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Senate Study Bill 1076 - IntroducedA Bill ForAn Act 1relating to the transfer, deposit, and appropriation
2of moneys to the teach Iowa scholar fund from the teacher
3shortage forgivable loan repayment fund and the teacher
4shortage loan forgiveness repayment fund.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 261.110, subsection 6, Code 2021, is
2amended to read as follows:
36. A teach Iowa scholar fund is established in the state
4treasury. The fund shall be administered by the commission and
5shall consist of moneys appropriated by the general assembly
6and any other moneys received by the commission for deposit
7in the fund, including payments collected by the commission
8pursuant to section 261.111, subsection 7. The moneys in the
9fund are appropriated to the commission for the teach Iowa
10scholar program. Notwithstanding section 8.33, moneys in
11the fund at the close of the fiscal year shall not revert to
12the general fund of the state but shall remain available for
13expenditure for the teach Iowa scholar program for subsequent
14fiscal years. Notwithstanding section 12C.7, subsection 2,
15interest or earnings on moneys in the fund shall be credited
16to the fund.
17 Sec. 2. Section 261.111, subsection 7, Code 2021, is amended
18to read as follows:
197. A teacher shortage forgivable loan repayment fund is
20created for The commission shall deposit of payments made by
21forgivable loan recipients who do not fulfill the conditions of
22the forgivable loan program and any other moneys appropriated
23to or received by the commission for deposit in the fund.
24Notwithstanding section 8.33, moneys deposited in the fund
25shall not revert to the general fund of the state at the
26end of any fiscal year but shall remain in the forgivable
27loan repayment fund and be continuously available to make
28additional loans under the program in the teach Iowa scholar
29fund established pursuant to section 261.110, subsection 6, to
30be used for the purposes of the teach Iowa scholar program.
31Notwithstanding section 12C.7, subsection 2, interest or
32earnings on moneys deposited in the fund shall be credited to
33the fund.
34 Sec. 3. Section 261.112, subsection 5, Code 2021, is amended
35by striking the subsection.
-1-1 Sec. 4. TEACHER SHORTAGE FORGIVABLE LOAN REPAYMENT FUND
2AND TEACHER SHORTAGE LOAN FORGIVENESS REPAYMENT FUND — MONEYS
3TRANSFERRED AND APPROPRIATED.
41. Any unencumbered or unobligated moneys remaining
5on June 30, 2021, in the teacher shortage forgivable loan
6repayment fund created pursuant to section 261.111, subsection
77, are transferred and appropriated to the college student
8aid commission for deposit in the teach Iowa scholar fund,
9established pursuant to section 261.110, subsection 6, to be
10used for purposes of the teach Iowa scholar program.
112. Any unencumbered or unobligated moneys remaining
12on June 30, 2021, in the teacher shortage loan forgiveness
13repayment fund created pursuant to section 261.112, subsection
145, are transferred and appropriated to the college student
15aid commission for deposit in the teach Iowa scholar fund,
16established pursuant to section 261.110, subsection 6, to be
17used for purposes of the teach Iowa scholar program.
18EXPLANATION
19The inclusion of this explanation does not constitute agreement with
20the explanation’s substance by the members of the general assembly.
21This bill provides for the transfer, deposit, or
22appropriation of moneys to the college student aid commission,
23to be used for purposes of the teach Iowa scholar program,
24from the teacher shortage loan forgiveness and forgivable loan
25programs no longer supported by state funding.
26The bill provides that payments the commission continues to
27collect from forgivable loan recipients who do not fulfill the
28conditions of the teacher shortage forgivable loan repayment
29program are to be deposited in the teach Iowa scholar fund and
30used for purposes of the teach Iowa scholar program. The bill
31strikes language creating the teacher shortage loan forgiveness
32repayment fund and provides that any unencumbered or
33unobligated moneys remaining in the teacher shortage forgivable
34loan repayment and teacher shortage loan forgiveness repayment
35funds on June 30, 2021, are transferred and appropriated to the
-2-1commission for deposit in the teach Iowa scholar fund to be
2used for the purposes of the teach Iowa scholar program.
-3-kh/jh
2of moneys to the teach Iowa scholar fund from the teacher
3shortage forgivable loan repayment fund and the teacher
4shortage loan forgiveness repayment fund.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 261.110, subsection 6, Code 2021, is
2amended to read as follows:
36. A teach Iowa scholar fund is established in the state
4treasury. The fund shall be administered by the commission and
5shall consist of moneys appropriated by the general assembly
6and any other moneys received by the commission for deposit
7in the fund, including payments collected by the commission
8pursuant to section 261.111, subsection 7. The moneys in the
9fund are appropriated to the commission for the teach Iowa
10scholar program. Notwithstanding section 8.33, moneys in
11the fund at the close of the fiscal year shall not revert to
12the general fund of the state but shall remain available for
13expenditure for the teach Iowa scholar program for subsequent
14fiscal years. Notwithstanding section 12C.7, subsection 2,
15interest or earnings on moneys in the fund shall be credited
16to the fund.
17 Sec. 2. Section 261.111, subsection 7, Code 2021, is amended
18to read as follows:
197. A teacher shortage forgivable loan repayment fund is
20created for The commission shall deposit of payments made by
21forgivable loan recipients who do not fulfill the conditions of
22the forgivable loan program and any other moneys appropriated
23to or received by the commission for deposit in the fund.
24Notwithstanding section 8.33, moneys deposited in the fund
25shall not revert to the general fund of the state at the
26end of any fiscal year but shall remain in the forgivable
27loan repayment fund and be continuously available to make
28additional loans under the program in the teach Iowa scholar
29fund established pursuant to section 261.110, subsection 6, to
30be used for the purposes of the teach Iowa scholar program.
31Notwithstanding section 12C.7, subsection 2, interest or
32earnings on moneys deposited in the fund shall be credited to
33the fund.
34 Sec. 3. Section 261.112, subsection 5, Code 2021, is amended
35by striking the subsection.
-1-1 Sec. 4. TEACHER SHORTAGE FORGIVABLE LOAN REPAYMENT FUND
2AND TEACHER SHORTAGE LOAN FORGIVENESS REPAYMENT FUND — MONEYS
3TRANSFERRED AND APPROPRIATED.
41. Any unencumbered or unobligated moneys remaining
5on June 30, 2021, in the teacher shortage forgivable loan
6repayment fund created pursuant to section 261.111, subsection
77, are transferred and appropriated to the college student
8aid commission for deposit in the teach Iowa scholar fund,
9established pursuant to section 261.110, subsection 6, to be
10used for purposes of the teach Iowa scholar program.
112. Any unencumbered or unobligated moneys remaining
12on June 30, 2021, in the teacher shortage loan forgiveness
13repayment fund created pursuant to section 261.112, subsection
145, are transferred and appropriated to the college student
15aid commission for deposit in the teach Iowa scholar fund,
16established pursuant to section 261.110, subsection 6, to be
17used for purposes of the teach Iowa scholar program.
18EXPLANATION
19The inclusion of this explanation does not constitute agreement with
20the explanation’s substance by the members of the general assembly.
21This bill provides for the transfer, deposit, or
22appropriation of moneys to the college student aid commission,
23to be used for purposes of the teach Iowa scholar program,
24from the teacher shortage loan forgiveness and forgivable loan
25programs no longer supported by state funding.
26The bill provides that payments the commission continues to
27collect from forgivable loan recipients who do not fulfill the
28conditions of the teacher shortage forgivable loan repayment
29program are to be deposited in the teach Iowa scholar fund and
30used for purposes of the teach Iowa scholar program. The bill
31strikes language creating the teacher shortage loan forgiveness
32repayment fund and provides that any unencumbered or
33unobligated moneys remaining in the teacher shortage forgivable
34loan repayment and teacher shortage loan forgiveness repayment
35funds on June 30, 2021, are transferred and appropriated to the
-2-1commission for deposit in the teach Iowa scholar fund to be
2used for the purposes of the teach Iowa scholar program.
-3-kh/jh