House File 811 - Introduced
HOUSE FILE
BY COMMITTEE ON ECONOMIC GROWTH
(SUCCESSOR TO HF 259)
Passed House, Date Passed Senate, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act creating a help infrastructure vitality and economic
2 growth fund and making appropriations.
3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
4 TLSB 2356HV 82
5 tm/je/5
PAG LIN
1 1 Section 1. NEW SECTION. 8.57D HELP INFRASTRUCTURE
1 2 VITALITY AND ECONOMIC GROWTH FUND.
1 3 1. A help infrastructure vitality and economic growth fund
1 4 is 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 infrastructure 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, or the requirements
1 22 of section 15E.194, subsection 3.
1 23 4. A city may apply to the department of economic
1 24 development for financial assistance from the fund. Financial
1 25 assistance shall be used for physical infrastructure purposes,
1 26 including but not limited to horizontal infrastructure, water
1 27 and sewer infrastructure, and telecommunications
1 28 infrastructure. The department shall develop criteria for
1 29 financial assistance applications and the Iowa economic
1 30 development board shall approve, deny, or modify applications
1 31 for financial assistance. If an application is denied, the
1 32 department shall notify the applicant of the reasons for the
1 33 denial.
1 34 5. Notwithstanding section 8.57, subsection 6, paragraph
1 35 "c", there is appropriated from the rebuild Iowa
2 1 infrastructure fund to the help infrastructure vitality and
2 2 economic growth fund five million dollars each fiscal year for
2 3 the fiscal period beginning July 1, 2007, and ending June 30,
2 4 2016. Moneys deposited in the fund shall be used for the
2 5 purposes set out in subsections 3 and 4. Moneys in the fund
2 6 that remain unexpended and unobligated at the end of a fiscal
2 7 year shall remain in the fund for the succeeding fiscal year
2 8 to be used for purposes of the fund.
2 9 EXPLANATION
2 10 This bill creates a help infrastructure vitality and
2 11 economic growth fund and makes appropriations.
2 12 The bill creates a help infrastructure vitality and
2 13 economic growth fund under the authority of the department of
2 14 economic development. The bill provides that moneys in the
2 15 fund shall be used to provide financial assistance for
2 16 physical infrastructure purposes in the form of grants, loans,
2 17 forgivable loans, loan guarantees, and other forms of
2 18 assistance to cities meeting certain distress criteria under
2 19 the enterprise zone program. The bill provides that financial
2 20 assistance shall be used for physical infrastructure purposes,
2 21 including but not limited to horizontal infrastructure, water
2 22 and sewer infrastructure, and telecommunications
2 23 infrastructure.
2 24 The bill appropriates from the rebuild Iowa infrastructure
2 25 fund to the help infrastructure vitality and economic growth
2 26 fund $5 million each fiscal year for the fiscal period
2 27 beginning July 1, 2007, and ending June 30, 2016.
2 28 LSB 2356HV 82
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