House Study Bill 153 - Introduced SENATE/HOUSE FILE _____ BY (PROPOSED IOWA FINANCE AUTHORITY BILL) A BILL FOR An Act relating to the Iowa finance authority by establishing 1 a rent subsidy program and revising filing requirements for 2 certain bonds and notes issued by the authority. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1235XD (3) 87 ec/nh

S.F. _____ H.F. _____ Section 1. Section 16.26, subsection 7, Code 2017, is 1 amended by striking the subsection and inserting in lieu 2 thereof the following: 3 7. A pledge made in respect of bonds or notes shall be 4 valid and binding from the time the pledge is made. The moneys 5 or property so pledged and received after the pledge by the 6 authority shall immediately be subject to the lien of the 7 pledge without physical delivery or further act. The lien of 8 the pledge shall be valid and binding as against all parties 9 having claims of any kind in tort, contract, or otherwise 10 against the authority whether or not the parties have notice 11 of the lien. Neither the resolution, trust agreement, nor 12 any other instrument by which a pledge is created needs to 13 be recorded or filed under the Iowa uniform commercial code, 14 chapter 554, to be valid, binding, or effective against the 15 parties. 16 Sec. 2. NEW SECTION . 16.55 Home and community-based 17 services rent subsidy program. 18 The authority shall establish and administer a home and 19 community-based services rent subsidy program. Under the 20 program, the authority shall provide rent subsidies to 21 those persons who are approved participants under a home 22 and community-based services Medicaid waiver, and to those 23 individuals who are approved participants in the federal 24 money follows the person grant program under the medical 25 assistance program. If the authority utilizes a waiting list 26 for purposes of the program, the authority shall give priority 27 to a person participating in the state’s money follows the 28 person partnership for community integration project who has 29 been assigned to work with a transition specialist. 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 16.26, concerning bonds and notes issued by 35 -1- LSB 1235XD (3) 87 ec/nh 1/ 2

S.F. _____ H.F. _____ the Iowa finance authority, is amended. The bill strikes the 1 requirement that a copy of each pledge agreement relating to 2 bonds and notes shall be filed with the secretary of state to 3 be valid and effective. The bill provides that a pledge made 4 in respect of bonds or notes shall be valid and binding from 5 the time the pledge is made, and that the resolution, trust 6 agreement, or any other instrument by which a pledge is created 7 does not need to be recorded or filed to be valid, binding, or 8 effective against the parties. 9 New Code section 16.55 requires the Iowa finance authority 10 to establish and administer a home and community-based services 11 rent subsidy program. The program is to provide rent subsidies 12 to persons who are approved participants under a home and 13 community-based services Medicaid waiver and to individuals 14 who are approved participants in the federal money follows the 15 person grant program under the medical assistance program. 16 -2- LSB 1235XD (3) 87 ec/nh 2/ 2