House
File
62
-
Introduced
HOUSE
FILE
62
BY
WINCKLER
,
MASCHER
,
LENSING
,
BERRY
,
and
WESSEL-KROESCHELL
A
BILL
FOR
An
Act
relating
to
the
allocation
and
issuance
of
qualified
1
student
loan
bonds
under
the
private
activity
bond
2
allocation
Act.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
1359YH
(8)
84
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H.F.
62
Section
1.
Section
7C.4A,
subsection
3,
Code
2011,
is
1
amended
to
read
as
follows:
2
3.
Sixteen
percent
of
the
state
ceiling
shall
be
allocated
3
to
qualified
student
loan
bonds.
However,
at
any
time
during
4
the
calendar
year
the
governor’s
designee,
with
the
approval
5
of
the
Iowa
student
loan
liquidity
corporation
college
student
6
aid
commission
,
may
determine
that
a
lesser
amount
need
be
7
allocated
to
qualified
student
loan
bonds
and
on
that
date
the
8
lesser
amount
shall
be
the
amount
allocated
for
those
bonds
and
9
the
excess
shall
be
allocated
under
subsection
7
.
10
Sec.
2.
Section
261.38,
subsection
5,
Code
2011,
is
amended
11
to
read
as
follows:
12
5.
a.
The
commission
may
enter
into
agreements
with
13
the
Iowa
student
loan
liquidity
corporation
in
order
to
14
increase
access
for
students
to
education
loan
programs
that
15
the
commission
determines
meet
the
education
needs
of
Iowa
16
residents.
The
agreements
shall
permit
the
establishment,
17
funding,
and
operation
of
alternative
education
loan
programs,
18
as
described
in
section
144(b)(1)(B)
of
the
Internal
Revenue
19
Code
of
1986
as
amended,
as
defined
in
section
422.3
,
in
20
addition
to
programs
permitted
under
the
federal
Higher
21
Education
Act
of
1965.
In
accordance
with
those
agreements,
22
the
Iowa
qualified
student
loan
liquidity
corporation
bond
23
issuer
may
issue
bonds,
notes,
or
other
obligations
to
the
24
public
and
others
for
the
purpose
of
funding
the
alternative
25
education
loan
programs.
This
authority
to
issue
bonds,
notes,
26
or
other
obligations
shall
be
in
addition
to
the
authority
27
established
in
the
articles
of
incorporation
and
bylaws
of
the
28
Iowa
qualified
student
loan
liquidity
corporation
bond
issuer
.
29
b.
Bonds,
notes,
or
other
obligations
issued
by
the
Iowa
30
qualified
student
loan
liquidity
corporation
bond
issuer
are
31
not
an
obligation
of
this
state
or
any
political
subdivision
32
of
this
state
within
the
meaning
of
any
constitutional
or
33
statutory
debt
limitations,
but
are
special
obligations
of
the
34
Iowa
qualified
student
loan
liquidity
corporation
bond
issuer
,
35
-1-
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62
and
the
corporation
qualified
student
loan
bond
issuer
shall
1
not
pledge
the
credit
or
taxing
power
of
this
state
or
any
2
political
subdivision
of
this
state,
or
make
its
debts
payable
3
out
of
any
of
the
moneys
except
those
of
the
corporation
4
qualified
student
loan
bond
issuer
.
5
EXPLANATION
6
This
bill
removes
references
to
the
Iowa
student
loan
7
liquidity
corporation
from
certain
provisions
of
the
Code.
8
The
Code
provision
that
allocates
16
percent
of
the
state
9
ceiling
to
a
political
subdivision
for
purposes
of
qualified
10
student
loan
bonds
under
the
private
activity
bond
allocation
11
Act
is
modified
to
provide
that
the
college
student
aid
12
commission,
rather
than
the
corporation,
may
approve
the
13
governor’s
designee’s
determination
that
a
lesser
amount
need
14
be
allocated
to
qualified
student
loan
bonds.
The
bill
also
15
modifies
a
provision
that
permits
the
commission
to
enter
into
16
agreements
with
the
corporation
in
order
to
increase
access
for
17
students
to
education
loan
programs,
by
replacing
references
to
18
the
corporation
with
references
to
the
qualified
student
loan
19
bond
issuer,
which
is
the
designation
the
corporation
currently
20
holds.
21
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