the purposes of conversion of nursing facility 1 32 space and the development of long=term care alternatives, 1 33 long=term care alternatives programs, and delivery of long= 1 34 term care services, administrative expenses, and increased 1 35 delivery of services under the medical assistance home and 2 1 community=based waivers. 2 2 LSB 1556XS 80 2 3 pf/pj/5.1