Bill Summary – FastDemocracy

Senate File 461 - Enrolled
                                                     Senate File 461
                                  AN ACT
     TO INCLUDE VETERANS IN THE SMALL BUSINESS LINKED INVESTMENTS
        PROGRAM.
 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
 1      Section 1. Section 12.34, subsection 1, Code 2023, is
 2   amended to read as follows:
 3      1. a. The treasurer of state may invest up to the lesser
 4   of one hundred eight million dollars or twenty-five percent
 5   of the balance of the state pooled money fund in certificates
 6   of deposit in eligible lending institutions as provided in
 7   section 12.32, this section, and sections 12.35 through 12.43.
 8   One-half of the moneys invested pursuant to this section shall
 9   be made available under the program implemented pursuant to
10   section 12.43 to increase the availability of lower cost
11   moneys for purposes of injecting needed capital into small
12   businesses which are fifty-one percent or more owned, operated,
13   and actively managed by one or more women, veterans, minority
14   persons, or persons with disabilities. “Disability” and
15   “minority person” mean the same as defined in section 15.102.
16   The treasurer shall invest the remaining one-half of the moneys
17   invested pursuant to this section to support any other eligible
18   applicant as provided in section 12.43.
19      b. For the purposes of this section:
20      (1) “Disability” means the same as defined in section
21   15.102.
                                                Senate File 461, p. 2
22      (2) “Minority person” means the same as defined in section
23   15.102.
24      (3) “Veteran” means a person who served on federal
25   active duty, other than training, in the armed forces of the
26   United States and who was released or discharged under any
27   circumstances other than dishonorable conditions, or who meets
28   the definition of “veteran” in section 35.1.
     ______________________________     ______________________________
     AMY SINCLAIR                       PAT GRASSLEY
     President of the Senate            Speaker of the House
        I hereby certify that this bill originated in the Senate and
     is known as Senate File 461, Ninetieth General Assembly.
                                        ______________________________
                                        W. CHARLES SMITHSON
                                        Secretary of the Senate
     Approved _______________, 2024     ______________________________
                                        KIM REYNOLDS
                                        Governor
Statutes affected: 
Introduced: 12.34
Enrolled: 12.34