House File 2666 - Introduced
HOUSE FILE
BY COMMITTEE ON ECONOMIC GROWTH
(SUCCESSOR TO HF 2027)
Passed House, Date Passed Senate, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act establishing an economic enterprise area infrastructure
2 fund and making appropriations.
3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
4 TLSB 5493HV 81
5 tm/je/5
PAG LIN
1 1 Section 1. NEW SECTION. 8.57C ECONOMIC ENTERPRISE AREA
1 2 INFRASTRUCTURE FUND.
1 3 1. An economic enterprise area infrastructure fund is
1 4 created under the authority of the department of economic
1 5 development. The fund shall consist of appropriations made to
1 6 the fund and transfers of interest, earnings, and moneys from
1 7 other funds as provided by law. The fund shall be separate
1 8 from the general fund of the state and the balance in the fund
1 9 shall not be considered part of the balance of the general
1 10 fund of the state. However, the fund shall be considered a
1 11 special account for the purposes of section 8.53, relating to
1 12 generally accepted accounting principles.
1 13 2. Notwithstanding section 12C.7, subsection 2, interest
1 14 or earnings on moneys in the economic enterprise area
1 15 infrastructure fund shall be credited to the rebuild Iowa
1 16 infrastructure fund.
1 17 3. Moneys in the fund shall be used to provide financial
1 18 assistance for physical infrastructure purposes in the form of
1 19 grants, loans, forgivable loans, loan guarantees, and other
1 20 forms of assistance to economic enterprise areas designated
1 21 pursuant to section 15E.233.
1 22 4. An economic enterprise area may apply to the department
1 23 of economic development for financial assistance from the
1 24 fund. Financial assistance shall be used for physical
1 25 infrastructure purposes including, but not limited to,
1 26 horizontal infrastructure, water and sewer infrastructure, and
1 27 telecommunications infrastructure. The department shall
1 28 develop criteria for approving financial assistance
1 29 applications. If an application is denied, the department
1 30 shall notify the applicant of the reasons for the denial.
1 31 5. Notwithstanding section 8.57, subsection 6, paragraph
1 32 "c", there is appropriated from the rebuild Iowa
1 33 infrastructure fund to the economic enterprise area
1 34 infrastructure fund, five million dollars each fiscal year for
1 35 the fiscal period beginning July 1, 2006, and ending June 30,
2 1 2015. Moneys deposited in the fund shall be used for purposes
2 2 setout in subsections 3 and 4. Moneys in the fund that remain
2 3 unexpended and unobligated at the end of a fiscal year shall
2 4 remain in the fund for the succeeding fiscal year to be used
2 5 for purposes of the fund.
2 6 EXPLANATION
2 7 This bill establishes an economic enterprise area
2 8 infrastructure fund and makes appropriations.
2 9 The bill creates an economic enterprise area infrastructure
2 10 fund under the authority of the department of economic
2 11 development. The fund shall be separate from the general fund
2 12 of the state and the balance in the fund shall not be
2 13 considered part of the balance of the general fund of the
2 14 state. However, the fund shall be considered a special
2 15 account for the purposes of Code section 8.53, relating to
2 16 generally accepted accounting principles.
2 17 The bill provides that moneys in the fund shall be used to
2 18 provide financial assistance for physical infrastructure
2 19 purposes in the form of grants, loans, forgivable loans, loan
2 20 guarantees, and other forms of assistance to economic
2 21 enterprise areas designated pursuant to Code section 15E.233.
2 22 The bill provides that an economic enterprise area may
2 23 apply to the department for financial assistance from the fund
2 24 which must be used for physical infrastructure purposes. The
2 25 bill requires the department to develop criteria for approving
2 26 financial assistance applications.
2 27 The bill appropriates from the rebuild Iowa infrastructure
2 28 fund to the economic enterprise area infrastructure fund, $5
2 29 million each fiscal year for the fiscal period beginning July
2 30 1, 2006, and ending June 30, 2015. The bill provides that
2 31 moneys in the fund that remain unexpended and unobligated at
2 32 the end of a fiscal year shall remain in the fund for the
2 33 succeeding fiscal year to be used for purposes of the fund.
2 34 LSB 5493HV 81
2 35 tm:rj/je/5