House
File
2396
-
Introduced
HOUSE
FILE
2396
BY
COMMITTEE
ON
COMMERCE
(SUCCESSOR
TO
HSB
629)
(COMPANION
TO
5227SV
BY
COMMITTEE
ON
ECONOMIC
GROWTH)
A
BILL
FOR
An
Act
concerning
the
issuance
of
bonds
authorized
by
the
Iowa
1
finance
authority
relating
to
projects
and
bond
issuers
2
regardless
of
location.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
5227HV
(1)
86
ec/sc
H.F.
2396
Section
1.
Section
16.1,
subsection
32,
paragraph
a,
Code
1
2016,
is
amended
to
read
as
follows:
2
a.
Real
or
personal
property
connected
with
a
facility
to
3
be
acquired,
constructed,
financed,
refinanced,
improved,
or
4
equipped
pursuant
to
one
or
more
of
the
programs
,
including
any
5
such
property
located
outside
of
the
state
if
the
authority
6
has
conclusively
determined
that
the
entity
financing
or
7
refinancing
property
located
outside
the
state,
or
an
affiliate
8
of
such
entity,
is
also
engaged
in
the
financing
or
refinancing
9
of
property
located
within
the
state,
or,
alternatively,
the
10
entity
seeking
the
financing
or
refinancing,
or
an
affiliate
of
11
such
entity,
maintains
a
presence
within
the
state
.
12
Sec.
2.
Section
16.5,
subsection
1,
paragraph
a,
Code
2016,
13
is
amended
to
read
as
follows:
14
a.
Issue
its
negotiable
bonds
and
notes
as
provided
in
15
this
chapter
in
order
to
finance
its
programs.
In
addition,
16
the
authority
may
issue
bonds,
notes,
or
other
obligations
for
17
public
or
private
entities
for
the
purpose
of
financing
any
18
project
regardless
of
location.
19
Sec.
3.
Section
16.26,
Code
2016,
is
amended
by
adding
the
20
following
new
subsection:
21
NEW
SUBSECTION
.
10.
In
connection
with
any
financing
22
which
involves
an
out-of-state
issuer
issuing
bonds,
notes,
23
or
other
obligations
for
facilities
located
in
the
state,
the
24
authority
is
designated
as
the
only
governmental
unit
in
the
25
state
that
may
conduct
the
public
hearing
required
by
section
26
147(f)
of
the
federal
Internal
Revenue
Code,
as
defined
in
27
section
422.3,
and
the
governor
of
Iowa
is
designated
as
the
28
applicable
elected
representative
pursuant
to
section
147(f)
of
29
the
federal
Internal
Revenue
Code,
as
defined
in
section
422.3.
30
EXPLANATION
31
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
32
the
explanation’s
substance
by
the
members
of
the
general
assembly.
33
This
bill
concerns
the
Iowa
finance
authority.
34
Code
section
16.1(32)(a),
defining
“project”
for
purposes
35
-1-
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2
H.F.
2396
of
the
Iowa
finance
authority
programs,
is
amended
to
include
1
projects
for
property
located
outside
of
the
state
if
the
2
entity
seeking
the
financing
of
the
project
has
some
connection
3
to
the
state.
4
Code
section
16.5,
describing
the
general
powers
of
the
Iowa
5
finance
authority,
is
amended
to
provide
that
the
Iowa
finance
6
authority
can
issue
bonds,
notes,
or
other
obligations
for
7
public
or
private
entities
for
the
purpose
of
financing
any
8
project
regardless
of
location.
9
Code
section
16.26,
concerning
bonds
and
notes,
is
amended
10
to
provide
that
for
an
out-of-state
issuer
issuing
certain
11
bonds,
notes,
or
other
obligations,
the
authority
is
designated
12
as
the
governmental
unit
that
may
conduct
the
public
hearing
13
required
by
the
federal
Internal
Revenue
Code
and
the
governor
14
of
Iowa
is
designated
as
the
applicable
elected
representative
15
pursuant
to
the
Internal
Revenue
Code.
16
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2