Senate Study Bill 1185

                                       SENATE FILE       
                                       BY  (PROPOSED COMMITTEE ON
                                            APPROPRIATIONS BILL BY
                                            CHAIRPERSON LAMBERTI)


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

                                      A BILL FOR

  1 An Act making a supplemental appropriation to the environment
  2    first fund from the cash reserve fund and including an
  3    effective date.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN

  1  1    Section 1.  ENVIRONMENT FIRST FUND.  There is appropriated
  1  2 from the cash reserve fund to the environment first fund for
  1  3 the fiscal year beginning July 1, 2002, and ending June 30,
  1  4 2003, the following amount:
  1  5 .................................................. $ 16,555,000
  1  6    Sec. 2.  CASH RESERVE FUND.
  1  7    1.  Notwithstanding section 8.33 and the nonreversion
  1  8 provision in 2002 Iowa Acts, chapter 1173, section 22,
  1  9 subsection 1, moneys in the environment first fund remaining
  1 10 unencumbered or unobligated at the end of the fiscal year
  1 11 beginning July 1, 2002, shall be transferred to the cash
  1 12 reserve fund.
  1 13    2.  Notwithstanding subsection 1, the total amount
  1 14 transferred pursuant to subsection 1 shall not exceed
  1 15 $16,555,000.  The transfer to the cash reserve fund specified
  1 16 in subsection 1 shall not apply to any unencumbered or
  1 17 unobligated moneys that are not to revert as provided in 2002
  1 18 Iowa Acts, chapter 1173, section 22, subsection 2.
  1 19    Sec. 3.  CASH RESERVE FUND.  If the United States supreme
  1 20 court ruling is decided on or after July 1, 2003, in favor of
  1 21 the state's taxation of the adjusted gross revenues from
  1 22 gambling games at racetrack enclosures, and results in
  1 23 additional tax revenues being deposited into the rebuild Iowa
  1 24 infrastructure fund, an amount of the additional tax revenues
  1 25 equal to the difference between $16,555,000 and the amount
  1 26 transferred to the cash reserve fund pursuant to section 2 of
  1 27 this Act shall be transferred to the cash reserve fund.
  1 28    Sec. 4.  EFFECTIVE DATE.  This Act, being deemed of
  1 29 immediate importance, takes effect upon enactment.
  1 30                           EXPLANATION
  1 31    This bill appropriates $16,555,000 from the cash reserve
  1 32 fund to the environment first fund for FY 2002=2003.  The bill
  1 33 provides that any moneys that are not obligated in the
  1 34 environment first fund at the end of FY 2002=2003 are to be
  1 35 transferred to the cash reserve fund, except for unobligated
  2  1 moneys for soil conservation practices.  In addition, if the
  2  2 United States supreme court rules in favor of the legality of
  2  3 Iowa's tax on the gross receipts from slot machines at the
  2  4 racetracks then any additional tax revenues deposited into the
  2  5 rebuild Iowa infrastructure fund are to be transferred to the
  2  6 cash reserve fund in an amount equal to $16,555,000 less the
  2  7 amount transferred from the environment first fund.
  2  8    The bill takes effect upon enactment.
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