Senate File 2413 - Introduced
SENATE FILE 2413
BY COMMITTEE ON APPROPRIATIONS
(SUCCESSOR TO SF 2133)
A BILL FOR
1 An Act creating a jobs and infrastructure revolving fund and
2 program administered by the Iowa finance authority.
3 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, all appurtenant structures, utilities, and
13 site development. “Vertical infrastructure” does not include
14 routine, recurring maintenance or operational expenses, the
15 acquisition of agricultural land as defined in section 6A.21
16 without the consent of the owner of the property, or leasing of
17 an appurtenant structure or utility without a lease-purchase
18 agreement.
19 Sec. 2. NEW SECTION. 16.231 Jobs and infrastructure
20 revolving fund.
21 1. A jobs and infrastructure revolving fund is created
22 within the state treasury under the control of the authority
23 for the purpose of providing financial assistance to government
24 subdivisions for vertical infrastructure projects. Any
25 moneys deposited in the fund and all other moneys in the fund,
26 including interest, earnings, and recaptures, shall be used
27 for purposes of this part. Notwithstanding section 12C.7,
28 subsection 2, interest or earnings on moneys in the fund shall
29 be credited to the fund.
30 2. Notwithstanding section 8.33, moneys deposited in the
31 fund that remain unencumbered or unobligated at the close of
32 the fiscal year shall not revert but shall remain available for
33 expenditure for the purposes designated until the close of the
34 succeeding fiscal year.
35 3. The authority shall not use more than five percent of
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1 the moneys in the fund at the beginning of each fiscal year
2 for purposes of administrative costs, marketing, technical
3 assistance, and other program support.
4 Sec. 3. NEW SECTION. 16.232 Jobs and infrastructure
5 program.
6 1. The authority shall establish and administer a jobs and
7 infrastructure program and shall use moneys in the fund to
8 award financial assistance to eligible government subdivisions
9 for vertical infrastructure projects.
10 2. To be eligible for financial assistance under the
11 program, a government subdivision must do all of the following:
12 a. Demonstrate the ability to obtain financial support
13 from private sources for the government subdivision’s vertical
14 infrastructure project. The financial support obtained
15 from private sources must equal at least fifty percent of
16 the aggregate cost of the government subdivision’s vertical
17 infrastructure project.
18 b. Demonstrate that the government subdivision’s vertical
19 infrastructure project will create or retain jobs as part of
20 the vertical infrastructure project, and the jobs created or
21 retained meet the requirements prescribed by the authority by
22 rule.
23 3. Eligible government subdivisions shall submit
24 applications for the program in the manner prescribed by the
25 authority by rule.
26 Sec. 4. NEW SECTION. 16.233 Rules.
27 The authority shall adopt rules pursuant to chapter 17A
28 necessary to implement and administer this part.
29 EXPLANATION
30 The inclusion of this explanation does not constitute agreement with
31 the explanation’s substance by the members of the general assembly.
32 This bill creates a jobs and infrastructure revolving fund
33 (fund) and program administered by the Iowa finance authority
34 (authority).
35 The fund is created within the state treasury under the
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1 control of the authority for the purpose of providing financial
2 assistance (assistance) to eligible government subdivisions
3 (subdivisions) for vertical infrastructure projects (project).
4 “Vertical infrastructure” is defined in the bill as land
5 acquisition and construction, all appurtenant structures,
6 utilities, and site development. “Vertical infrastructure”
7 does not include routine, recurring maintenance or operational
8 expenses, or leasing of an appurtenant structure or utility
9 without a lease-purchase agreement. “Financial assistance” is
10 also defined in the bill.
11 Any moneys deposited in the fund and all other moneys in
12 the fund, including interest, earnings, and recaptures, shall
13 be used for purposes of the program. Moneys deposited in the
14 fund that remain unencumbered or unobligated at the close of
15 the fiscal year shall not revert but shall remain available for
16 expenditure for the purposes designated until the close of the
17 succeeding fiscal year. The authority shall use not more than
18 5 percent of the moneys in the fund at the beginning of each
19 fiscal year for purposes of administrative costs, marketing,
20 technical assistance, and other program support.
21 The authority shall establish and administer a jobs and
22 infrastructure program (program) and shall use moneys in
23 the fund to award assistance to eligible subdivisions for
24 projects. To be eligible for assistance under the program, a
25 subdivision must demonstrate the ability to obtain financial
26 support from private sources for the subdivision’s project,
27 and the financial support obtained from private sources must
28 equal at least 50 percent of the aggregate cost of the project.
29 The subdivision must also demonstrate that the subdivision’s
30 project will create or retain jobs as part of the project, and
31 that the jobs will meet the requirements prescribed by the
32 authority by rule. Subdivisions shall submit applications for
33 the program in the manner prescribed by the authority by rule.
34 The authority shall adopt rules necessary to implement and
35 administer the bill.
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