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