Senate Study Bill 3099 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON VETERANS AFFAIRS BILL BY CHAIRPERSON CARLIN) A BILL FOR An Act relating to the investment and use of funds in the 1 veterans trust fund. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 5998XC (3) 88 ec/rn
S.F. _____ Section 1. Section 35A.13, subsections 1 and 3, Code 2020, 1 are amended to read as follows: 2 1. A veterans trust fund is created as a separate and 3 distinct fund in the state treasury under the control of the 4 commission. Moneys in the trust fund may be invested by the 5 treasurer of state in any investments authorized for the Iowa 6 public employees’ retirement system in section 97B.7A. 7 3. Moneys credited to the trust fund shall not be 8 transferred, used, obligated, appropriated, or otherwise 9 encumbered, except as provided in this section . Moneys in the 10 trust fund may be used for cash flow purposes during a fiscal 11 year provided that any moneys so allocated are returned to the 12 trust fund by the end of that fiscal year. Moneys in the trust 13 fund may also be used for cemetery grant development purposes 14 provided that any moneys so allocated, except for moneys used 15 for department of administrative services expenditures related 16 to the grant, are returned to the trust fund upon receipt of 17 federal funds received for such purposes. 18 EXPLANATION 19 The inclusion of this explanation does not constitute agreement with 20 the explanation’s substance by the members of the general assembly. 21 This bill concerns the veterans trust fund. 22 The bill authorizes the treasurer of state to invest moneys 23 in the trust fund in any investments authorized for the Iowa 24 public employees’ retirement system in Code section 97B.7A. 25 The bill also eliminates the ability to use moneys in the 26 veterans trust fund for cash flow purposes in a fiscal year. 27 -1- LSB 5998XC (3) 88 ec/rn 1/ 1