Bill Text: IA SF2257 | 2015-2016 | 86th General Assembly | Enrolled

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Bill Title: A bill for an act concerning the issuance of bonds authorized by the Iowa finance authority relating to projects and bond issuers regardless of location. (Formerly SSB 3153.) Effective 7-1-16.

Spectrum: Committee Bill

Status: (Passed) 2016-03-23 - Signed by Governor. S.J. 589. [SF2257 Detail]

Download: Iowa-2015-SF2257-Enrolled.html

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Senate File 2257 - Enrolled




                              SENATE FILE       
                              BY  COMMITTEE ON ECONOMIC
                                  GROWTH

                              (SUCCESSOR TO SSB
                                  3153)

                              (COMPANION TO 5227HV
                                  BY COMMITTEE ON
                                  COMMERCE)
 \5
                                   A BILL FOR
 \1
                                       Senate File 2257

                             AN ACT
 CONCERNING THE ISSUANCE OF BONDS AUTHORIZED BY THE IOWA FINANCE
    AUTHORITY RELATING TO PROJECTS AND BOND ISSUERS REGARDLESS
    OF LOCATION.

 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
    Section 1.  Section 16.1, subsection 32, paragraph a, Code
 2016, is amended to read as follows:
    a.  Real or personal property connected with a facility to
 be acquired, constructed, financed, refinanced, improved, or
 equipped pursuant to one or more of the programs, including any
 such property located outside of the state if the authority
 has conclusively determined that the entity financing or
 refinancing property located outside the state, or an affiliate
 of such entity, is also engaged in the financing or refinancing
 of property located within the state, or, alternatively, the
 entity seeking the financing or refinancing, or an affiliate of
 such entity, maintains a presence within the state.
    Sec. 2.  Section 16.5, subsection 1, paragraph a, Code 2016,
 is amended to read as follows:
    a.  Issue its negotiable bonds and notes as provided in
 this chapter in order to finance its programs.  In addition,
 the authority may issue bonds, notes, or other obligations for
 public or private entities for the purpose of financing any
 project regardless of location for the authority's programs.
    Sec. 3.  Section 16.26, Code 2016, is amended by adding the
 following new subsection:
    NEW SUBSECTION.  10.  In connection with any financing
 which involves an out=of=state issuer issuing bonds, notes,
 or other obligations for facilities located in the state, the
 authority is designated as the only governmental unit in the
 state that may conduct the public hearing required by section
 147(f) of the federal Internal Revenue Code, as defined in
 section 422.3, and the governor of Iowa is designated as the
 applicable elected representative pursuant to section 147(f) of
 the federal Internal Revenue Code, as defined in section 422.3.


                                                             
                               PAM JOCHUM
                               President of the Senate


                                                             
                               LINDA UPMEYER
                               Speaker of the House
    I hereby certify that this bill originated in the Senate and
 is known as Senate File 2257, Eighty=sixth General Assembly.


                                                             
                               MICHAEL E. MARSHALL
                               Secretary of the Senate
 Approved                , 2016


                                                             
                               TERRY E. BRANSTAD
                               Governor

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