House File 351 - Introduced HOUSE FILE 351 BY COMMITTEE ON TRANSPORTATION (SUCCESSOR TO HSB 129) (COMPANION TO SF 257 BY COMMITTEE ON TRANSPORTATION) A BILL FOR An Act relating to transportation funding by limiting the term 1 of indebtedness for certain county projects, modifying 2 certain permit fees, modifying the rate of the excise taxes 3 on motor fuel and certain special fuel, establishing a fuel 4 distribution percentage formula for certain special fuel 5 used in motor vehicles, requiring legislative review of 6 the fuel distribution percentage formulas, extending the 7 repeal date of the access Iowa highway plan, and including 8 effective date provisions. 9 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 10 TLSB 1782HV (1) 86 ns/sc

H.F. 351 Section 1. NEW SECTION . 312.2A Restrictions on use. 1 Moneys credited pursuant to section 312.2, subsection 2 1, paragraphs “b” and “c” , and section 312.2, subsection 3 12, paragraph “a” , shall not be used for debt service or to 4 otherwise pay principal and interest on bonds, loans, or other 5 indebtedness issued or incurred on or after the effective date 6 of this section of this Act, including refunding, reissuance, 7 or other refinancing of such indebtedness, or refunding, 8 reissuance, or other refinancing of indebtedness issued or 9 incurred prior to the effective date of this section of this 10 Act, if the term for repayment of the indebtedness as financed 11 or refinanced would exceed the useful life of the asset being 12 constructed, reconstructed, improved, repaired, equipped, or 13 maintained. 14 Sec. 2. NEW SECTION . 315.4A Restrictions on use. 15 Moneys allocated pursuant to section 315.4, subsection 1, 16 paragraph “b” , and section 315.4, subsection 2, shall not 17 be used for debt service or to otherwise pay principal and 18 interest on bonds, loans, or other indebtedness issued or 19 incurred on or after the effective date of this section of this 20 Act, including refunding, reissuance, or other refinancing 21 of such indebtedness, or refunding, reissuance, or other 22 refinancing of indebtedness issued or incurred prior to 23 the effective date of this section of this Act, if the term 24 for repayment of the indebtedness as financed or refinanced 25 would exceed the useful life of the asset being constructed, 26 reconstructed, improved, repaired, equipped, or maintained. 27 Sec. 3. Section 321E.14, subsection 1, Code 2015, is amended 28 to read as follows: 29 1. Permit-issuing authorities may charge the following 30 fees: 31 a. Twenty-five Fifty dollars for an annual permit issued 32 pursuant to section 321E.8, subsection 1. 33 b. Three Four hundred dollars for an annual permit issued 34 pursuant to section 321E.8, subsection 2. 35 -1- LSB 1782HV (1) 86 ns/sc 1/ 13

H.F. 351 c. Two hundred dollars for a multi-trip permit issued 1 pursuant to section 321E.9A . 2 d. Six hundred dollars for a special alternative energy 3 multi-trip permit issued pursuant to section 321E.9B . 4 e. Ten Thirty-five dollars for a single-trip permit issued 5 pursuant to section 321E.9. 6 f. Twenty-five dollars for an annual permit for special 7 mobile equipment, as defined in section 321.1, subsection 8 74 , issued pursuant to section 321E.7, subsection 3 , with a 9 combined gross weight of not more than eighty thousand pounds. 10 g. Twenty-five dollars for a permit issued pursuant to 11 section 321E.29 or 321E.29A . 12 h. One hundred dollars for a permit issued pursuant to 13 section 321E.30 . 14 i. One hundred twenty sixty dollars for an annual 15 all-systems permit issued pursuant to section 321E.8, which 16 shall be deposited in the road use tax fund. 17 Sec. 4. NEW SECTION . 331.443A Restrictions on certain 18 projects. 19 The term of any indebtedness issued or incurred by a county 20 that will be paid in whole or in part with moneys from the 21 secondary road fund of the counties, the farm-to-market road 22 fund, the county bridge construction fund, or the revitalize 23 Iowa’s sound economy fund, or any other moneys that may be 24 allocated from the road use tax fund for use by counties, shall 25 be subject to the provisions of sections 312.2A and 315.4A. 26 Sec. 5. Section 452A.3, subsection 1, unnumbered paragraph 27 1, Code 2015, is amended to read as follows: 28 Except as otherwise provided in this section and in this 29 division , until June 30, 2015 2020 , this subsection shall apply 30 to the excise tax imposed on each gallon of motor fuel used for 31 any purpose for the privilege of operating motor vehicles in 32 this state. 33 Sec. 6. Section 452A.3, subsection 1, paragraph b, Code 34 2015, is amended to read as follows: 35 -2- LSB 1782HV (1) 86 ns/sc 2/ 13

H.F. 351 b. The rate for the excise tax shall be as follows: 1 (1) If the distribution percentage is not greater than 2 fifty percent, the rate shall be nineteen twenty-nine cents for 3 ethanol blended gasoline and twenty thirty cents for motor fuel 4 other than ethanol blended gasoline. 5 (2) If the distribution percentage is greater than fifty 6 percent but not greater than fifty-five percent, the rate shall 7 be nineteen twenty-nine cents for ethanol blended gasoline and 8 twenty thirty and one-tenth cents for motor fuel other than 9 ethanol blended gasoline. 10 (3) If the distribution percentage is greater than 11 fifty-five percent but not greater than sixty percent, the 12 rate shall be nineteen twenty-nine cents for ethanol blended 13 gasoline and twenty thirty and three-tenths cents for motor 14 fuel other than ethanol blended gasoline. 15 (4) If the distribution percentage is greater than sixty 16 percent but not greater than sixty-five percent, the rate shall 17 be nineteen twenty-nine cents for ethanol blended gasoline and 18 twenty thirty and five-tenths cents for motor fuel other than 19 ethanol blended gasoline. 20 (5) If the distribution percentage is greater than 21 sixty-five percent but not greater than seventy percent, the 22 rate shall be nineteen twenty-nine cents for ethanol blended 23 gasoline and twenty thirty and seven-tenths cents for motor 24 fuel other than ethanol blended gasoline. 25 (6) If the distribution percentage is greater than seventy 26 percent but not greater than seventy-five percent, the rate 27 shall be nineteen twenty-nine cents for ethanol blended 28 gasoline and twenty-one thirty-one cents for motor fuel other 29 than ethanol blended gasoline. 30 (7) If the distribution percentage is greater than 31 seventy-five percent but not greater than eighty percent, the 32 rate shall be nineteen twenty-nine and three-tenths cents for 33 ethanol blended gasoline and twenty thirty and eight-tenths 34 cents for motor fuel other than ethanol blended gasoline. 35 -3- LSB 1782HV (1) 86 ns/sc 3/ 13

H.F. 351 (8) If the distribution percentage is greater than eighty 1 percent but not greater than eighty-five percent, the rate 2 shall be nineteen twenty-nine and five-tenths cents for ethanol 3 blended gasoline and twenty thirty and seven-tenths cents for 4 motor fuel other than ethanol blended gasoline. 5 (9) If the distribution percentage is greater than 6 eighty-five percent but not greater than ninety percent, the 7 rate shall be nineteen twenty-nine and seven-tenths cents for 8 ethanol blended gasoline and twenty thirty and four-tenths 9 cents for motor fuel other than ethanol blended gasoline. 10 (10) If the distribution percentage is greater than ninety 11 percent but not greater than ninety-five percent, the rate 12 shall be nineteen twenty-nine and nine-tenths cents for ethanol 13 blended gasoline and twenty thirty and one-tenth cents for 14 motor fuel other than ethanol blended gasoline. 15 (11) If the distribution percentage is greater than 16 ninety-five percent, the rate shall be twenty thirty cents for 17 ethanol blended gasoline and twenty thirty cents for motor fuel 18 other than ethanol blended gasoline. 19 Sec. 7. Section 452A.3, subsection 1, Code 2015, is amended 20 by adding the following new paragraph: 21 NEW PARAGRAPH . c. The provisions of paragraph “b” and 22 subsection 6, paragraph “a” , subparagraph (2), shall be 23 subject to legislative review at least every six years. The 24 review shall be based upon a fuel distribution percentage 25 formula status report containing the recommendations of a 26 legislative interim committee appointed to conduct a review 27 of the fuel distribution percentage formulas, to be prepared 28 with the assistance of the department of revenue in association 29 with the department of transportation. The report shall 30 include recommendations for changes or revisions to the 31 fuel distribution percentage formulas based upon advances 32 in technology, fuel use trends, and fuel price fluctuations 33 observed during the preceding six-year interval; an analysis 34 of the operation of the fuel distribution percentage formulas 35 -4- LSB 1782HV (1) 86 ns/sc 4/ 13

H.F. 351 during the preceding six-year interval; and a summary of issues 1 that have arisen since the previous review and potential 2 approaches for resolution of those issues. The first such 3 report shall be submitted to the general assembly no later 4 than January 1, 2020, with subsequent reports developed and 5 submitted by January 1 at least every sixth year thereafter. 6 Sec. 8. Section 452A.3, subsection 2, Code 2015, is amended 7 to read as follows: 8 2. Except as otherwise provided in this section and in this 9 division , after June 30, 2015 2020 , an excise tax of twenty 10 thirty cents is imposed on each gallon of motor fuel used for 11 any purpose for the privilege of operating motor vehicles in 12 this state. 13 Sec. 9. Section 452A.3, subsection 6, Code 2015, is amended 14 to read as follows: 15 6. a. For the privilege of operating motor vehicles or 16 aircraft in this state, there is imposed an excise tax on the 17 use of special fuel in a motor vehicle or aircraft. The tax 18 rate on special fuel for diesel engines of motor vehicles is 19 twenty-two and one-half cents per gallon. 20 (1) Except as otherwise provided in this section and in 21 this division, after June 30, 2020, the tax rate on special 22 fuel for diesel engines of motor vehicles used for any purpose 23 for the privilege of operating motor vehicles in this state is 24 thirty-two and five-tenths cents per gallon. 25 (2) Except as provided in this section and in this 26 division, until June 30, 2020, this subparagraph shall apply 27 to the excise tax imposed on each gallon of special fuel for 28 diesel engines of motor vehicles used for any purpose for the 29 privilege of operating motor vehicles in this state. The rate 30 of the excise tax shall be based on the number of gallons of 31 biodiesel blended fuel classified as B-11 or higher that is 32 distributed in this state as expressed as a percentage of the 33 number of gallons of special fuel for diesel engines of motor 34 vehicles distributed in this state, which is referred to as 35 -5- LSB 1782HV (1) 86 ns/sc 5/ 13

H.F. 351 the distribution percentage. The department shall determine 1 the percentage basis for each determination period beginning 2 January 1 and ending December 31. The rate for the excise tax 3 shall apply for the period beginning July 1 and ending June 30 4 following the end of the determination period. The rate for 5 the excise tax shall be as follows: 6 (a) If the distribution percentage is not greater than fifty 7 percent, the rate shall be twenty-nine and five-tenths cents 8 for biodiesel blended fuel classified as B-11 or higher and 9 thirty-two and five-tenths cents for special fuel for diesel 10 engines of motor vehicles other than biodiesel blended fuel 11 classified as B-11 or higher. 12 (b) If the distribution percentage is greater than fifty 13 percent but not greater than fifty-five percent, the rate 14 shall be twenty-nine and eight-tenths cents for biodiesel 15 blended fuel classified as B-11 or higher and thirty-two and 16 five-tenths cents for special fuel for diesel engines of motor 17 vehicles other than biodiesel blended fuel classified as B-11 18 or higher. 19 (c) If the distribution percentage is greater than 20 fifty-five percent but not greater than sixty percent, the rate 21 shall be thirty and one-tenth cents for biodiesel blended fuel 22 classified as B-11 or higher and thirty-two and five-tenths 23 cents for special fuel for diesel engines of motor vehicles 24 other than biodiesel blended fuel classified as B-11 or higher. 25 (d) If the distribution percentage is greater than sixty 26 percent but not greater than sixty-five percent, the rate shall 27 be thirty and four-tenths cents for biodiesel blended fuel 28 classified as B-11 or higher and thirty-two and five-tenths 29 cents for special fuel for diesel engines of motor vehicles 30 other than biodiesel blended fuel classified as B-11 or higher. 31 (e) If the distribution percentage is greater than 32 sixty-five percent but not greater than seventy percent, the 33 rate shall be thirty and seven-tenths cents for biodiesel 34 blended fuel classified as B-11 or higher and thirty-two and 35 -6- LSB 1782HV (1) 86 ns/sc 6/ 13

H.F. 351 five-tenths cents for special fuel for diesel engines of motor 1 vehicles other than biodiesel blended fuel classified as B-11 2 or higher. 3 (f) If the distribution percentage is greater than seventy 4 percent but not greater than seventy-five percent, the rate 5 shall be thirty-one cents for biodiesel blended fuel classified 6 as B-11 or higher and thirty-two and five-tenths cents for 7 special fuel for diesel engines of motor vehicles other than 8 biodiesel blended fuel classified as B-11 or higher. 9 (g) If the distribution percentage is greater than 10 seventy-five percent but not greater than eighty percent, the 11 rate shall be thirty-one and three-tenths cents for biodiesel 12 blended fuel classified as B-11 or higher and thirty-two and 13 five-tenths cents for special fuel for diesel engines of motor 14 vehicles other than biodiesel blended fuel classified as B-11 15 or higher. 16 (h) If the distribution percentage is greater than eighty 17 percent but not greater than eighty-five percent, the rate 18 shall be thirty-one and six-tenths cents for biodiesel 19 blended fuel classified as B-11 or higher and thirty-two and 20 five-tenths cents for special fuel for diesel engines of motor 21 vehicles other than biodiesel blended fuel classified as B-11 22 or higher. 23 (i) If the distribution percentage is greater than 24 eighty-five percent but not greater than ninety percent, the 25 rate shall be thirty-one and nine-tenths cents for biodiesel 26 blended fuel classified as B-11 or higher and thirty-two and 27 five-tenths cents for special fuel for diesel engines of motor 28 vehicles other than biodiesel blended fuel classified as B-11 29 or higher. 30 (j) If the distribution percentage is greater than ninety 31 percent but not greater than ninety-five percent, the rate 32 shall be thirty-two and two-tenths cents for biodiesel 33 blended fuel classified as B-11 or higher and thirty-two and 34 five-tenths cents for special fuel for diesel engines of motor 35 -7- LSB 1782HV (1) 86 ns/sc 7/ 13

H.F. 351 vehicles other than biodiesel blended fuel classified as B-11 1 or higher. 2 (k) If the distribution percentage is greater than 3 ninety-five percent, the rate shall be thirty-two and 4 five-tenths cents for biodiesel blended fuel classified as B-11 5 or higher and thirty-two and five-tenths cents for special 6 fuel for diesel engines of motor vehicles other than biodiesel 7 blended fuel classified as B-11 or higher. 8 (3) The rate of tax on special fuel for aircraft is three 9 five cents per gallon. 10 (4) On all other special fuel, unless otherwise specified in 11 this section , the per gallon rate is the same as the motor fuel 12 tax. 13 b. Indelible dye meeting United States environmental 14 protection agency and internal revenue service regulations must 15 be added to fuel before or upon withdrawal at a terminal or 16 refinery rack for that fuel to be exempt from tax and the dyed 17 fuel may be used only for an exempt purpose. 18 Sec. 10. Section 452A.3, subsections 7, 8, and 9, Code 2015, 19 are amended to read as follows: 20 7. For liquefied petroleum gas used as a special fuel, the 21 rate of tax shall be twenty thirty cents per gallon. 22 8. For compressed natural gas used as a special fuel, the 23 rate of tax is twenty-one thirty-one cents per gallon. 24 9. For liquefied natural gas used as a special fuel, the 25 rate of tax is twenty-two thirty-two and one-half cents per 26 gallon. 27 Sec. 11. 2005 Iowa Acts, chapter 178, section 41, subsection 28 3, is amended to read as follows: 29 3. REPEAL. This section is repealed effective July 1, 2015 30 2025 . 31 Sec. 12. LEGISLATIVE INTENT. 32 1. It is the intent of the general assembly that one 33 hundred percent of the revenue produced as a result of the 34 increase in the excise taxes on motor fuel and certain special 35 -8- LSB 1782HV (1) 86 ns/sc 8/ 13

H.F. 351 fuel enacted in this Act and credited to the secondary road 1 fund or the farm-to-market road fund from the road use tax 2 fund pursuant to section 312.2, subsection 1, shall be used 3 exclusively for critical road and bridge construction projects 4 that significantly extend the life of such assets. 5 2. It is the intent of the general assembly that the state 6 department of transportation and the state transportation 7 commission shall utilize one hundred percent of the revenue 8 produced as a result of the increase in the excise taxes on 9 motor fuel and certain special fuel enacted in this Act that 10 is allocated to the department on critical road and bridge 11 construction projects. The department shall identify the 12 critical road and bridge construction projects funded with such 13 revenue in the department’s annual five-year transportation 14 improvement program report. 15 3. The department of transportation shall identify ten 16 million dollars in efficiencies for the fiscal year beginning 17 July 1, 2015, and ten million dollars in efficiencies for 18 the fiscal year beginning July 1, 2016, in addition to the 19 identification of any other efficiencies as required by law. 20 The department shall provide details of activities undertaken 21 to implement these efficiencies in the annual “Road Use Tax 22 Fund Efficiency Report” required by 2012 Iowa Acts, chapter 23 1129, section 4, as amended by 2014 Iowa Acts, chapter 1123, 24 section 21. 25 Sec. 13. INVENTORY TAX EXEMPTION. Notwithstanding 26 section 452A.85, persons who have title to motor fuel, ethanol 27 blended gasoline, undyed special fuel, compressed natural 28 gas, liquefied natural gas, or liquefied petroleum gas in 29 storage and held for sale on the effective date of an increase 30 in the rate of excise tax imposed on motor fuel, ethanol 31 blended gasoline, undyed special fuel, compressed natural gas, 32 liquefied natural gas, or liquefied petroleum gas pursuant 33 to this Act shall not be subject to an inventory tax on the 34 gallonage in storage as a result of the tax increases provided 35 -9- LSB 1782HV (1) 86 ns/sc 9/ 13

H.F. 351 in this Act. 1 Sec. 14. EFFECTIVE UPON ENACTMENT. The following 2 provisions of this Act, being deemed of immediate importance, 3 take effect upon enactment: 4 1. The section of this Act enacting section 312.2A. 5 2. The section of this Act enacting section 315.4A. 6 3. The section of this Act enacting section 331.443A. 7 4. The section of this Act amending 2005 Iowa Acts, chapter 8 178, section 41. 9 Sec. 15. EFFECTIVE DATES. 10 1. Except as otherwise provided in this Act, this Act 11 takes effect the first day of the month following the month of 12 enactment of this Act. 13 2. The section of this Act amending section 321E.14 takes 14 effect January 1, 2016. 15 3. The section of this Act amending section 452A.3, 16 subsection 6, takes effect July 1, 2015. 17 EXPLANATION 18 The inclusion of this explanation does not constitute agreement with 19 the explanation’s substance by the members of the general assembly. 20 This bill relates to transportation funding by limiting the 21 term of indebtedness for certain county projects, modifying 22 certain permit fees, modifying the rate of the excise taxes 23 on motor fuel and certain special fuel, establishing a fuel 24 distribution percentage formula for certain special fuel used 25 in motor vehicles, requiring legislative review of the fuel 26 distribution percentage formulas, and extending the repeal date 27 of the access Iowa highway plan. 28 The bill provides for limitations on the use by counties of 29 moneys allocated from the road use tax fund, including moneys 30 from the secondary road fund, the farm-to-market road fund, the 31 county bridge construction fund, and the RISE fund. The bill 32 provides that such moneys shall not be used for debt service 33 or to otherwise pay principal and interest on bonds, loans, or 34 other indebtedness issued or incurred on or after the effective 35 -10- LSB 1782HV (1) 86 ns/sc 10/ 13

H.F. 351 date of this section of the bill, including refunding, 1 reissuance, or other refinancing of such indebtedness, or 2 refunding, reissuance, or other refinancing of indebtedness 3 issued or incurred prior to the effective date of this section 4 of the bill, if the term for repayment of the indebtedness as 5 financed or refinanced would exceed the useful life of the 6 asset being constructed, reconstructed, improved, repaired, 7 equipped, or maintained. 8 Beginning January 1, 2016, the bill provides for increases 9 in fees for single-trip permits, all-systems permits, and 10 certain permits relating to length, height, and gross weight of 11 vehicles of excessive size and weight (Code chapter 321E). 12 The bill increases by 10 cents the rate of the excise tax on 13 motor fuel, special fuel for diesel engines, compressed natural 14 gas, liquefied natural gas, and liquefied petroleum gas, and 15 increases by 2 cents the rate of the excise tax on special fuel 16 for aircraft. In addition, the bill establishes a distribution 17 percentage formula for biodiesel blended fuel classified as 18 B-11 or higher and special fuel for diesel engines of motor 19 vehicles other than biodiesel blended fuel classified as B-11 20 or higher. If the distribution percentage is not greater than 21 50 percent, the tax rate for biodiesel blended fuel classified 22 as B-11 or higher is 29.5 cents, 3 cents less than special 23 fuel for diesel engines of motor vehicles other than biodiesel 24 blended fuel classified as B-11 or higher. As the distribution 25 percentage increases, the difference in the tax rates on the 26 two types of fuel decreases until the distribution percentage 27 is greater than 95 percent, at which point the tax rate for 28 both types of fuel is 32.5 cents. 29 The bill provides that both fuel distribution percentage 30 formulas will expire on June 30, 2020. The bill also provides 31 that both distribution percentage formulas shall be subject 32 to legislative review at least every six years. The review 33 shall be based upon a report containing the recommendations of 34 a legislative interim committee appointed to conduct a review 35 -11- LSB 1782HV (1) 86 ns/sc 11/ 13

H.F. 351 of the fuel distribution percentage formulas, to be prepared 1 with the assistance of the department of revenue in association 2 with the department of transportation. The report shall 3 include recommendations for changes or revisions to the fuel 4 distribution percentage formulas. The first such report shall 5 be submitted to the general assembly no later than January 1, 6 2020. 7 The 2005 Iowa Acts provide for the designation of certain 8 highways as access Iowa highways, which receive priority 9 funding from certain moneys in the TIME-21 and RISE funds 10 created in Code sections 312A.2 and 315.2. These provisions 11 will be repealed by operation of law on July 1, 2015. The bill 12 extends the date of repeal to July 1, 2025. 13 The bill provides that it is the intent of the general 14 assembly that 100 percent of the revenue produced as a result 15 of the increase in the excise taxes on motor fuel and certain 16 special fuel enacted in the bill and credited to the secondary 17 road fund or the farm-to-market road fund from the road use tax 18 fund shall be used exclusively for critical road and bridge 19 construction projects that significantly extend the life of 20 such assets. In addition, the bill provides that it is also 21 the intent of the general assembly that the state department of 22 transportation and the state transportation commission shall 23 utilize 100 percent of the revenue produced as a result of the 24 increase in the excise taxes on motor fuel and certain special 25 fuel enacted in the bill that is allocated to the department on 26 critical road and bridge construction projects. The department 27 shall identify the critical road and bridge construction 28 projects funded with such revenue in the department’s annual 29 five-year transportation improvement program report. 30 The bill further provides that the department of 31 transportation shall identify $10 million in efficiencies for 32 the fiscal year beginning July 1, 2015, and $10 million in 33 efficiencies for the fiscal year beginning July 1, 2016. The 34 department shall provide details of activities undertaken to 35 -12- LSB 1782HV (1) 86 ns/sc 12/ 13

H.F. 351 implement these efficiencies in the annual “road use tax fund 1 efficiency report”. 2 Pursuant to current law, when the rate of excise tax on motor 3 fuel, ethanol blended gasoline, undyed special fuel, compressed 4 natural gas, liquefied natural gas, or liquefied petroleum gas 5 is increased by more than one-half cent per gallon, a person 6 who has title to such fuel held in storage for eventual sale is 7 subject to an inventory tax based on the gallonage in storage 8 at the close of the business day preceding the effective date 9 of the increase. The bill provides that the inventory tax 10 shall not be imposed as a result of the tax increases provided 11 in the bill. 12 The bill takes effect the first day of the month following 13 the month of enactment except as follows: the section of the 14 bill modifying certain permit fees takes effect January 1, 15 2016, the section of the bill modifying the excise taxes on 16 special fuel for diesel engines and aircraft and creating the 17 distribution percentage formula for biodiesel blended fuel and 18 special fuel for diesel engines takes effect July 1, 2015, and 19 the sections of the bill limiting the term of indebtedness for 20 certain county projects and the section of the bill relating 21 to extending the access Iowa highway plan take effect upon 22 enactment. 23 -13- LSB 1782HV (1) 86 ns/sc 13/ 13