Bill Text: IA SF153 | 2015-2016 | 86th General Assembly | Introduced
Bill Title: A bill for an act relating to state and local finances by making transfers and appropriations and including effective date and applicability provisions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-02-17 - Subcommittee, Dvorsky, Kraayenbrink, and McCoy. S.J. 312. [SF153 Detail]
Download: Iowa-2015-SF153-Introduced.html
Senate File 153 - Introduced SENATE FILE BY HOGG A BILL FOR 1 An Act relating to state and local finances by making transfers 2 and appropriations and including effective date and 3 applicability provisions. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 1626XS (2) 86 ec/rj PAG LIN 1 1 DIVISION I 1 2 PUBLIC RETIREMENT SYSTEMS 1 3 Section 1. JUDICIAL RETIREMENT FUND. There is appropriated 1 4 from the general fund of the state to the judicial retirement 1 5 fund described in section 602.9104, for the fiscal year 1 6 beginning July 1, 2014, and ending June 30, 2015, the following 1 7 amount: 1 8 .................................................. $ 4,545,000 1 9 Sec. 2. PEACE OFFICERS' RETIREMENT, ACCIDENT, AND 1 10 DISABILITY SYSTEM RETIREMENT FUND. There is appropriated 1 11 from the general fund of the state to the peace officers' 1 12 retirement, accident, and disability system retirement fund 1 13 created in section 97A.8, for the fiscal year beginning July 1, 1 14 2014, and ending June 30, 2015, the following amount: 1 15 .................................................. $ 52,625,000 1 16 Sec. 3. STATEWIDE FIRE AND POLICE RETIREMENT SYSTEM FUND. 1 17 1. There is appropriated from the general fund of the state 1 18 for deposit in the statewide fire and police retirement fund 1 19 created in section 411.8, for the fiscal year beginning July 1, 1 20 2014, and ending June 30, 2015, the following amount: 1 21 .................................................. $ 57,920,000 1 22 2. Moneys appropriated by the state pursuant to this section 1 23 shall not be used to reduce the normal rate of contribution of 1 24 any city below 17 percent. 1 25 Sec. 4. EFFECTIVE UPON ENACTMENT. This division of this 1 26 Act, being deemed of immediate importance, takes effect upon 1 27 enactment. 1 28 DIVISION II 1 29 STATE BOND REPAYMENT FUND 1 30 Sec. 5. STATE BOND REPAYMENT FUND. 1 31 1. Notwithstanding section 8.55, subsection 2, paragraph 1 32 "b", if the Iowa economic emergency fund reaches its maximum 1 33 balance in the fiscal year beginning July 1, 2015, after the 1 34 designated portion of the excess moneys is transferred to the 1 35 taxpayers trust fund pursuant to section 8.55, subsection 2, 2 1 paragraph "a", the next $60,050,000 is transferred to the state 2 2 bond repayment fund created in section 8.57F. 2 3 2. If the treasurer of state determines that the amount 2 4 transferred pursuant to subsection 1 is not sufficient to 2 5 defease or redeem the bonds specified in section 8.57F, 2 6 subsection 2A, as enacted by this division of this Act, and 2 7 to pay the costs relating to the defeasance or redemption, to 2 8 the entire extent that the bonds may be defeased or redeemed, 2 9 the treasurer of state may submit a written request to the 2 10 department of management that the department certify the 2 11 amount of the insufficiency as determined by the treasurer 2 12 of state. The request shall detail the information needed 2 13 by the department of management to determine whether the 2 14 department concurs with the treasurer of state's determination. 2 15 Upon issuance of the department of management's written 2 16 certification of the insufficiency amount, there is transferred 2 17 from the Iowa economic emergency fund, after the transfer made 2 18 pursuant to subsection 1 to the state bond repayment fund, 2 19 an amount equal to the insufficiency amount certified by the 2 20 department of management. The treasurer of state's request, 2 21 any documents relating to the request, and the department 2 22 of management's certification shall also be submitted to 2 23 the chairpersons and ranking members of the committees on 2 24 appropriations of the senate and house of representatives and 2 25 the legislative services agency at the time of submission or 2 26 certification. 2 27 3. To the extent the vision Iowa program bonds issued 2 28 pursuant to section 12.71 are defeased or redeemed by moneys 2 29 transferred or credited to the state bond repayment fund 2 30 created in section 8.57F, there is transferred to the rebuild 2 31 Iowa infrastructure fund from the revenue source otherwise 2 32 designated by law or existing practice for payment of the 2 33 vision Iowa program bonds, an amount equal to that which 2 34 otherwise would have been paid in connection with the vision 2 35 Iowa program bonds issued pursuant to section 12.71 from such 3 1 revenue source for the fiscal year beginning July 1, 2015, 3 2 and each fiscal year thereafter as provided in section 8.57, 3 3 subsection 5, paragraph "e". 3 4 Sec. 6. Section 8.57F, Code 2015, is amended by adding the 3 5 following new subsection: 3 6 NEW SUBSECTION. 2A. The moneys credited to and available 3 7 in the fund for the fiscal year beginning July 1, 2015, are 3 8 appropriated to the treasurer of state for the defeasance or 3 9 redemption of the vision Iowa program bonds issued pursuant to 3 10 section 12.71 and for the costs relating to the defeasance or 3 11 redemption, to the extent the bonds can be defeased or redeemed 3 12 and costs paid within the amount appropriated. 3 13 Sec. 7. Section 8.57F, subsection 3, Code 2015, is amended 3 14 to read as follows: 3 15 3. Any bonds listed insubsectionsubsections 2 and 2A that 3 16 are not defeased or redeemed in accordance with this section 3 17 shall continue to be payable from their original payment 3 18 source. 3 19 Sec. 8. EFFECTIVE UPON ENACTMENT. This division of this 3 20 Act, being deemed of immediate importance, takes effect upon 3 21 enactment. 3 22 Sec. 9. APPLICABILITY. The section of this division of this 3 23 Act providing for transfer of moneys from the Iowa economic 3 24 emergency fund to the state bond repayment fund instead of the 3 25 general fund of the state applies to transfers made from the 3 26 Iowa economic emergency fund after the effective date of this 3 27 division of this Act. 3 28 EXPLANATION 3 29 The inclusion of this explanation does not constitute agreement with 3 30 the explanation's substance by the members of the general assembly. 3 31 This bill relates to state and local finances by making 3 32 transfers and appropriations. 3 33 Division I of the bill makes appropriations for the fiscal 3 34 year beginning July 1, 2014, to the judicial retirement fund, 3 35 peace officers' retirement, accident, and disability system 4 1 retirement fund, and the statewide fire and police retirement 4 2 fund. The division takes effect upon enactment. 4 3 Division II of the bill concerns the state bond repayment 4 4 fund. The bill provides that if the Iowa economic emergency 4 5 fund reaches its maximum balance in the fiscal year 2015=2016, 4 6 after the designated portion of the excess moneys is 4 7 transferred to the taxpayers trust fund, the next $60,050,000 4 8 is transferred to the state bond repayment fund. If the 4 9 transferred moneys are insufficient to defease or redeem the 4 10 vision Iowa program bonds and to pay the costs relating to the 4 11 defeasance or redemption, the treasurer of state may submit a 4 12 written request to the department of management to certify the 4 13 amount of the insufficiency. Upon the issuance of a written 4 14 certification, the certified amount is transferred from the 4 15 Iowa economic emergency fund to the state bond repayment fund. 4 16 To the extent the vision Iowa program bonds are defeased or 4 17 redeemed by moneys in the state bond repayment fund, transfers 4 18 are made to the rebuild Iowa infrastructure fund from the 4 19 revenue source otherwise designated by law or existing practice 4 20 for payment of the vision Iowa program bonds, an amount equal 4 21 to that which otherwise would have been paid in connection 4 22 with the bonds from such revenue source for the fiscal year 4 23 2015=2016 and for each fiscal year thereafter as provided in 4 24 Code section 8.57. 4 25 The bill amends the state bond repayment fund to allow 4 26 moneys credited to and available in the fund to be used for the 4 27 defeasance or redemption of vision Iowa program bonds along 4 28 with costs related to the defeasance or redemption of such 4 29 bonds. 4 30 The division takes effect upon enactment. The provisions 4 31 relating to the transfer of moneys from the Iowa economic 4 32 emergency fund to the state bond repayment fund instead of the 4 33 general fund of the state applies to transfers made from the 4 34 Iowa economic emergency fund after the effective date of the 4 35 division of the bill. LSB 1626XS (2) 86 ec/rj
