House Study Bill 625 - Introduced HOUSE FILE _____ BY (PROPOSED COMMITTEE ON JUDICIARY BILL BY CHAIRPERSON ANDERSON) A BILL FOR An Act relating to statutory corrections which may adjust 1 language to reflect current practices, insert earlier 2 omissions, delete redundancies and inaccuracies, delete 3 temporary language, resolve inconsistencies and conflicts, 4 update ongoing provisions, or remove ambiguities, and 5 including effective date and retroactive applicability 6 provisions. 7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 8 TLSB 5518HC (15) 84 lh/rj

H.F. _____ DIVISION I 1 STATUTORY CORRECTIONS 2 Section 1. Section 8.55, subsection 2, Code Supplement 3 2011, is amended to read as follows: 4 2. a. The maximum balance of the fund is the amount equal 5 to two and one-half percent of the adjusted revenue estimate 6 for the fiscal year. If the amount of moneys in the Iowa 7 economic emergency fund is equal to the maximum balance, moneys 8 in excess of this amount shall be distributed as follows: 9 (1) a. The first sixty million dollars of the difference 10 between the actual net revenue for the general fund of the 11 state for the fiscal year and the adjusted revenue estimate for 12 the fiscal year shall be transferred to the taxpayers trust 13 fund. 14 (2) b. The remainder of the excess, if any, shall be 15 transferred to the general fund of the state. 16 b. Notwithstanding paragraph “a” , any moneys in excess of 17 the maximum balance in the economic emergency fund after the 18 distribution of the surplus in the general fund of the state at 19 the conclusion of each fiscal year shall not be distributed as 20 provided in paragraph “a” but shall be transferred to the senior 21 living trust fund. The total amount appropriated, reverted, 22 or transferred, in the aggregate, under this paragraph, 23 section 8.57, subsection 2 , and any other law providing for 24 an appropriation or reversion or transfer of an appropriation 25 to the credit of the senior living trust fund, for all fiscal 26 years beginning on or after July 1, 2004, shall not exceed the 27 amount specified in section 8.57, subsection 2 , paragraph “c” . 28 Sec. 2. Section 8.57, Code Supplement 2011, is amended to 29 read as follows: 30 8.57 Annual appropriations —— reduction of GAAP deficit —— 31 rebuild Iowa infrastructure fund. 32 1. a. The “cash reserve goal percentage” for fiscal years 33 beginning on or after July 1, 2004, is seven and one-half 34 percent of the adjusted revenue estimate. For each fiscal 35 -1- LSB 5518HC (15) 84 lh/rj 1/ 84

H.F. _____ year in which the appropriation of the surplus existing in the 1 general fund of the state at the conclusion of the prior fiscal 2 year pursuant to paragraph “b” was not sufficient for the cash 3 reserve fund to reach the cash reserve goal percentage for the 4 current fiscal year, there is appropriated from the general 5 fund of the state an amount to be determined as follows: 6 (1) If the balance of the cash reserve fund in the current 7 fiscal year is not more than six and one-half percent of the 8 adjusted revenue estimate for the current fiscal year, the 9 amount of the appropriation under this lettered paragraph is 10 one percent of the adjusted revenue estimate for the current 11 fiscal year. 12 (2) If the balance of the cash reserve fund in the current 13 fiscal year is more than six and one-half percent but less than 14 seven and one-half percent of the adjusted revenue estimate for 15 that fiscal year, the amount of the appropriation under this 16 lettered paragraph is the amount necessary for the cash reserve 17 fund to reach seven and one-half percent of the adjusted 18 revenue estimate for the current fiscal year. 19 (3) The moneys appropriated under this lettered paragraph 20 shall be credited in equal and proportionate amounts in each 21 quarter of the current fiscal year. 22 b. The surplus existing in the general fund of the state 23 at the conclusion of the fiscal year is appropriated for 24 distribution in the succeeding fiscal year as provided in 25 subsections 3 2 and 4 3 . Moneys credited to the cash reserve 26 fund from the appropriation made in this paragraph shall not 27 exceed the amount necessary for the cash reserve fund to reach 28 the cash reserve goal percentage for the succeeding fiscal 29 year. As used in this paragraph, “surplus” means the excess 30 of revenues and other financing sources over expenditures and 31 other financing uses for the general fund of the state in a 32 fiscal year. 33 c. The amount appropriated in this section is not subject 34 to the provisions of section 8.31 , relating to requisitions 35 -2- LSB 5518HC (15) 84 lh/rj 2/ 84

H.F. _____ and allotment, or to section 8.32 , relating to conditional 1 availability of appropriations. 2 2. a. There is appropriated from the surplus existing 3 in the general fund of the state at the conclusion of the 4 fiscal year beginning July 1, 2005, and ending June 30, 2006, 5 and at the conclusion of each succeeding fiscal year for 6 distribution to the senior living trust fund, an amount equal 7 to one percent of the adjusted revenue estimate for the current 8 fiscal year. However, if the amount of the surplus existing 9 in the general fund of the state at the conclusion of a fiscal 10 year is less than two percent of the adjusted revenue estimate 11 for that fiscal year, the amount of the appropriation made in 12 this paragraph shall be equal to fifty percent of the surplus 13 amount. The appropriation made in this paragraph shall be 14 distributed to the senior living trust fund in the succeeding 15 fiscal year. For the purposes of this subsection , “surplus” 16 means the same as defined in subsection 1 , paragraph “b” . 17 b. The appropriation made in paragraph “a” shall be made 18 before the appropriations are made pursuant to subsections 1, 19 3, and 4 , of the surplus existing in the general fund of the 20 state at the conclusion of the fiscal year beginning July 1, 21 2005, and ending June 30, 2006, and each succeeding fiscal 22 year. 23 c. The appropriation made in paragraph “a” shall continue 24 until the aggregate amount of the appropriations made, 25 reverted, or transferred to the senior living trust fund for 26 all fiscal years beginning on or after July 1, 2004, pursuant 27 to paragraph “a” of this subsection , section 8.55, subsection 2 , 28 paragraph “b” , and any other law providing for an appropriation 29 or reversion or transfer of an appropriation to the senior 30 living trust fund is equal to three hundred million dollars. 31 d. This subsection and section 8.55, subsection 2 , paragraph 32 “b” , are repealed when the aggregate amount specified in 33 paragraph “c” has been distributed, appropriated, reverted, or 34 transferred to the senior living trust fund. The director of 35 -3- LSB 5518HC (15) 84 lh/rj 3/ 84

H.F. _____ the department of management shall notify the Iowa Code editor 1 when the aggregate amount has been distributed, appropriated, 2 reverted, or transferred. 3 3. 2. Moneys appropriated under subsection 1 shall be first 4 credited to the cash reserve fund. To the extent that moneys 5 appropriated under subsection 1 would make the moneys in the 6 cash reserve fund exceed the cash reserve goal percentage of 7 the adjusted revenue estimate for the fiscal year, the moneys 8 are appropriated to the department of management to be spent 9 for the purpose of eliminating Iowa’s GAAP deficit, including 10 the payment of items budgeted in a subsequent fiscal year 11 which under generally accepted accounting principles should be 12 budgeted in the current fiscal year. These moneys shall be 13 deposited into a GAAP deficit reduction account established 14 within the department of management. The department of 15 management shall annually file with both houses of the general 16 assembly at the time of the submission of the governor’s 17 budget, a schedule of the items for which moneys appropriated 18 under this subsection for the purpose of eliminating Iowa’s 19 GAAP deficit, including the payment of items budgeted in 20 a subsequent fiscal year which under generally accepted 21 accounting principles should be budgeted in the current 22 fiscal year, shall be spent. The schedule shall indicate the 23 fiscal year in which the spending for an item is to take place 24 and shall incorporate the items detailed in 1994 Iowa Acts, 25 chapter 1181 , section 17. The schedule shall list each item 26 of expenditure and the estimated dollar amount of moneys to 27 be spent on that item for the fiscal year. The department of 28 management may submit during a regular legislative session an 29 amended schedule for legislative consideration. If moneys 30 appropriated under this subsection are not enough to pay for 31 all listed expenditures, the department of management shall 32 distribute the payments among the listed expenditure items. 33 Moneys appropriated to the department of management under 34 this subsection shall not be spent on items other than those 35 -4- LSB 5518HC (15) 84 lh/rj 4/ 84

H.F. _____ included in the filed schedule. On September 1 following the 1 close of a fiscal year, moneys in the GAAP deficit reduction 2 account which remain unexpended for items on the filed schedule 3 for the previous fiscal year shall be credited to the Iowa 4 economic emergency fund. 5 4. 3. To the extent that moneys appropriated under 6 subsection 1 exceed the amounts necessary for the cash reserve 7 fund to reach its maximum balance and the amounts necessary to 8 eliminate Iowa’s GAAP deficit, including elimination of the 9 making of any appropriation in an incorrect fiscal year, the 10 moneys shall be appropriated to the Iowa economic emergency 11 fund. 12 5. 4. As used in this section , “GAAP” means generally 13 accepted accounting principles as established by the 14 governmental accounting standards board. 15 6. 5. a. A rebuild Iowa infrastructure fund is created 16 under the authority of the department of management. The fund 17 shall consist of appropriations made to the fund and transfers 18 of interest, earnings, and moneys from other funds as provided 19 by law. The rebuild Iowa infrastructure fund shall be separate 20 from the general fund of the state and the balance in the 21 rebuild Iowa infrastructure fund shall not be considered part 22 of the balance of the general fund of the state. However, the 23 rebuild Iowa infrastructure fund shall be considered a special 24 account for the purposes of section 8.53 , relating to generally 25 accepted accounting principles. 26 b. Moneys in the rebuild Iowa infrastructure fund are 27 not subject to section 8.33 . Notwithstanding section 28 12C.7, subsection 2 , interest or earnings on moneys in the 29 rebuild Iowa infrastructure fund shall be credited to the 30 infrastructure fund. Moneys in the rebuild Iowa infrastructure 31 fund may be used for cash flow purposes during a fiscal year 32 provided that any moneys so allocated are returned to the 33 infrastructure fund by the end of that fiscal year. 34 c. Moneys in the rebuild Iowa infrastructure fund in a 35 -5- LSB 5518HC (15) 84 lh/rj 5/ 84

H.F. _____ fiscal year shall be used as directed by the general assembly 1 for public vertical infrastructure projects. For the purposes 2 of this subsection , “vertical infrastructure” includes only land 3 acquisition and construction; major renovation and major repair 4 of buildings; all appurtenant structures; utilities; site 5 development; recreational trails; and debt service payments 6 on academic revenue bonds issued in accordance with chapter 7 262A for capital projects at board of regents institutions. 8 “Vertical infrastructure” does not include routine, recurring 9 maintenance or operational expenses or leasing of a building, 10 appurtenant structure, or utility without a lease-purchase 11 agreement. 12 d. The general assembly may provide that all or part of the 13 moneys deposited in the GAAP deficit reduction account created 14 in this section shall be transferred to the infrastructure fund 15 in lieu of appropriation of the moneys to the Iowa economic 16 emergency fund. 17 e. (1) (a) (i) Notwithstanding provisions to the contrary 18 in sections 99D.17 and 99F.11 , for the fiscal year beginning 19 July 1, 2000, and for each fiscal year thereafter, not more 20 than a total of sixty-six million dollars shall be deposited 21 in the general fund of the state in any fiscal year pursuant to 22 sections 99D.17 and 99F.11 . 23 (ii) However, in lieu of the deposit in subparagraph 24 subdivision (i), for the fiscal year beginning July 1, 2010, 25 and for each fiscal year thereafter until the principal and 26 interest on all bonds issued by the treasurer of state pursuant 27 to section 12.87 are paid, as determined by the treasurer of 28 state, the first fifty-five million dollars of the moneys 29 directed to be deposited in the general fund of the state 30 under subparagraph subdivision (i) shall be deposited in the 31 revenue bonds debt service fund created in section 12.89 , and 32 the next three million seven hundred fifty thousand dollars of 33 the moneys directed to be deposited in the general fund of the 34 state under subparagraph subdivision (i) shall be deposited 35 -6- LSB 5518HC (15) 84 lh/rj 6/ 84

H.F. _____ in the revenue bonds federal subsidy holdback fund created in 1 section 12.89A , and the next one million two hundred fifty 2 thousand dollars of the moneys directed to be deposited in the 3 general fund of the state under subparagraph subdivision (i) 4 shall be deposited in the general fund of the state. 5 (b) The next fifteen million dollars of the moneys directed 6 to be deposited in the general fund of the state in a fiscal 7 year pursuant to sections 99D.17 and 99F.11 shall be deposited 8 in the vision Iowa fund created in section 12.72 for the fiscal 9 year beginning July 1, 2000, and for each fiscal year through 10 the fiscal year beginning July 1, 2019. 11 (c) The next five million dollars of the moneys directed to 12 be deposited in the general fund of the state in a fiscal year 13 pursuant to sections 99D.17 and 99F.11 shall be deposited in 14 the school infrastructure fund created in section 12.82 for the 15 fiscal year beginning July 1, 2000, and for each fiscal year 16 thereafter until the principal and interest on all bonds issued 17 by the treasurer of state pursuant to section 12.81 are paid, 18 as determined by the treasurer of state. 19 (d) (i) The total moneys in excess of the moneys deposited 20 in the revenue bonds debt service fund, the revenue bonds 21 federal subsidy holdback fund, the vision Iowa fund, the 22 school infrastructure fund, and the general fund of the 23 state in a fiscal year shall be deposited in the rebuild Iowa 24 infrastructure fund and shall be used as provided in this 25 section , notwithstanding section 8.60 . 26 (ii) However, in lieu of the deposit in subparagraph 27 subdivision (i), for the fiscal year beginning July 1, 2010, 28 and for each fiscal year thereafter until the principal and 29 interest on all bonds issued by the treasurer of state pursuant 30 to section 12.87 are paid, as determined by the treasurer of 31 state, sixty-four million seven hundred fifty thousand dollars 32 of the excess moneys directed to be deposited in the rebuild 33 Iowa infrastructure fund under subparagraph subdivision (i) 34 shall be deposited in the general fund of the state. 35 -7- LSB 5518HC (15) 84 lh/rj 7/ 84

H.F. _____ (2) If the total amount of moneys directed to be deposited 1 in the general fund of the state under sections 99D.17 and 2 99F.11 in a fiscal year is less than the total amount of moneys 3 directed to be deposited in the revenue bonds debt service 4 fund and the revenue bonds federal subsidy holdback fund in 5 the fiscal year pursuant to this paragraph “e” , the difference 6 shall be paid from moneys deposited in the beer and liquor 7 control fund created in section 123.53 in the manner provided 8 in section 123.53, subsection 3 . 9 (3) After the deposit of moneys directed to be deposited in 10 the general fund of the state, the revenue bonds debt service 11 fund, and the revenue bonds federal subsidy holdback fund, as 12 provided in subparagraph (1), subparagraph division (a), if the 13 total amount of moneys directed to be deposited in the general 14 fund of the state under sections 99D.17 and 99F.11 in a fiscal 15 year is less than the total amount of moneys directed to be 16 deposited in the vision Iowa fund and the school infrastructure 17 fund in the fiscal year pursuant to this paragraph “e” , the 18 difference shall be paid from lottery revenues in the manner 19 provided in section 99G.39, subsection 3 . 20 f. There is appropriated from the rebuild Iowa 21 infrastructure fund to the secure an advanced vision for 22 education fund created in section 423F.2 , for each fiscal year 23 of the fiscal period beginning July 1, 2008, and ending June 24 30, 2010, the amount of the moneys in excess of the first 25 forty-seven million dollars credited to the rebuild Iowa 26 infrastructure fund during the fiscal year, not to exceed ten 27 million dollars. 28 g. Notwithstanding any other provision to the contrary, 29 and prior to the appropriation of moneys from the rebuild Iowa 30 infrastructure fund pursuant to paragraph “c” , and section 31 8.57A, subsection 4 , moneys shall first be appropriated 32 from the rebuild Iowa infrastructure fund to the vertical 33 infrastructure fund as provided in section 8.57B, subsection 4 . 34 h. Annually, on or before January 15 of each year, a state 35 -8- LSB 5518HC (15) 84 lh/rj 8/ 84

H.F. _____ agency that received an appropriation from the rebuild Iowa 1 infrastructure fund shall report to the legislative services 2 agency and the department of management the status of all 3 projects completed or in progress. The report shall include 4 a description of the project, the progress of work completed, 5 the total estimated cost of the project, a list of all revenue 6 sources being used to fund the project, the amount of funds 7 expended, the amount of funds obligated, and the date the 8 project was completed or an estimated completion date of the 9 project, where applicable. 10 i. Annually, on or before December 31 of each year, a 11 recipient of moneys from the rebuild Iowa infrastructure fund 12 for any purpose shall report to the state agency to which the 13 moneys are appropriated the status of all projects completed 14 or in progress. The report shall include a description of the 15 project, the progress of work completed, the total estimated 16 cost of the project, a list of all revenue sources being used 17 to fund the project, the amount of funds expended, the amount 18 of funds obligated, and the date the project was completed or 19 an estimated completion date of the project, where applicable. 20 Sec. 3. Section 8A.317, subsection 1, Code Supplement 2011, 21 is amended to read as follows: 22 1. As used in this section , unless the context otherwise 23 requires: 24 a. “Biobased material” means the same as defined in section 25 469.31 a material in which carbon is derived in whole or in 26 part from a renewable resource . 27 b. “Biobased product” means a product generated by blending 28 or assembling of one or more biobased materials, either 29 exclusively or in combination with nonbiobased materials, 30 in which the biobased material is present as a quantifiable 31 portion of the total mass of the product. 32 b. c. “Designated biobased product” means a biobased 33 product as defined in section 469.31 , and includes a product 34 determined by the United States department of agriculture to 35 -9- LSB 5518HC (15) 84 lh/rj 9/ 84

H.F. _____ be a commercial or industrial product, other than food or 1 feed, that is composed, in whole or in significant part, of 2 biological products, including renewable domestic agricultural 3 materials including plant, animal, and marine materials, or 4 forestry materials as provided in 7 U.S.C. § 8102. 5 Sec. 4. Section 11.2, subsection 3, paragraph d, Code 6 Supplement 2011, is amended to read as follows: 7 d. The review of the most recent annual report to 8 shareholders of an open-end management investment company 9 or an unincorporated investment company or investment trust 10 registered with the federal securities and exchange commission 11 under the federal Investment Company Act of 1940, 15 U.S.C. 12 § 80a, pursuant to 17 C.F.R. § 270.30d-1 or the review, by 13 the person performing the audit, of the most recent annual 14 report to shareholders, call reports, or the findings pursuant 15 to a regular examination under state or federal law, to the 16 extent the findings are not confidential, of a bank, savings 17 and loan association, or credit union shall satisfy the review 18 requirements of this paragraph subsection . 19 Sec. 5. Section 11.5A, Code Supplement 2011, is amended to 20 read as follows: 21 11.5A Audit or examination —— costs. 22 When requested by the auditor of state, the department 23 of management shall transfer from any unappropriated funds 24 in the state treasury an amount not exceeding the expenses 25 and prorated salary costs already paid to perform audits or 26 examinations of state departments and agencies, the offices 27 of the judicial branch, and federal financial assistance as 28 defined in the federal Single Audit Act, 31 U.S.C. § 7501, et 29 seq., received by all other departments, as listed in section 30 11.5B , for which payments by agencies have not been made. Upon 31 payment by the departments, the auditor of state shall credit 32 the payments to the state treasury. 33 Sec. 6. Section 15.107, subsection 1, Code Supplement 2011, 34 is amended to read as follows: 35 -10- LSB 5518HC (15) 84 lh/rj 10/ 84

H.F. _____ 1. The authority shall establish the Iowa innovation 1 corporation as a nonprofit corporation organized under chapter 2 504 and qualifying under section 501(c)(3) of the Internal 3 Revenue Code as an organization exempt from taxation. Unless 4 otherwise provided in this subchapter , the corporation is 5 subject to the provisions of chapter 504 . The corporation 6 shall be established for the purpose of receiving and 7 disbursing funds from public or private sources to be used to 8 further the overall development and economic well-being of the 9 state. 10 Sec. 7. Section 15.202, Code Supplement 2011, is amended to 11 read as follows: 12 15.202 Grants and gifts. 13 The authority may , with the approval of the director, accept 14 grants and allotments of funds from the federal government 15 and enter into cooperative agreements with the secretary of 16 agriculture of the United States for projects to effectuate any 17 of the purposes of the agricultural marketing program; and may 18 accept grants, gifts, or allotments of funds from any person 19 for the purpose of carrying out the agricultural marketing 20 program. The authority shall make an itemized accounting of 21 such funds to the director at the end of each fiscal year. 22 Sec. 8. Section 15.272, Code Supplement 2011, is amended to 23 read as follows: 24 15.272 Statewide welcome center program —— objectives and 25 agency responsibilities —— pilot projects. 26 The state agencies, as indicated in this section , shall 27 undertake certain specific functions to implement the goals of 28 a statewide program, including the pilot projects, for welcome 29 centers. 30 1. a. The department of economic development and the 31 state department of transportation shall jointly establish a 32 statewide long-range plan for developing and operating welcome 33 centers throughout the state. The plan shall be submitted 34 to the general assembly by January 15, 1988. The plan shall 35 -11- LSB 5518HC (15) 84 lh/rj 11/ 84

H.F. _____ address, but not be limited to, the following: 1 (1) Integrating state, regional, and local tourism and 2 recreation marketing and promotion plans. 3 (2) Recommending a wide range of centers, including 4 state-developed and state-operated to privately managed 5 facilities. 6 (3) Establishing design, service, and maintenance quality 7 standards which all welcome centers will maintain. Included 8 in the standards shall be a provision requiring that space or 9 facilities be available for purposes of displaying and offering 10 for sale Iowa-made products, crafts, and arts. The space 11 or facilities may be operated by the department of economic 12 development or leased to and operated by other persons. 13 (4) Making projections of increased tourist spending, 14 indirect economic benefits, and direct revenue production which 15 are estimated to occur as a result of implementing a statewide 16 welcome center program. 17 (5) Projecting estimated acquisition, construction, 18 exhibit, staffing, and maintenance costs. 19 (6) Integrating electronic data telecommunications systems. 20 (7) Identifying sites for maintaining existing centers as 21 well as locations for new centers. 22 b. The departments may enter into contracts for the 23 preparation of the long-range plan. The departments shall 24 involve the department of natural resources and the department 25 of cultural affairs in the preparation of the plan. The 26 recommendations and comments of organizations representing 27 hospitality and tourism services, including but not limited to, 28 the regional tourism councils, convention and visitors bureaus, 29 and the Iowa travel council, and others with interests in this 30 program will be considered for incorporation in the plan. 31 Prior to submission of the plan to the general assembly, the 32 plan shall be submitted to the regional tourism councils, the 33 convention and visitors bureaus, and the Iowa travel council 34 for their comments and criticisms which shall be submitted by 35 -12- LSB 5518HC (15) 84 lh/rj 12/ 84

H.F. _____ the department of economic development along with the plan to 1 the general assembly. 2 2. The responsibilities of the authority include the 3 following: 4 a. Seeing to the acquisition of property and the 5 construction of all new welcome centers including the pilot 6 projects selected by the department of economic development 7 pursuant to paragraph “e” . In carrying out this responsibility 8 the authority may , but is not limited to , the following: 9 (1) Arrange for the state department of transportation to 10 acquire title to land and buildings for use as and undertake 11 construction of state-owned welcome centers. In acquiring 12 property and constructing the welcome centers, including any 13 pilot projects, the state department of transportation may 14 use any funds available to it, including but not limited to, 15 the RISE fund, matching funds from local units of government 16 or organizations, the primary road fund, federal grants, and 17 moneys specifically appropriated for these purposes. 18 (2) Contract with other state agencies, local units of 19 government, or private groups, organizations, or entities for 20 the use of land, buildings, or facilities as state welcome 21 centers or in connection with state welcome centers, whether or 22 not the property is actually owned by the state. If the local 23 match required for pilot projects or which may be required for 24 other welcome centers is met by providing land, buildings, or 25 facilities, the entity providing the local match shall enter 26 into an agreement with the authority to either transfer title 27 of the property to the state or to dedicate the use of the 28 property under the conditions and period of time set by the 29 authority. 30 b. Providing for the operations, management, and 31 maintenance of the state-owned and state-operated welcome 32 centers, including the collection and distribution of 33 tourism literature, telecommunication services, and other 34 travel-related services, and the display and offering for sale 35 -13- LSB 5518HC (15) 84 lh/rj 13/ 84

H.F. _____ of Iowa-made products, crafts, and arts. 1 c. Providing, at the discretion of the authority, financial 2 assistance in the form of loans and grants to privately 3 operated information centers to the extent the centers are 4 consistent with the long-range plan. 5 d. Developing a common theme or graphic logo which will be 6 identified with all welcome centers which meet the standards of 7 operations established for those centers. 8 e. Selecting the sites for the pilot projects. In selecting 9 the pilot project sites, the following apply: 10 (1) Up to three sites may be located in proximity to 11 the interstates and up to three sites may be located in 12 proximity to the other primary roads. The department of 13 economic development shall select at least one site which is in 14 proximity to a primary road which is not an interstate. 15 (2) Proposals for the sites must be submitted prior to 16 September 1, 1987 , and shall contain a commitment of at least 17 a one-dollar-per-dollar match of state financial assistance. 18 The local match may be in terms of land, buildings, or other 19 noncash items which are acceptable by the department of 20 economic development . 21 (3) Priority shall be given to proposals that have the best 22 local match, that are to be located where there is a very high 23 number of travelers passing, and for which the department of 24 economic development , after consultation with the departments 25 of transportation, natural resources, and cultural affairs, 26 considers the chances of success to be nearly perfect. 27 (4) The department of economic development shall select the 28 sites by September 15, 1987. 29 Sec. 9. Section 15.292, subsection 6, Code Supplement 2011, 30 is amended to read as follows: 31 6. The board authority may approve, deny, or defer each 32 application for financial assistance from the brownfield 33 redevelopment fund created in section 15.293 . 34 Sec. 10. Section 15.293A, subsection 2, paragraph a, 35 -14- LSB 5518HC (15) 84 lh/rj 14/ 84

H.F. _____ subparagraphs (1) and (2), Code Supplement 2011, are amended 1 to read as follows: 2 (1) The authority shall accept and, in conjunction with 3 the council and the board , review applications for tax credits 4 pursuant to this section . 5 (2) Upon review of an application, the authority may 6 register the project under the program. If the authority 7 registers the project, the authority shall, in conjunction with 8 the council and the board , make a preliminary determination as 9 to the amount of tax credit for which the investor qualifies. 10 Sec. 11. Section 15.293A, subsection 8, Code Supplement 11 2011, is amended to read as follows: 12 8. A registered project shall be completed within thirty 13 months of the project’s approval unless the authority , with the 14 approval of the board, provides additional time to complete 15 the project. A project shall not be provided more than twelve 16 months of additional time. If the registered project is not 17 completed within the time required, the project is not eligible 18 to claim a tax credit pursuant to this section . 19 Sec. 12. Section 15.294, subsection 4, Code Supplement 20 2011, is amended to read as follows: 21 4. The council, in conjunction with the authority, shall 22 consider applications for redevelopment tax credits as 23 described in sections 15.293A and 15.293B , and may recommend 24 to the board authority which applications to approve and the 25 amount of such tax credits that each project is eligible to 26 receive. 27 Sec. 13. Section 15.301, subsection 2, paragraph b, 28 subparagraphs (1) and (4), Code Supplement 2011, are amended 29 to read as follows: 30 (1) The department of economic development or the authority 31 may designate an organization to administer the provisions of 32 this section on the authority’s behalf. 33 (4) An organization designated pursuant to subparagraph (1) 34 may accept, evaluate, and approve applications for financial 35 -15- LSB 5518HC (15) 84 lh/rj 15/ 84

H.F. _____ assistance from eligible small businesses pursuant to the 1 requirements of this section and may monitor the compliance of 2 eligible businesses with the terms of an agreement entered into 3 with the department or authority. 4 Sec. 14. Section 15.301, subsection 2, paragraph e, Code 5 Supplement 2011, is amended to read as follows: 6 e. The department of economic development , under the terms 7 of an agreement with the organization designated pursuant to 8 paragraph “b” , shall begin to provide financial assistance from 9 the fund not later than August 1, 2010, and shall to the extent 10 practicable obligate all available moneys in the fund prior to 11 March 31, 2011. 12 Sec. 15. Section 15.301, subsection 4, unnumbered paragraph 13 1, Code Supplement 2011, is amended to read as follows: 14 Upon approval of the application for financial assistance 15 by the department of economic development, the authority , or 16 an organization designated pursuant to subsection 2 , paragraph 17 “b” , the eligible business shall enter into an agreement with 18 the department or authority which shall include but not be 19 limited to all of the following provisions: 20 Sec. 16. Section 15.331A, subsection 2, paragraphs a and b, 21 Code 2011, are amended to read as follows: 22 a. The contractor or subcontractor shall state under oath, 23 on forms provided by the department of revenue , the amount of 24 the sales of goods, wares, or merchandise or services rendered, 25 furnished, or performed including water, sewer, gas, and 26 electric utility services upon which sales or use tax has been 27 paid prior to the project completion, and shall file the forms 28 with the eligible business before final settlement is made. 29 b. The eligible business shall, not more than one year 30 after project completion, make application to the department 31 of revenue for any refund of the amount of the sales and use 32 taxes paid pursuant to chapter 423 upon any goods, wares, or 33 merchandise, or services rendered, furnished, or performed, 34 including water, sewer, gas, and electric utility services. 35 -16- LSB 5518HC (15) 84 lh/rj 16/ 84

H.F. _____ The application shall be made in the manner and upon forms to 1 be provided by the department of revenue , and the department of 2 revenue shall audit the claim and, if approved, issue a warrant 3 to the eligible business in the amount of the sales or use tax 4 which has been paid to the state of Iowa under a contract. A 5 claim filed by the eligible business in accordance with this 6 section shall not be denied by reason of a limitation provision 7 set forth in chapter 421 or 423 . 8 Sec. 17. Section 15.411, subsection 9, Code Supplement 9 2011, is amended to read as follows: 10 9. In each fiscal year, the authority may transfer 11 additional moneys that become available to the authority 12 from sources such as loan repayments or recaptures of awards 13 from federal economic stimulus funds to the innovation 14 and commercialization development fund created in section 15 15.412 , provided the authority spends those moneys for the 16 implementation of the recommendations included in the separate 17 consultant reports on bioscience, advanced manufacturing, 18 information technology, and entrepreneurship submitted to the 19 department of economic development in calendar years 2004, 20 2005, and 2006. 21 Sec. 18. Section 15E.64, subsection 2, paragraph a, Code 22 Supplement 2011, is amended to read as follows: 23 a. The chairperson of the economic development authority 24 board or a designee of the chairperson. 25 Sec. 19. Section 15E.120, subsection 6, Code Supplement 26 2011, is amended to read as follows: 27 6. On July 18 1 , 2011, the economic development authority 28 shall assume responsibility for the administration of this 29 section . 30 Sec. 20. Section 15E.193, subsection 1, paragraph b, 31 subparagraph (2), Code Supplement 2011, is amended to read as 32 follows: 33 (2) The authority , upon the recommendation of the 34 authority, shall adopt rules determining what constitutes a 35 -17- LSB 5518HC (15) 84 lh/rj 17/ 84

H.F. _____ sufficient package of benefits. 1 Sec. 21. Section 15E.208, subsection 3, paragraph b, 2 subparagraph (2), subparagraph divisions (c) through (e), Code 3 Supplement 2011, are amended to read as follows: 4 (c) Notwithstanding any provision of this division to 5 the contrary, payments on the principal balance of the loan 6 granted by the corporation to an eligible person and assigned 7 to the department of economic development pursuant to this 8 subparagraph during calendar year 2003 shall be deferred until 9 October 1, 2007. The eligible person shall make principal 10 payments to the department of economic development in the 11 amount of one million dollars for each year on October 1, 12 2007, October 1, 2008, and October 1, 2009. The eligible 13 person shall pay the department of economic development four 14 hundred eighty-two thousand seven hundred sixty-one dollars 15 in interest, which shall be deemed to be the total amount of 16 interest accruing on the principal amount of the loan. The 17 eligible person shall pay the interest amount on October 1, 18 2010. Upon the payment of the principal balance of the loan 19 and the accrued interest, the debt shall be retired. 20 (d) Notwithstanding any provision of this division to 21 the contrary, the corporation shall repay the department of 22 economic development, or its successor entity, the principal 23 balance of the Iowa agricultural industry finance loan 24 beginning on October 1, 2007. The principal balance of 25 the loan equals twenty-one million five hundred seventeen 26 thousand two hundred thirty-nine dollars. The corporation 27 shall repay the department of economic development, or its 28 successor entity, five hundred seventeen thousand two hundred 29 thirty-nine dollars by October 1, 2007, and for each subsequent 30 year the corporation shall repay the department, or its 31 successor entity, at least one million dollars by October 1 32 until the total principal balance of the loan is repaid. This 33 subparagraph shall not be construed to limit the authority 34 of the department of economic development, or its successor 35 -18- LSB 5518HC (15) 84 lh/rj 18/ 84