House File 259 - Introduced
HOUSE FILE
BY FORD
Passed House, Date Passed Senate, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act creating a help inner city vitality and economic growth
2 fund and making appropriations.
3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
4 TLSB 2356HH 82
5 tm/je/5
PAG LIN
1 1 Section 1. NEW SECTION. 8.57D HELP INNER CITY VITALITY
1 2 AND ECONOMIC GROWTH FUND.
1 3 1. A help inner city vitality and economic growth 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 help inner city vitality and
1 15 economic growth 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 cities meeting the distress criteria
1 21 provided in section 15E.194, subsection 2.
1 22 4. A city may apply to the department of economic
1 23 development for financial assistance from the fund. Financial
1 24 assistance shall be used for physical infrastructure purposes,
1 25 including but not limited to horizontal infrastructure, water
1 26 and sewer infrastructure, and telecommunications
1 27 infrastructure. The department shall develop criteria for
1 28 approving financial assistance applications. If an
1 29 application is denied, the department shall notify the
1 30 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 help inner city vitality and
1 34 economic growth fund five million dollars each fiscal year for
1 35 the fiscal period beginning July 1, 2007, and ending June 30,
2 1 2016. Moneys deposited in the fund shall be used for the
2 2 purposes set out in subsections 3 and 4. Moneys in the fund
2 3 that remain unexpended and unobligated at the end of a fiscal
2 4 year shall remain in the fund for the succeeding fiscal year
2 5 to be used for purposes of the fund.
2 6 EXPLANATION
2 7 This bill creates a help inner city vitality and economic
2 8 growth fund and makes appropriations.
2 9 The bill creates a help inner city vitality and economic
2 10 growth fund under the authority of the department of economic
2 11 development. The bill provides that moneys in the fund shall
2 12 be used to provide financial assistance for physical
2 13 infrastructure purposes in the form of grants, loans,
2 14 forgivable loans, loan guarantees, and other forms of
2 15 assistance to cities meeting the distress criteria for cities
2 16 under the enterprise zone program. The bill provides that
2 17 financial assistance shall be used for physical infrastructure
2 18 purposes, including but not limited to horizontal
2 19 infrastructure, water and sewer infrastructure, and
2 20 telecommunications infrastructure.
2 21 The bill appropriates from the rebuild Iowa infrastructure
2 22 fund to the help inner city vitality and economic growth fund
2 23 $5 million each fiscal year for the fiscal period beginning
2 24 July 1, 2007, and ending June 30, 2016.
2 25 LSB 2356HH 82
2 26 tm:nh/je/5