S.F. 2242 DIVISION I 1 IOWA COMPREHENSIVE PETROLEUM 2 UNDERGROUND STORAGE TANK FUND 3 Section 1. Section 455B.474, subsection 1, paragraph d, 4 subparagraph (2), unnumbered paragraph 1, Code Supplement 2009, 5 is amended to read as follows: 6 A site shall be classified as either high risk, low risk, or 7 no action required , as determined by a certified groundwater 8 professional . 9 Sec. 2. Section 455B.474, subsection 1, paragraph d, 10 subparagraph (2), subparagraph division (a), unnumbered 11 paragraph 1, Code Supplement 2009, is amended to read as 12 follows: 13 A site shall be considered high risk when it is determined a 14 certified groundwater professional determines that 15 contamination from the site presents an unreasonable risk to 16 public health and safety or the environment under any of the 17 following conditions: 18 Sec. 3. Section 455B.474, subsection 1, paragraph d, 19 subparagraph (2), subparagraph division (b), unnumbered 20 paragraph 1, Code Supplement 2009, is amended to read as 21 follows: 22 A site shall be considered low risk under any of the 23 following conditions when a certified groundwater professional 24 determines that low risk conditions exist as follows : 25 Sec. 4. Section 455B.474, subsection 1, paragraph d, 26 subparagraph (2), subparagraph divisions (c) and (e), Code 27 Supplement 2009, are amended to read as follows: 28 (c) A site shall be considered no action required if and 29 a no further action certificate shall be issued by the 30 department when a certified groundwater professional determines 31 that contamination is below action level standards and high or 32 low risk conditions do not exist and are not likely to occur. 33 (e) A site cleanup report which classifies a site as 34 either high risk, low risk, or no action required shall be 35 -1- SF 2242 (4) 83 tm/nh/jh 1/ 15

S.F. 2242 submitted by a groundwater professional to the department with 1 a certification that the report complies with the provisions 2 of this chapter and rules adopted by the department. The 3 report shall be determinative of the appropriate classification 4 of the site . However, if the report is found to be and the 5 site shall be classified as indicated by the groundwater 6 professional unless, within ninety days of receipt by the 7 department, the department identifies material information 8 in the report that is inaccurate or incomplete, and if based 9 upon inaccurate or incomplete information in the report 10 the risk classification of the site cannot be reasonably 11 determined by the department based upon industry standards , 12 the department shall . If the department determines that the 13 site cleanup report is inaccurate or incomplete, the department 14 shall notify the groundwater professional of the inaccurate 15 or incomplete information within ninety days of receipt of 16 the report and shall work with the groundwater professional 17 to obtain the correct information or additional information 18 necessary to appropriately classify the site. However, from 19 July 1, 2010, through June 30, 2011, the department shall have 20 one hundred twenty days to notify the certified groundwater 21 professional when a report is not accepted based on material 22 information that is found to be inaccurate or incomplete. A 23 groundwater professional who knowingly or intentionally makes 24 a false statement or misrepresentation which results in a 25 mistaken classification of a site shall be guilty of a serious 26 misdemeanor and shall have the groundwater professional’s 27 certification revoked under this section. 28 Sec. 5. Section 455B.474, subsection 1, paragraph f, 29 subparagraphs (5), (6), and (7), Code Supplement 2009, are 30 amended to read as follows: 31 (5) A corrective action design report submitted by a 32 groundwater professional shall be accepted by the department 33 and shall be primarily relied upon by the department to 34 determine the corrective action response requirements of the 35 -2- SF 2242 (4) 83 tm/nh/jh 2/ 15

S.F. 2242 site. However, if the corrective action design report is found 1 to be within ninety days of receipt of a corrective action 2 design report, the department identifies material information 3 in the corrective action design report that is inaccurate or 4 incomplete, and if based upon information in the report the 5 appropriate corrective action response cannot be reasonably 6 determined by the department based upon industry standards, 7 the department shall notify the groundwater professional that 8 the corrective action design report is not accepted, and the 9 department shall work with the groundwater professional to 10 correct the material information or to obtain the additional 11 information necessary to appropriately determine the corrective 12 action response requirements as soon as practicable . However, 13 from July 1, 2010, through June 30, 2011, the department 14 shall have one hundred twenty days to notify the certified 15 groundwater professional when a corrective action design report 16 is not accepted based on material information that is found 17 to be inaccurate or incomplete. A groundwater professional 18 who knowingly or intentionally makes a false statement or 19 misrepresentation which results in an improper or incorrect 20 corrective action response shall be guilty of a serious 21 misdemeanor and shall have the groundwater professional’s 22 certification revoked under this section. 23 (6) Low risk sites shall be monitored as deemed necessary by 24 the department consistent with industry standards. Monitoring 25 shall not be required on a site which has received a no further 26 action certificate. A site that has maintained less than the 27 applicable target level for four consecutive sampling events 28 shall be reclassified as a no action required site regardless 29 of exit monitoring criteria and guidance. 30 (7) An owner or operator may elect to proceed with 31 additional corrective action on the site. However, any action 32 taken in addition to that required pursuant to this paragraph 33 “f” shall be solely at the expense of the owner or operator 34 and shall not be considered corrective action for purposes of 35 -3- SF 2242 (4) 83 tm/nh/jh 3/ 15

S.F. 2242 section 455G.9 , unless otherwise previously agreed to by the 1 board and the owner or operator pursuant to section 455G.9, 2 subsection 7. Corrective action taken by an owner or operator 3 due to the department’s failure to meet the time requirements 4 provided in subparagraph (5), shall be considered corrective 5 action for purposes of section 455G.9 . 6 Sec. 6. Section 455B.474, subsection 1, paragraph h, 7 subparagraphs (1) and (3), Code Supplement 2009, are amended 8 to read as follows: 9 (1) A no further action certificate shall be issued by 10 the department for a site which has been classified as a no 11 further action site or which has been reclassified pursuant to 12 completion of a corrective action plan or monitoring plan to be 13 a no further action site by a groundwater professional, unless 14 within ninety days of receipt of the report submitted by the 15 groundwater professional classifying the site, the department 16 notifies the groundwater professional that the report and site 17 classification are not accepted and the department identifies 18 material information in the report that is inaccurate or 19 incomplete which causes the department to be unable to accept 20 the classification of the site. An owner or operator shall 21 not be responsible for additional assessment, monitoring, or 22 corrective action activities at a site that is issued a no 23 further action certificate unless it is determined that the 24 certificate was issued based upon false material statements 25 that were knowingly or intentionally made by a groundwater 26 professional and the false material statements resulted in the 27 incorrect classification of the site . 28 (3) A certificate shall be recorded with the county 29 recorder. The owner or operator of a site who has been issued a 30 certificate under this paragraph “h” or a subsequent purchaser 31 of the site shall not be required to perform further corrective 32 action solely because action standards are changed at a later 33 date. A certificate shall not prevent the department from 34 ordering corrective action of a new release. 35 -4- SF 2242 (4) 83 tm/nh/jh 4/ 15

S.F. 2242 Sec. 7. Section 455B.479, Code 2009, is amended to read as 1 follows: 2 455B.479 Storage tank management fee. 3 An owner or operator of an underground storage tank shall 4 pay an annual storage tank management fee of sixty-five 5 dollars per tank of over one thousand one hundred gallons 6 capacity. Twenty-three percent of the The fees collected 7 shall be deposited in the storage tank management account of 8 the groundwater protection fund. Seventy-seven percent of the 9 fees collected shall be deposited in the Iowa comprehensive 10 petroleum underground storage tank fund created in chapter 11 455G . 12 Sec. 8. Section 455E.11, subsection 2, paragraph d, Code 13 Supplement 2009, is amended to read as follows: 14 d. A storage tank management account. All fees 15 collected pursuant to section 455B.473, subsection 5, and 16 section 455B.479, shall be deposited in the storage tank 17 management account , except those moneys deposited into the 18 Iowa comprehensive petroleum underground storage tank fund 19 pursuant to section 455B.479 . Funds . Moneys deposited in the 20 account shall be expended for the following purposes: 21 (1) One thousand dollars is appropriated annually to the 22 Iowa department of public health to carry out departmental 23 duties under section 135.11, subsections 19 and 20, and section 24 139A.21. 25 (2) Twenty-three percent of the proceeds of the fees 26 imposed pursuant to section 455B.473, subsection 5 , and 27 section 455B.479 shall be deposited in the account annually, 28 up to a maximum of three hundred fifty thousand dollars. If 29 twenty-three percent of the proceeds exceeds three hundred 30 fifty thousand dollars, the excess shall be deposited into the 31 fund created in section 455G.3 . Three hundred fifty thousand 32 dollars is The moneys remaining in the account after the 33 appropriation in subparagraph (1) are appropriated from the 34 storage tank management account to the department of natural 35 -5- SF 2242 (4) 83 tm/nh/jh 5/ 15

S.F. 2242 resources for the administration of a state storage tank 1 program pursuant to chapter 455B, division IV, part 8, and for 2 programs which reduce the potential for harm to the environment 3 and the public health from storage tanks. 4 (3) The remaining funds in the account are appropriated 5 annually to the Iowa comprehensive petroleum underground 6 storage tank fund. Each fiscal year, the department of 7 natural resources shall enter into an agreement with the Iowa 8 comprehensive petroleum underground storage tank fund for the 9 completion of administrative tasks during the fiscal year 10 directly related to the evaluation and modification of risk 11 based corrective action rules as necessary and processes that 12 affect the administration in subparagraph (2). 13 Sec. 9. Section 455G.3, Code 2009, is amended by adding the 14 following new subsections: 15 NEW SUBSECTION . 6. For the fiscal year beginning July 1, 16 2010, and each fiscal year thereafter, there is appropriated 17 from the Iowa comprehensive petroleum underground storage 18 tank fund to the department of natural resources two hundred 19 thousand dollars for purposes of technical review support to be 20 conducted by nongovernmental entities for leaking underground 21 storage tank assessments. 22 NEW SUBSECTION . 7. For the fiscal year beginning July 23 1, 2010, there is appropriated from the Iowa comprehensive 24 petroleum underground storage tank fund to the department of 25 natural resources one hundred thousand dollars for purposes of 26 database modifications necessary to accept batched external 27 data regarding underground storage tank inspections conducted 28 by nongovernmental entities. 29 NEW SUBSECTION . 8. For the fiscal year beginning July 1, 30 2010, and each fiscal year thereafter, there is appropriated 31 from the Iowa comprehensive petroleum underground storage tank 32 fund to the department of agriculture and land stewardship 33 two hundred fifty thousand dollars for the sole and exclusive 34 purpose of inspecting fuel quality at pipeline terminals and 35 -6- SF 2242 (4) 83 tm/nh/jh 6/ 15

S.F. 2242 renewable fuel production facilities, including salaries, 1 support, maintenance, and miscellaneous purposes. 2 NEW SUBSECTION . 9. Beginning September 1, 2010, the board 3 shall administer safety training, hazardous material training, 4 environmental training, and underground storage tank operator 5 training in the state to be provided by an entity approved by 6 the department of natural resources. The training provided 7 pursuant to this subsection shall be available to any tank 8 operator in the state at an equal and reasonable cost and 9 shall not be conditioned upon any other requirements. Each 10 fiscal year, the board shall not expend more than two hundred 11 fifty thousand dollars from the Iowa comprehensive petroleum 12 underground storage tank fund for purposes of administering 13 this subsection. 14 Sec. 10. Section 455G.4, subsection 1, paragraph a, 15 subparagraphs (3) and (5), Code Supplement 2009, are amended 16 to read as follows: 17 (3) The commissioner of insurance, or the commissioner’s 18 designee. An employee of the department of management who 19 has been designated as a risk manager by the director of the 20 department of management. 21 (5) Two owners or operators appointed by the governor . 22 One of the owners or operators appointed pursuant to this 23 subparagraph shall have been a petroleum systems insured 24 through the underground storage tank insurance fund as it 25 existed on June 30, 2004, or a successor to the underground 26 storage tank insurance fund and shall have been an insured 27 through the insurance account of the comprehensive petroleum 28 underground storage tank fund on or before October 26, 1990. 29 One of the owners or operators appointed pursuant to this 30 subparagraph shall be self-insured. as follows: 31 (a) One member shall be an owner or operator who is 32 self-insured. 33 (b) One member shall be a member of the petroleum marketers 34 and convenience stores of Iowa or its designee. 35 -7- SF 2242 (4) 83 tm/nh/jh 7/ 15

S.F. 2242 Sec. 11. Section 455G.8, subsection 3, Code 2009, is amended 1 by striking the subsection. 2 Sec. 12. Section 455G.9, subsection 1, paragraphs d, k, and 3 l, Code 2009, are amended to read as follows: 4 d. One hundred percent of the costs of corrective action 5 and third-party liability for a release situated on property 6 acquired by a county for delinquent taxes pursuant to chapters 7 445 through 448, for which a responsible owner or operator 8 able to pay, other than the county, cannot be found. A county 9 is not a “responsible party” for a release in connection with 10 property which it acquires in connection with delinquent taxes, 11 and does not become a responsible party by sale or transfer 12 of property so acquired. In such situations, the board may 13 act as an agent for the county. Actual corrective action on 14 the site shall be overseen by the department, the board, and 15 a certified groundwater professional. Third-party liability 16 specifically excludes any claim, cause of action, or suit, for 17 personal injury including , but not limited to , loss of use 18 or of private enjoyment, mental anguish, false imprisonment, 19 wrongful entry or eviction, humiliation, discrimination, or 20 malicious prosecution. Reasonable acquisition costs do not 21 include any taxes or costs related to the collection of taxes. 22 k. Pursuant to an agreement between the board and the 23 department of natural resources, assessment and corrective 24 action arising out of releases at sites for which a no further 25 action certificate has been issued pursuant to section 26 455B.474, when the department determines that an unreasonable 27 risk to public health and safety may still exist or that 28 previously reported upon applicable target levels have been 29 exceeded . At a minimum, the agreement shall address eligible 30 costs, contracting for services, and conditions under which 31 sites may be reevaluated. 32 l. Costs Up to fifteen thousand dollars for the permanent 33 closure of an underground storage tank system that was in place 34 on the date an eligible claim was submitted under paragraph 35 -8- SF 2242 (4) 83 tm/nh/jh 8/ 15

S.F. 2242 “a” that does not meet performance standards for new or upgraded 1 tanks or is otherwise required to be closed pursuant to rules 2 adopted by the environmental protection commission pursuant to 3 section 455B.474 . Reimbursement is limited to costs approved 4 by the board prior to the closure activities. 5 Sec. 13. Section 455G.9, subsection 4, Code 2009, is amended 6 to read as follows: 7 4. Minimum copayment schedule. 8 a. An owner or operator shall be required to pay the 9 greater of five thousand dollars or eighteen percent of the 10 first eighty thousand dollars of the total costs of corrective 11 action for that release , except for claims pursuant to section 12 455G.21, where the claimant is not a responsible party or 13 potentially responsible party for the site for which the claim 14 is filed . 15 b. If a site’s actual expenses exceed eighty thousand 16 dollars, the remedial account shall pay the remainder, as 17 required by federal regulations, of the total costs of the 18 corrective action for that release, not to exceed one million 19 dollars, except that a county shall not be required to pay a 20 copayment in connection with a release situated on property 21 acquired in connection with delinquent taxes, as provided in 22 subsection 1, paragraph “d” , unless subsequent to acquisition 23 the county actively operates a tank on the property for 24 purposes other than risk assessment, risk management, or tank 25 closure. 26 Sec. 14. Section 455G.9, subsection 7, Code 2009, is amended 27 to read as follows: 28 7. Expenses of cleanup not required. When an owner or 29 operator who is eligible for benefits under this chapter is 30 allowed by the department of natural resources to monitor in 31 place, the expenses incurred for cleanup beyond the level 32 required by the department of natural resources are not may 33 be covered under any of the accounts established under the 34 fund only if approved by the board as cost-effective relative 35 -9- SF 2242 (4) 83 tm/nh/jh 9/ 15

S.F. 2242 to the department accepted monitoring plan or relative to 1 the repeal date specified in section 424.19 . The cleanup 2 expenses incurred for work completed beyond what is required 3 is the responsibility of the person contracting for the excess 4 cleanup. The board shall seek to terminate the responsible 5 party’s environmental liabilities at such sites prior to the 6 board ceasing operation. 7 Sec. 15. Section 455G.9, subsection 10, Code 2009, is 8 amended to read as follows: 9 10. Expenses incurred by governmental subdivisions and 10 public works utilities . The board may shall adopt rules 11 for reimbursement for reasonable expenses incurred by 12 a governmental subdivision or public works utility for 13 sampling, treating, handling, or disposing, as required by the 14 department, of petroleum-contaminated soil and groundwater 15 encountered in a public right-of-way during installation, 16 maintenance, or repair of a utility or public improvement. The 17 board may seek full recovery from a responsible party liable 18 for the release for such expenses and for all other costs and 19 reasonable attorney fees and costs of litigation for which 20 moneys are expended by the fund. Any expense described in 21 this subsection incurred by the fund constitutes a lien upon 22 the property from which the release occurred. A lien shall be 23 recorded and an expense shall be collected in the same manner 24 as provided in section 424.11. 25 Sec. 16. EFFECTIVE UPON ENACTMENT AND RETROACTIVE 26 APPLICABILITY. The section of this division of this Act 27 amending section 455G.9, subsection 4, being deemed of 28 immediate importance, takes effect upon enactment and applies 29 retroactively to January 1, 2010. 30 DIVISION II 31 BONDING AUTHORITY 32 Sec. 17. Section 455G.2, subsection 1, Code 2009, is amended 33 by striking the subsection. 34 Sec. 18. Section 455G.2, subsection 3, Code 2009, is amended 35 -10- SF 2242 (4) 83 tm/nh/jh 10/ 15

S.F. 2242 to read as follows: 1 3. “Bond” means a bond, note, or other obligation issued by 2 the authority treasurer of state for the fund and the purposes 3 of this chapter. 4 Sec. 19. Section 455G.3, subsection 2, Code 2009, is amended 5 to read as follows: 6 2. The board shall assist Iowa’s owners and operators 7 of petroleum underground storage tanks in complying with 8 federal environmental protection agency technical and financial 9 responsibility regulations by establishment of the Iowa 10 comprehensive petroleum underground storage tank fund. The 11 authority treasurer of state may issue its bonds, or series of 12 bonds, to assist the board, as provided in this chapter. 13 Sec. 20. Section 455G.6, subsections 7 through 9, Code 14 Supplement 2009, are amended to read as follows: 15 7. The board may contract with the authority treasurer 16 of state for the authority treasurer of state to issue bonds 17 and do all things necessary with respect to the purposes of 18 the fund, as set out in the contract between the board and 19 the authority treasurer of state . The board may delegate to 20 the authority treasurer of state and the authority treasurer 21 of state shall then have all of the powers of the board 22 which are necessary to issue and secure bonds and carry 23 out the purposes of the fund, to the extent provided in 24 the contract between the board and the authority treasurer 25 of state . The authority treasurer of state may issue the 26 authority’s treasurer of state’s bonds in principal amounts 27 which, in the opinion of the board, are necessary to provide 28 sufficient funds for the fund, the payment of interest on the 29 bonds, the establishment of reserves to secure the bonds, the 30 costs of issuance of the bonds, other expenditures of the 31 authority treasurer of state incident to and necessary or 32 convenient to carry out the bond issue for the fund, and all 33 other expenditures of the board necessary or convenient to 34 administer the fund. The bonds are investment securities and 35 -11- SF 2242 (4) 83 tm/nh/jh 11/ 15

S.F. 2242 negotiable instruments within the meaning of and for purposes 1 of the uniform commercial code, chapter 554. 2 8. Bonds issued under this section are payable solely and 3 only out of the moneys, assets, or revenues of the fund, all 4 of which may be deposited with trustees or depositories in 5 accordance with bond or security documents and pledged by the 6 board to the payment thereof, and are not an indebtedness of 7 this state or the authority , or a charge against the general 8 credit or general fund of the state or the authority , and 9 the state shall not be liable for any financial undertakings 10 with respect to the fund. Bonds issued under this chapter 11 shall contain on their face a statement that the bonds do not 12 constitute an indebtedness of the state or the authority . 13 9. The proceeds of bonds issued by the authority treasurer 14 of state and not required for immediate disbursement may be 15 deposited with a trustee or depository as provided in the 16 bond documents and invested in any investment approved by 17 the authority treasurer of state and specified in the trust 18 indenture, resolution, or other instrument pursuant to which 19 the bonds are issued without regard to any limitation otherwise 20 provided by law. 21 Sec. 21. Section 455G.6, subsection 10, paragraph b, Code 22 Supplement 2009, is amended to read as follows: 23 b. Negotiable instruments under the laws of the state and 24 may be sold at prices, at public or private sale, and in a 25 manner, as prescribed by the authority treasurer of state . 26 Chapters 73A, 74, 74A and 75 do not apply to their sale or 27 issuance of the bonds. 28 Sec. 22. Section 455G.6, subsection 12, Code Supplement 29 2009, is amended to read as follows: 30 12. Bonds must be authorized by a trust indenture, 31 resolution, or other instrument of the authority treasurer of 32 state , approved by the board. However, a trust indenture, 33 resolution, or other instrument authorizing the issuance of 34 bonds may delegate to an officer of the issuer the power to 35 -12- SF 2242 (4) 83 tm/nh/jh 12/ 15

S.F. 2242 negotiate and fix the details of an issue of bonds. 1 Sec. 23. Section 455G.7, Code Supplement 2009, is amended 2 to read as follows: 3 455G.7 Security for bonds —— capital reserve fund —— 4 irrevocable contracts. 5 1. a. For the purpose of securing one or more issues of 6 bonds for the fund, the authority treasurer of state , with 7 the approval of the board, may authorize the establishment 8 of one or more special funds, called “capital reserve funds” . 9 The authority treasurer of state may pay into the capital 10 reserve funds the proceeds of the sale of its bonds and other 11 money which may be made available to the authority treasurer 12 of state from other sources for the purposes of the capital 13 reserve funds. Except as provided in this section, money in a 14 capital reserve fund shall be used only as required for any of 15 the following: 16 a. (1) The payment of the principal of and interest on 17 bonds or of the sinking fund payments with respect to those 18 bonds. 19 b. (2) The purchase or redemption of the bonds. 20 c. (3) The payment of a redemption premium required to be 21 paid when the bonds are redeemed before maturity. 22 b. However, money in a capital reserve fund shall not be 23 withdrawn if the withdrawal would reduce the amount in the 24 capital reserve fund to less than the capital reserve fund 25 requirement, except for the purpose of making payment, when 26 due, of principal, interest, redemption premiums on the bonds, 27 and making sinking fund payments when other money pledged to 28 the payment of the bonds is not available for the payments. 29 Income or interest earned by, or increment to, a capital 30 reserve fund from the investment of all or part of the capital 31 reserve fund may be transferred by the authority treasurer of 32 state to other accounts of the fund if the transfer does not 33 reduce the amount of the capital reserve fund below the capital 34 reserve fund requirement. 35 -13- SF 2242 (4) 83 tm/nh/jh 13/ 15

S.F. 2242 2. If the authority treasurer of state decides to issue 1 bonds secured by a capital reserve fund, the bonds shall not be 2 issued if the amount in the capital reserve fund is less than 3 the capital reserve fund requirement, unless at the time of 4 issuance of the bonds the authority treasurer of state deposits 5 in the capital reserve fund from the proceeds of the bonds to 6 be issued or from other sources, an amount which, together with 7 the amount then in the capital reserve fund, is not less than 8 the capital reserve fund requirement. 9 3. In computing the amount of a capital reserve fund for the 10 purpose of this section, securities in which all or a portion 11 of the capital reserve fund is invested shall be valued by a 12 reasonable method established by the authority treasurer of 13 state . Valuation shall include the amount of interest earned 14 or accrued as of the date of valuation. 15 4. In this section, “capital reserve fund requirement” means 16 the amount required to be on deposit in the capital reserve 17 fund as of the date of computation. 18 5. To assure maintenance of the capital reserve funds, 19 the authority treasurer of state shall, on or before July 1 20 of each calendar year, make and deliver to the governor the 21 authority’s treasurer of state’s certificate stating the sum, 22 if any, required to restore each capital reserve fund to the 23 capital reserve fund requirement for that fund. Within thirty 24 days after the beginning of the session of the general assembly 25 next following the delivery of the certificate, the governor 26 may submit to both houses printed copies of a budget including 27 the sum, if any, required to restore each capital reserve fund 28 to the capital reserve fund requirement for that fund. Any 29 sums appropriated by the general assembly and paid to the 30 authority treasurer of state pursuant to this section shall be 31 deposited in the applicable capital reserve fund. 32 6. All amounts paid by the state pursuant to this section 33 shall be considered advances by the state and, subject to the 34 rights of the holders of any bonds of the authority treasurer 35 -14- SF 2242 (4) 83 tm/nh/jh 14/ 15

S.F. 2242 of state that have previously been issued or will be issued, 1 shall be repaid to the state without interest from all 2 available revenues of the fund in excess of amounts required 3 for the payment of bonds of the authority treasurer of state , 4 the capital reserve fund, and operating expenses. 5 7. If any amount deposited in a capital reserve fund is 6 withdrawn for payment of principal, premium, or interest on 7 the bonds or sinking fund payments with respect to bonds 8 thus reducing the amount of that fund to less than the 9 capital reserve fund requirement, the authority treasurer of 10 state shall immediately notify the governor and the general 11 assembly of this event and shall take steps to restore the 12 capital reserve fund to the capital reserve fund requirement 13 for that fund from any amounts designated as being available 14 for such purpose. 15 Sec. 24. Section 455G.8, subsection 2, Code 2009, is amended 16 to read as follows: 17 2. Statutory allocations fund. The moneys credited from the 18 statutory allocations fund under section 321.145, subsection 19 2, paragraph “a” , shall be allocated, consistent with this 20 chapter, among the fund’s accounts, for debt service and other 21 fund expenses, according to the fund budget, resolution, trust 22 agreement, or other instrument prepared or entered into by the 23 board or authority treasurer of state under direction of the 24 board. 25 Sec. 25. REPEAL. Section 16.151, Code 2009, is repealed. 26 Sec. 26. REPEAL. 1989 Iowa Acts, chapter 131, section 27 63, as amended by 2009 Iowa Acts, chapter 184, section 39, is 28 repealed. 29 Sec. 27. EFFECTIVE UPON ENACTMENT. This division of this 30 Act, being deemed of immediate importance, takes effect upon 31 enactment. 32 -15- SF 2242 (4) 83 tm/nh/jh 15/ 15