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Senate File 2133 - IntroducedA Bill ForAn Act 1creating a jobs and infrastructure revolving fund and
2program administered by the Iowa finance authority, and
3making appropriations.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. NEW SECTION. 16.230 Definitions.
2As used in this part, unless the context otherwise requires:
31. “Financial assistance” means assistance provided only
4from the funds, rights, and assets legally available to the
5authority and includes but is not limited to assistance in the
6form of low-interest loans.
72. “Fund” means the jobs and infrastructure revolving fund
8created in section 16.231.
93. “Program” means the jobs and infrastructure program
10established in section 16.232.
114. “Vertical infrastructure” means land acquisition and
12construction, major renovation and major repair of buildings,
13all appurtenant structures, utilities, site development,
14and recreational trails. “Vertical infrastructure” does not
15include routine, recurring maintenance or operational expenses
16or leasing of a building, appurtenant structure, or utility
17without a lease-purchase agreement.
18 Sec. 2. NEW SECTION. 16.231 Jobs and infrastructure
19revolving fund.
201. A jobs and infrastructure revolving fund is created
21within the state treasury under the control of the authority
22for the purpose of providing financial assistance to
23government subdivisions for vertical infrastructure projects.
24Notwithstanding section 12C.7, subsection 2, there shall be
25deposited in the fund for the fiscal year beginning July
261, 2023, and for each fiscal year through the fiscal year
27beginning July 1, 2030, seventy-five percent of the interest
28accumulated on moneys in the general fund of the state for the
29fiscal year.
302. Any moneys deposited in the fund and all other moneys in
31the fund, including interest, earnings, and recaptures, shall
32be used for purposes of this part. Notwithstanding section
3312C.7, subsection 2, interest or earnings on moneys in the fund
34shall be credited to the fund.
353. Notwithstanding section 8.33, moneys deposited in the
-1-1fund that remain unencumbered or unobligated at the close of
2the fiscal year shall not revert but shall remain available for
3expenditure for the purposes designated until the close of the
4succeeding fiscal year.
54. The authority shall not use more than five percent of
6the moneys in the fund at the beginning of each fiscal year
7for purposes of administrative costs, marketing, technical
8assistance, and other program support.
9 Sec. 3. NEW SECTION. 16.232 Jobs and infrastructure
10program.
111. The authority shall establish and administer a jobs and
12infrastructure program and shall use moneys in the fund to
13award financial assistance to eligible government subdivisions
14for vertical infrastructure projects.
152. To be eligible for financial assistance under the
16program, a government subdivision must do all of the following:
17a. Demonstrate the ability to obtain financial support
18from private sources for the government subdivision’s vertical
19infrastructure project. The financial support obtained
20from private sources must equal at least fifty percent of
21the aggregate cost of the government subdivision’s vertical
22infrastructure project.
23b. Demonstrate that the government subdivision’s vertical
24infrastructure project will create or retain jobs as part of
25the vertical infrastructure project, and the jobs created or
26retained meet the requirements prescribed by the authority by
27rule.
283. Eligible government subdivisions shall submit
29applications for the program in the manner prescribed by the
30authority by rule.
31 Sec. 4. NEW SECTION. 16.233 Rules.
32The authority shall adopt rules pursuant to chapter 17A
33necessary to implement and administer this part.
34EXPLANATION
35The inclusion of this explanation does not constitute agreement with
-2-1the explanation’s substance by the members of the general assembly.
2This bill creates a jobs and infrastructure revolving fund
3(fund) and program administered by the Iowa finance authority
4(authority).
5The fund is created within the state treasury under
6the control of the authority for the purpose of providing
7financial assistance (assistance) to government subdivisions
8(subdivisions) for vertical infrastructure projects (project).
9“Vertical infrastructure” is defined in the bill as land
10acquisition and construction, major renovation and major
11repair of buildings, all appurtenant structures, utilities,
12site development, and recreational trails. “Vertical
13infrastructure” does not include routine, recurring maintenance
14or operational expenses or leasing of a building, appurtenant
15structure, or utility without a lease-purchase agreement.
16“Financial assistance” is also defined in the bill.
17Notwithstanding Code section 12C.7(2), there shall be
18deposited in the fund for the fiscal year beginning July
191, 2023, and for each fiscal year through the fiscal year
20beginning July 1, 2030, 75 percent of the interest accumulated
21on moneys in the general fund of the state for the fiscal
22year. Any moneys deposited in the fund and all other moneys in
23the fund, including interest, earnings, and recaptures, shall
24be used for purposes of the program. Notwithstanding Code
25section 12C.7(2), interest or earnings on moneys in the fund
26shall be credited to the fund. Notwithstanding Code section
278.33, moneys deposited in the fund that remain unencumbered or
28unobligated at the close of the fiscal year shall not revert
29but shall remain available for expenditure for the purposes
30designated until the close of the succeeding fiscal year. The
31authority shall use not more than 5 percent of the moneys in
32the fund at the beginning of each fiscal year for purposes of
33administrative costs, marketing, technical assistance, and
34other program support.
35The authority shall establish and administer a jobs and
-3-1infrastructure program (program) and shall use moneys in
2the fund to award assistance to eligible subdivisions for
3projects. To be eligible for assistance under the program, a
4subdivision must demonstrate the ability to obtain financial
5support from private sources for the subdivision’s project,
6and the financial support obtained from private sources must
7equal at least 50 percent of the aggregate cost of the project.
8The subdivision must also demonstrate that the subdivision’s
9project will create or retain jobs as part of the project, and
10that the jobs will meet the requirements prescribed by the
11authority by rule. Subdivisions shall submit applications for
12the program in the manner prescribed by the authority by rule.
13The authority shall adopt rules necessary to implement and
14administer the bill.
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2program administered by the Iowa finance authority, and
3making appropriations.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. NEW SECTION. 16.230 Definitions.
2As used in this part, unless the context otherwise requires:
31. “Financial assistance” means assistance provided only
4from the funds, rights, and assets legally available to the
5authority and includes but is not limited to assistance in the
6form of low-interest loans.
72. “Fund” means the jobs and infrastructure revolving fund
8created in section 16.231.
93. “Program” means the jobs and infrastructure program
10established in section 16.232.
114. “Vertical infrastructure” means land acquisition and
12construction, major renovation and major repair of buildings,
13all appurtenant structures, utilities, site development,
14and recreational trails. “Vertical infrastructure” does not
15include routine, recurring maintenance or operational expenses
16or leasing of a building, appurtenant structure, or utility
17without a lease-purchase agreement.
18 Sec. 2. NEW SECTION. 16.231 Jobs and infrastructure
19revolving fund.
201. A jobs and infrastructure revolving fund is created
21within the state treasury under the control of the authority
22for the purpose of providing financial assistance to
23government subdivisions for vertical infrastructure projects.
24Notwithstanding section 12C.7, subsection 2, there shall be
25deposited in the fund for the fiscal year beginning July
261, 2023, and for each fiscal year through the fiscal year
27beginning July 1, 2030, seventy-five percent of the interest
28accumulated on moneys in the general fund of the state for the
29fiscal year.
302. Any moneys deposited in the fund and all other moneys in
31the fund, including interest, earnings, and recaptures, shall
32be used for purposes of this part. Notwithstanding section
3312C.7, subsection 2, interest or earnings on moneys in the fund
34shall be credited to the fund.
353. Notwithstanding section 8.33, moneys deposited in the
-1-1fund that remain unencumbered or unobligated at the close of
2the fiscal year shall not revert but shall remain available for
3expenditure for the purposes designated until the close of the
4succeeding fiscal year.
54. The authority shall not use more than five percent of
6the moneys in the fund at the beginning of each fiscal year
7for purposes of administrative costs, marketing, technical
8assistance, and other program support.
9 Sec. 3. NEW SECTION. 16.232 Jobs and infrastructure
10program.
111. The authority shall establish and administer a jobs and
12infrastructure program and shall use moneys in the fund to
13award financial assistance to eligible government subdivisions
14for vertical infrastructure projects.
152. To be eligible for financial assistance under the
16program, a government subdivision must do all of the following:
17a. Demonstrate the ability to obtain financial support
18from private sources for the government subdivision’s vertical
19infrastructure project. The financial support obtained
20from private sources must equal at least fifty percent of
21the aggregate cost of the government subdivision’s vertical
22infrastructure project.
23b. Demonstrate that the government subdivision’s vertical
24infrastructure project will create or retain jobs as part of
25the vertical infrastructure project, and the jobs created or
26retained meet the requirements prescribed by the authority by
27rule.
283. Eligible government subdivisions shall submit
29applications for the program in the manner prescribed by the
30authority by rule.
31 Sec. 4. NEW SECTION. 16.233 Rules.
32The authority shall adopt rules pursuant to chapter 17A
33necessary to implement and administer this part.
34EXPLANATION
35The inclusion of this explanation does not constitute agreement with
-2-1the explanation’s substance by the members of the general assembly.
2This bill creates a jobs and infrastructure revolving fund
3(fund) and program administered by the Iowa finance authority
4(authority).
5The fund is created within the state treasury under
6the control of the authority for the purpose of providing
7financial assistance (assistance) to government subdivisions
8(subdivisions) for vertical infrastructure projects (project).
9“Vertical infrastructure” is defined in the bill as land
10acquisition and construction, major renovation and major
11repair of buildings, all appurtenant structures, utilities,
12site development, and recreational trails. “Vertical
13infrastructure” does not include routine, recurring maintenance
14or operational expenses or leasing of a building, appurtenant
15structure, or utility without a lease-purchase agreement.
16“Financial assistance” is also defined in the bill.
17Notwithstanding Code section 12C.7(2), there shall be
18deposited in the fund for the fiscal year beginning July
191, 2023, and for each fiscal year through the fiscal year
20beginning July 1, 2030, 75 percent of the interest accumulated
21on moneys in the general fund of the state for the fiscal
22year. Any moneys deposited in the fund and all other moneys in
23the fund, including interest, earnings, and recaptures, shall
24be used for purposes of the program. Notwithstanding Code
25section 12C.7(2), interest or earnings on moneys in the fund
26shall be credited to the fund. Notwithstanding Code section
278.33, moneys deposited in the fund that remain unencumbered or
28unobligated at the close of the fiscal year shall not revert
29but shall remain available for expenditure for the purposes
30designated until the close of the succeeding fiscal year. The
31authority shall use not more than 5 percent of the moneys in
32the fund at the beginning of each fiscal year for purposes of
33administrative costs, marketing, technical assistance, and
34other program support.
35The authority shall establish and administer a jobs and
-3-1infrastructure program (program) and shall use moneys in
2the fund to award assistance to eligible subdivisions for
3projects. To be eligible for assistance under the program, a
4subdivision must demonstrate the ability to obtain financial
5support from private sources for the subdivision’s project,
6and the financial support obtained from private sources must
7equal at least 50 percent of the aggregate cost of the project.
8The subdivision must also demonstrate that the subdivision’s
9project will create or retain jobs as part of the project, and
10that the jobs will meet the requirements prescribed by the
11authority by rule. Subdivisions shall submit applications for
12the program in the manner prescribed by the authority by rule.
13The authority shall adopt rules necessary to implement and
14administer the bill.
-4-jm/ko