Bill Text: IA SF2133 | 2023-2024 | 90th General Assembly | Introduced

Iowa Senate Bill 2133

Introduced

Bill Title: A bill for an act creating a jobs and infrastructure revolving fund and program administered by the Iowa finance authority, and making appropriations.(See SF 2413.)

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2024-03-20 - Committee report approving bill, renumbered as SF 2413. S.J. 608. [SF2133 Detail]

Download: Iowa-2023-SF2133-Introduced.html

Senate File 2133 - Introduced SENATE FILE 2133 BY BOUSSELOT A BILL FOR An Act creating a jobs and infrastructure revolving fund and 1 program administered by the Iowa finance authority, and 2 making appropriations. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 6031XS (3) 90 jm/ko

S.F. 2133 Section 1. NEW SECTION . 16.230 Definitions. 1 As used in this part, unless the context otherwise requires: 2 1. “Financial assistance” means assistance provided only 3 from the funds, rights, and assets legally available to the 4 authority and includes but is not limited to assistance in the 5 form of low-interest loans. 6 2. “Fund” means the jobs and infrastructure revolving fund 7 created in section 16.231. 8 3. “Program” means the jobs and infrastructure program 9 established in section 16.232. 10 4. “Vertical infrastructure” means land acquisition and 11 construction, major renovation and major repair of buildings, 12 all appurtenant structures, utilities, site development, 13 and recreational trails. “Vertical infrastructure” does not 14 include routine, recurring maintenance or operational expenses 15 or leasing of a building, appurtenant structure, or utility 16 without a lease-purchase agreement. 17 Sec. 2. NEW SECTION . 16.231 Jobs and infrastructure 18 revolving fund. 19 1. A jobs and infrastructure revolving fund is created 20 within the state treasury under the control of the authority 21 for the purpose of providing financial assistance to 22 government subdivisions for vertical infrastructure projects. 23 Notwithstanding section 12C.7, subsection 2, there shall be 24 deposited in the fund for the fiscal year beginning July 25 1, 2023, and for each fiscal year through the fiscal year 26 beginning July 1, 2030, seventy-five percent of the interest 27 accumulated on moneys in the general fund of the state for the 28 fiscal year. 29 2. Any moneys deposited in the fund and all other moneys in 30 the fund, including interest, earnings, and recaptures, shall 31 be used for purposes of this part. Notwithstanding section 32 12C.7, subsection 2, interest or earnings on moneys in the fund 33 shall be credited to the fund. 34 3. Notwithstanding section 8.33, moneys deposited in the 35 -1- LSB 6031XS (3) 90 jm/ko 1/ 4

S.F. 2133 fund that remain unencumbered or unobligated at the close of 1 the fiscal year shall not revert but shall remain available for 2 expenditure for the purposes designated until the close of the 3 succeeding fiscal year. 4 4. The authority shall not use more than five percent of 5 the moneys in the fund at the beginning of each fiscal year 6 for purposes of administrative costs, marketing, technical 7 assistance, and other program support. 8 Sec. 3. NEW SECTION . 16.232 Jobs and infrastructure 9 program. 10 1. The authority shall establish and administer a jobs and 11 infrastructure program and shall use moneys in the fund to 12 award financial assistance to eligible government subdivisions 13 for vertical infrastructure projects. 14 2. To be eligible for financial assistance under the 15 program, a government subdivision must do all of the following: 16 a. Demonstrate the ability to obtain financial support 17 from private sources for the government subdivision’s vertical 18 infrastructure project. The financial support obtained 19 from private sources must equal at least fifty percent of 20 the aggregate cost of the government subdivision’s vertical 21 infrastructure project. 22 b. Demonstrate that the government subdivision’s vertical 23 infrastructure project will create or retain jobs as part of 24 the vertical infrastructure project, and the jobs created or 25 retained meet the requirements prescribed by the authority by 26 rule. 27 3. Eligible government subdivisions shall submit 28 applications for the program in the manner prescribed by the 29 authority by rule. 30 Sec. 4. NEW SECTION . 16.233 Rules. 31 The authority shall adopt rules pursuant to chapter 17A 32 necessary to implement and administer this part. 33 EXPLANATION 34 The inclusion of this explanation does not constitute agreement with 35 -2- LSB 6031XS (3) 90 jm/ko 2/ 4

S.F. 2133 the explanation’s substance by the members of the general assembly. 1 This bill creates a jobs and infrastructure revolving fund 2 (fund) and program administered by the Iowa finance authority 3 (authority). 4 The fund is created within the state treasury under 5 the control of the authority for the purpose of providing 6 financial assistance (assistance) to government subdivisions 7 (subdivisions) for vertical infrastructure projects (project). 8 “Vertical infrastructure” is defined in the bill as land 9 acquisition and construction, major renovation and major 10 repair of buildings, all appurtenant structures, utilities, 11 site development, and recreational trails. “Vertical 12 infrastructure” does not include routine, recurring maintenance 13 or operational expenses or leasing of a building, appurtenant 14 structure, or utility without a lease-purchase agreement. 15 “Financial assistance” is also defined in the bill. 16 Notwithstanding Code section 12C.7(2), there shall be 17 deposited in the fund for the fiscal year beginning July 18 1, 2023, and for each fiscal year through the fiscal year 19 beginning July 1, 2030, 75 percent of the interest accumulated 20 on moneys in the general fund of the state for the fiscal 21 year. Any moneys deposited in the fund and all other moneys in 22 the fund, including interest, earnings, and recaptures, shall 23 be used for purposes of the program. Notwithstanding Code 24 section 12C.7(2), interest or earnings on moneys in the fund 25 shall be credited to the fund. Notwithstanding Code section 26 8.33, moneys deposited in the fund that remain unencumbered or 27 unobligated at the close of the fiscal year shall not revert 28 but shall remain available for expenditure for the purposes 29 designated until the close of the succeeding fiscal year. The 30 authority shall use not more than 5 percent of the moneys in 31 the fund at the beginning of each fiscal year for purposes of 32 administrative costs, marketing, technical assistance, and 33 other program support. 34 The authority shall establish and administer a jobs and 35 -3- LSB 6031XS (3) 90 jm/ko 3/ 4

S.F. 2133 infrastructure program (program) and shall use moneys in 1 the fund to award assistance to eligible subdivisions for 2 projects. To be eligible for assistance under the program, a 3 subdivision must demonstrate the ability to obtain financial 4 support from private sources for the subdivision’s project, 5 and the financial support obtained from private sources must 6 equal at least 50 percent of the aggregate cost of the project. 7 The subdivision must also demonstrate that the subdivision’s 8 project will create or retain jobs as part of the project, and 9 that the jobs will meet the requirements prescribed by the 10 authority by rule. Subdivisions shall submit applications for 11 the program in the manner prescribed by the authority by rule. 12 The authority shall adopt rules necessary to implement and 13 administer the bill. 14 -4- LSB 6031XS (3) 90 jm/ko 4/ 4