Senate
File
301
-
Reprinted
SENATE
FILE
301
BY
COMMITTEE
ON
ECONOMIC
GROWTH/REBUILD
IOWA
(SUCCESSOR
TO
SF
161)
(As
Amended
and
Passed
by
the
Senate
March
15,
2011
)
A
BILL
FOR
An
Act
relating
to
economic
development
by
making
changes
to
1
the
administration
of
the
save
our
small
businesses
fund
and
2
program
and
including
effective
date
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
SF
301
(4)
84
tw/sc
S.F.
301
Section
1.
Section
15.301,
subsection
1,
paragraph
c,
Code
1
2011,
is
amended
to
read
as
follows:
2
c.
(1)
If,
on
March
31,
2011
2012
,
there
are
unobligated
3
moneys
in
the
fund,
such
unobligated
moneys
shall
revert
to
the
4
general
fund
of
the
state.
5
(2)
For
each
quarter,
beginning
with
the
first
quarter
after
6
the
reversion
of
moneys
pursuant
to
subparagraph
(1)
and
ending
7
with
the
last
quarter
prior
to
the
reversion
of
moneys
pursuant
8
to
subparagraph
(3),
the
department
shall,
on
the
last
day
of
9
the
quarter,
transfer
to
the
general
fund
of
the
state
the
10
balance
of
unencumbered
moneys
in
the
fund.
11
(3)
On
March
31,
2016
2017
,
all
moneys
in
the
fund
shall
12
revert
to
the
general
fund
of
the
state.
13
Sec.
2.
Section
15.301,
subsection
2,
paragraph
a,
Code
14
2011,
is
amended
to
read
as
follows:
15
a.
The
department
shall
establish
and
administer
a
program
16
for
purposes
of
providing
financial
assistance
to
eligible
17
small
businesses.
For
purposes
of
this
section
,
“financial
18
assistance”
means
loans
at
an
interest
rate
not
to
exceed
three
19
and
nine-tenths
percent
per
annum
and
“eligible
small
business”
20
means
a
small
business
meeting
the
requirements
of
subsection
21
3
.
In
administering
the
program,
the
department
may
negotiate
22
the
terms
on
which
the
financial
assistance
is
provided
and
may
23
include
such
terms
in
the
loan
agreements
as
are
best
designed
24
to
effectuate
the
program’s
goals.
Such
terms
may
provide
for
25
up
to
six
months
of
interest-free
financing.
26
Sec.
3.
Section
15.301,
subsection
2,
paragraph
e,
Code
27
2011,
is
amended
to
read
as
follows:
28
e.
The
department,
under
the
terms
of
an
agreement
with
29
the
an
organization
designated
pursuant
to
paragraph
“b”
,
30
shall
begin
to
provide
financial
assistance
from
the
fund
not
31
later
than
August
1,
2010,
and
shall
to
the
extent
practicable
32
obligate
all
available
moneys
in
the
fund
prior
to
March
31,
33
2011
2012
.
34
Sec.
4.
Section
15.301,
subsection
3,
paragraph
d,
Code
35
-1-
SF
301
(4)
84
tw/sc
1/
2
S.F.
301
2011,
is
amended
to
read
as
follows:
1
d.
The
business
has
a
business
plan
and
has
received
2
assistance
in
the
development
stage
or
the
expansion
stage
from
3
a
one
of
the
following:
4
(1)
A
small
business
development
center
or
from
a
.
5
(2)
A
qualified
public
or
nonprofit
small
business
6
consultant
as
defined
by
the
department.
7
(3)
A
bank,
credit
union,
or
extension
office
deemed
8
capable
of
administering
the
provisions
of
this
section
by
the
9
department.
10
Sec.
5.
2010
Iowa
Acts,
chapter
1184,
section
43,
is
amended
11
to
read
as
follows:
12
SEC.
43.
SAVE
OUR
SMALL
BUSINESSES
FUND
APPROPRIATION.
13
There
is
appropriated
from
the
school
infrastructure
fund
14
created
in
section
12.82
to
the
department
of
economic
15
development
for
deposit
in
the
save
our
small
businesses
fund
16
for
the
fiscal
year
beginning
July
1,
2010,
and
ending
June
30,
17
2011,
the
following
amount,
or
so
much
thereof
as
is
necessary,
18
to
be
used
for
the
purposes
designated:
19
For
purposes
of
providing
financial
assistance
under
the
20
save
our
small
businesses
program
under
section
15.301
:
21
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$
5,000,000
22
Of
the
moneys
appropriated
pursuant
to
this
section,
the
23
department
may
allocate
an
amount
not
to
exceed
two
three
24
percent
of
the
moneys
appropriated
for
purposes
of
retaining
25
the
services
of
an
organization
designated
pursuant
to
section
26
15.301,
subsection
2
,
paragraph
“b”
,
and
for
administrative
27
expenses
incurred
by
the
department
.
28
Notwithstanding
section
8.33,
moneys
appropriated
in
this
29
section
that
remain
unencumbered
or
unobligated
at
the
close
of
30
the
fiscal
year
shall
not
revert
but
shall
remain
available
for
31
expenditure
for
the
purposes
designated.
32
Sec.
6.
EFFECTIVE
UPON
ENACTMENT.
This
Act,
being
deemed
of
33
immediate
importance,
takes
effect
upon
enactment.
34
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301
(4)
84
tw/sc
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2