S.F. 153 DIVISION I 1 PUBLIC RETIREMENT SYSTEMS 2 Section 1. JUDICIAL RETIREMENT FUND. There is appropriated 3 from the general fund of the state to the judicial retirement 4 fund described in section 602.9104, for the fiscal year 5 beginning July 1, 2014, and ending June 30, 2015, the following 6 amount: 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,545,000 8 Sec. 2. PEACE OFFICERS’ RETIREMENT, ACCIDENT, AND 9 DISABILITY SYSTEM RETIREMENT FUND. There is appropriated 10 from the general fund of the state to the peace officers’ 11 retirement, accident, and disability system retirement fund 12 created in section 97A.8, for the fiscal year beginning July 1, 13 2014, and ending June 30, 2015, the following amount: 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 52,625,000 15 Sec. 3. STATEWIDE FIRE AND POLICE RETIREMENT SYSTEM FUND. 16 1. There is appropriated from the general fund of the state 17 for deposit in the statewide fire and police retirement fund 18 created in section 411.8, for the fiscal year beginning July 1, 19 2014, and ending June 30, 2015, the following amount: 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 57,920,000 21 2. Moneys appropriated by the state pursuant to this section 22 shall not be used to reduce the normal rate of contribution of 23 any city below 17 percent. 24 Sec. 4. EFFECTIVE UPON ENACTMENT. This division of this 25 Act, being deemed of immediate importance, takes effect upon 26 enactment. 27 DIVISION II 28 STATE BOND REPAYMENT FUND 29 Sec. 5. STATE BOND REPAYMENT FUND. 30 1. Notwithstanding section 8.55, subsection 2, paragraph 31 “b”, if the Iowa economic emergency fund reaches its maximum 32 balance in the fiscal year beginning July 1, 2015, after the 33 designated portion of the excess moneys is transferred to the 34 taxpayers trust fund pursuant to section 8.55, subsection 2, 35 -1- LSB 1626XS (2) 86 ec/rj 1/ 4

S.F. 153 paragraph “a”, the next $60,050,000 is transferred to the state 1 bond repayment fund created in section 8.57F. 2 2. If the treasurer of state determines that the amount 3 transferred pursuant to subsection 1 is not sufficient to 4 defease or redeem the bonds specified in section 8.57F, 5 subsection 2A, as enacted by this division of this Act, and 6 to pay the costs relating to the defeasance or redemption, to 7 the entire extent that the bonds may be defeased or redeemed, 8 the treasurer of state may submit a written request to the 9 department of management that the department certify the 10 amount of the insufficiency as determined by the treasurer 11 of state. The request shall detail the information needed 12 by the department of management to determine whether the 13 department concurs with the treasurer of state’s determination. 14 Upon issuance of the department of management’s written 15 certification of the insufficiency amount, there is transferred 16 from the Iowa economic emergency fund, after the transfer made 17 pursuant to subsection 1 to the state bond repayment fund, 18 an amount equal to the insufficiency amount certified by the 19 department of management. The treasurer of state’s request, 20 any documents relating to the request, and the department 21 of management’s certification shall also be submitted to 22 the chairpersons and ranking members of the committees on 23 appropriations of the senate and house of representatives and 24 the legislative services agency at the time of submission or 25 certification. 26 3. To the extent the vision Iowa program bonds issued 27 pursuant to section 12.71 are defeased or redeemed by moneys 28 transferred or credited to the state bond repayment fund 29 created in section 8.57F, there is transferred to the rebuild 30 Iowa infrastructure fund from the revenue source otherwise 31 designated by law or existing practice for payment of the 32 vision Iowa program bonds, an amount equal to that which 33 otherwise would have been paid in connection with the vision 34 Iowa program bonds issued pursuant to section 12.71 from such 35 -2- LSB 1626XS (2) 86 ec/rj 2/ 4

S.F. 153 revenue source for the fiscal year beginning July 1, 2015, 1 and each fiscal year thereafter as provided in section 8.57, 2 subsection 5, paragraph “e”. 3 Sec. 6. Section 8.57F, Code 2015, is amended by adding the 4 following new subsection: 5 NEW SUBSECTION . 2A. The moneys credited to and available 6 in the fund for the fiscal year beginning July 1, 2015, are 7 appropriated to the treasurer of state for the defeasance or 8 redemption of the vision Iowa program bonds issued pursuant to 9 section 12.71 and for the costs relating to the defeasance or 10 redemption, to the extent the bonds can be defeased or redeemed 11 and costs paid within the amount appropriated. 12 Sec. 7. Section 8.57F, subsection 3, Code 2015, is amended 13 to read as follows: 14 3. Any bonds listed in subsection subsections 2 and 2A that 15 are not defeased or redeemed in accordance with this section 16 shall continue to be payable from their original payment 17 source. 18 Sec. 8. EFFECTIVE UPON ENACTMENT. This division of this 19 Act, being deemed of immediate importance, takes effect upon 20 enactment. 21 Sec. 9. APPLICABILITY. The section of this division of this 22 Act providing for transfer of moneys from the Iowa economic 23 emergency fund to the state bond repayment fund instead of the 24 general fund of the state applies to transfers made from the 25 Iowa economic emergency fund after the effective date of this 26 division of this Act. 27 EXPLANATION 28 The inclusion of this explanation does not constitute agreement with 29 the explanation’s substance by the members of the general assembly. 30 This bill relates to state and local finances by making 31 transfers and appropriations. 32 Division I of the bill makes appropriations for the fiscal 33 year beginning July 1, 2014, to the judicial retirement fund, 34 peace officers’ retirement, accident, and disability system 35 -3- LSB 1626XS (2) 86 ec/rj 3/ 4

S.F. 153 retirement fund, and the statewide fire and police retirement 1 fund. The division takes effect upon enactment. 2 Division II of the bill concerns the state bond repayment 3 fund. The bill provides that if the Iowa economic emergency 4 fund reaches its maximum balance in the fiscal year 2015-2016, 5 after the designated portion of the excess moneys is 6 transferred to the taxpayers trust fund, the next $60,050,000 7 is transferred to the state bond repayment fund. If the 8 transferred moneys are insufficient to defease or redeem the 9 vision Iowa program bonds and to pay the costs relating to the 10 defeasance or redemption, the treasurer of state may submit a 11 written request to the department of management to certify the 12 amount of the insufficiency. Upon the issuance of a written 13 certification, the certified amount is transferred from the 14 Iowa economic emergency fund to the state bond repayment fund. 15 To the extent the vision Iowa program bonds are defeased or 16 redeemed by moneys in the state bond repayment fund, transfers 17 are made to the rebuild Iowa infrastructure fund from the 18 revenue source otherwise designated by law or existing practice 19 for payment of the vision Iowa program bonds, an amount equal 20 to that which otherwise would have been paid in connection 21 with the bonds from such revenue source for the fiscal year 22 2015-2016 and for each fiscal year thereafter as provided in 23 Code section 8.57. 24 The bill amends the state bond repayment fund to allow 25 moneys credited to and available in the fund to be used for the 26 defeasance or redemption of vision Iowa program bonds along 27 with costs related to the defeasance or redemption of such 28 bonds. 29 The division takes effect upon enactment. The provisions 30 relating to the transfer of moneys from the Iowa economic 31 emergency fund to the state bond repayment fund instead of the 32 general fund of the state applies to transfers made from the 33 Iowa economic emergency fund after the effective date of the 34 division of the bill. 35 -4- LSB 1626XS (2) 86 ec/rj 4/ 4