Senate Study Bill 1165 



                                       SENATE/HOUSE FILE       
                                       BY  (PROPOSED IOWA FINANCE
                                            AUTHORITY BILL)


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

                                      A BILL FOR

  1 An Act relating to the Iowa finance authority by providing
  2    immunity for board members, providing administrative authority
  3    for the executive director, eliminating duties of the council
  4    on homelessness, defining projects under the bond bank
  5    program, and defining assets in, and providing for the use of
  6    moneys in, the housing trust fund.
  7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN



  1  1    Section 1.  Section 16.1, subsection 1, paragraph ae,
  1  2 subparagraph (3), Code 2009, is amended to read as follows:
  1  3    (3)  Any project for which tax exempt financing is
  1  4 authorized by the Internal Revenue Code, together with any
  1  5 taxable financing necessary or desirable in connection with
  1  6 such project, which the authority finds furthers the goals of
  1  7 the authority and is consistent with the legislative findings.
  1  8    Sec. 2.  Section 16.2, Code 2009, is amended by adding the
  1  9 following new subsection:
  1 10    NEW SUBSECTION.  9.  Neither members of the authority, nor
  1 11 persons acting on behalf of the authority while acting within
  1 12 the scope of their agency or employment, are subject to
  1 13 personal liability resulting from carrying out the powers and
  1 14 duties in this chapter.
  1 15    Sec. 3.  Section 16.6, Code 2009, is amended by adding the
  1 16 following new subsection:
  1 17    NEW SUBSECTION.  4.  The executive director may establish
  1 18 administrative divisions within the authority in order to most
  1 19 efficiently and effectively carry out the authority's
  1 20 responsibilities, provided that any creation or modification
  1 21 of authority divisions be established only after consultation
  1 22 with the board of the authority.
  1 23    Sec. 4.  Section 16.100A, subsection 9, Code 2009, is
  1 24 amended by striking the subsection.
  1 25    Sec. 5.  Section 16.102, Code 2009, is amended to read as
  1 26 follows:
  1 27    16.102  ESTABLISHMENT OF BOND BANK PROGRAM == BONDS AND
  1 28 NOTES == PROJECTS.
  1 29    The authority may assist the development and expansion of
  1 30 family farming, soil conservation, housing, and business in
  1 31 the state through the establishment of the Iowa economic
  1 32 development bond bank program.  The authority may issue its
  1 33 bonds or notes, or series of bonds or notes for the purpose of
  1 34 defraying the cost of one or more projects and make secured
  1 35 and unsecured loans for the acquisition and construction of
  2  1 projects on terms the authority determines.  For purposes of
  2  2 this section, projects shall include any of the following:
  2  3    1.  The acquisition of agricultural land and improvements
  2  4 and depreciable agricultural property by beginning farmers for
  2  5 the implementation of permanent soil and water conservation
  2  6 practices and the acquisition of conservation farm equipment,
  2  7 or any other purpose for which loans may be made by the Iowa
  2  8 agricultural development authority pursuant to chapter 175.
  2  9    2.  A project defined in section 419.1, subsection 12, for
  2 10 which bonds or notes may be issued by a city or a county.
  2 11    Sec. 6.  Section 16.181, subsection 1, paragraph b,
  2 12 subparagraph (1), Code 2009, is amended by striking the
  2 13 subparagraph and inserting in lieu thereof the following:
  2 14    (1)  Any moneys received by the authority from the national
  2 15 housing trust fund created pursuant to the federal Housing and
  2 16 Economic Recovery Act of 2008, Pub. L. No. 110=289.
  2 17    Sec. 7.  Section 16.181, subsection 1, paragraph c,
  2 18 subparagraph (2), Code 2009, is amended to read as follows:
  2 19    (2)  PROJECT=BASED HOUSING PROGRAM.  Forty percent of the
  2 20 available moneys in the housing trust fund shall be allocated
  2 21 to the project=based housing program.  Any moneys allocated to
  2 22 the project=based housing program on April 1 of each fiscal
  2 23 year which have not been awarded to a local housing trust fund
  2 24 may be transferred to the local housing trust fund program at
  2 25 any time prior to the end of the fiscal year.
  2 26    Sec. 8.  Section 16.181, Code 2009, is amended by adding
  2 27 the following new subsection:
  2 28    NEW SUBSECTION.  2A.  From moneys in the housing trust
  2 29 fund, the authority may make low=interest loans to local
  2 30 housing trust funds for purposes of developing and preserving
  2 31 affordable housing for low=income individuals.
  2 32                           EXPLANATION
  2 33    This bill relates to the Iowa finance authority.
  2 34    The bill provides that, for purposes of Code chapter 16,
  2 35 the term "project" includes certain projects for which
  3  1 tax=exempt financing is authorized by the Internal Revenue
  3  2 Code, together with any taxable financing necessary or
  3  3 desirable in connection with such project.
  3  4    The bill provides that neither members of the authority,
  3  5 nor persons acting on behalf of the authority while acting
  3  6 within the scope of their agency or employment, are subject to
  3  7 personal liability resulting from carrying out the powers and
  3  8 duties in Code chapter 16.
  3  9    The bill allows the executive director of the authority to
  3 10 establish administrative divisions within the authority,
  3 11 provided that any creation or modification of authority
  3 12 divisions be established only after consultation with the
  3 13 board of the authority.
  3 14    The bill eliminates requirements relating to mandatory
  3 15 issue studies to be conducted by the council on homelessness.
  3 16    The bill, under the bond bank program, eliminates defined
  3 17 examples of projects under the program.
  3 18    The bill eliminates a provision providing that the assets
  3 19 of the former Iowa housing corporation be included in the
  3 20 assets of the housing trust fund.
  3 21    The bill provides that any moneys received by the authority
  3 22 from the national housing trust fund shall be deposited in the
  3 23 housing trust fund.
  3 24    The bill provides that any moneys allocated to the
  3 25 project=based housing program under the housing trust fund on
  3 26 April 1 of each fiscal year which have not been awarded to a
  3 27 local housing trust fund may be transferred to the local
  3 28 housing trust fund program under the housing trust fund at any
  3 29 time prior to the end of the fiscal year.
  3 30    The bill provides that, from moneys in the housing trust
  3 31 fund, the authority may make low=interest loans to local
  3 32 housing trust funds for purposes of developing and preserving
  3 33 affordable housing for low=income individuals.
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