H.F. 2258 Section 1. Section 418.13, subsection 1, Code 2018, is 1 amended to read as follows: 2 1. Sales tax revenue remitted by the department of revenue 3 to a governmental entity under section 418.12 or financial 4 assistance received by a governmental entity pursuant to 5 section 418.10 shall be deposited in the governmental entity’s 6 flood project fund created for purposes of this chapter and 7 shall be used to fund the costs of the governmental entity’s 8 approved project , to reimburse the governmental entity for the 9 costs of the approved project incurred after the project’s 10 approval, and to pay principal and interest on bonds issued 11 pursuant to section 418.14 , if applicable. 12 Sec. 2. APPLICABILITY. This Act applies to the expenditure 13 of funds from a flood project fund for projects approved by the 14 flood mitigation board before, on, or after the effective date 15 of this Act. 16 EXPLANATION 17 The inclusion of this explanation does not constitute agreement with 18 the explanation’s substance by the members of the general assembly. 19 The flood mitigation program established under Code chapter 20 418 authorizes specified governmental entities to seek approval 21 of flood protection projects and the use of certain sales 22 tax increment revenues or moneys from the flood mitigation 23 fund. Revenue and moneys received by the governmental entity 24 for approved projects are required to be deposited in the 25 governmental entity’s flood project fund to fund the costs 26 of the approved project. This bill adds the reimbursement 27 to the governmental entity of costs of the approved project 28 incurred after the project’s approval to the list of authorized 29 expenditures from the governmental entity’s flood project fund. 30 The bill applies to the expenditure of funds from a flood 31 project fund for projects approved by the flood mitigation 32 board before, on, or after the effective date of the bill. 33 -1- LSB 5463HV (1) 87 md/rj 1/ 1