Bill Text: IA SF2413 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act creating a jobs and infrastructure revolving fund and program administered by the Iowa finance authority.(Formerly SF 2133.)
Spectrum: Committee Bill
Status: (Introduced) 2024-03-22 - NOBA: Senate Full Approps [SF2413 Detail]
Download: Iowa-2023-SF2413-Introduced.html
Senate
File
2413
-
Introduced
SENATE
FILE
2413
BY
COMMITTEE
ON
APPROPRIATIONS
(SUCCESSOR
TO
SF
2133)
A
BILL
FOR
An
Act
creating
a
jobs
and
infrastructure
revolving
fund
and
1
program
administered
by
the
Iowa
finance
authority.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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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,
all
appurtenant
structures,
utilities,
and
12
site
development.
“Vertical
infrastructure”
does
not
include
13
routine,
recurring
maintenance
or
operational
expenses,
the
14
acquisition
of
agricultural
land
as
defined
in
section
6A.21
15
without
the
consent
of
the
owner
of
the
property,
or
leasing
of
16
an
appurtenant
structure
or
utility
without
a
lease-purchase
17
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
government
23
subdivisions
for
vertical
infrastructure
projects.
Any
24
moneys
deposited
in
the
fund
and
all
other
moneys
in
the
fund,
25
including
interest,
earnings,
and
recaptures,
shall
be
used
26
for
purposes
of
this
part.
Notwithstanding
section
12C.7,
27
subsection
2,
interest
or
earnings
on
moneys
in
the
fund
shall
28
be
credited
to
the
fund.
29
2.
Notwithstanding
section
8.33,
moneys
deposited
in
the
30
fund
that
remain
unencumbered
or
unobligated
at
the
close
of
31
the
fiscal
year
shall
not
revert
but
shall
remain
available
for
32
expenditure
for
the
purposes
designated
until
the
close
of
the
33
succeeding
fiscal
year.
34
3.
The
authority
shall
not
use
more
than
five
percent
of
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the
moneys
in
the
fund
at
the
beginning
of
each
fiscal
year
1
for
purposes
of
administrative
costs,
marketing,
technical
2
assistance,
and
other
program
support.
3
Sec.
3.
NEW
SECTION
.
16.232
Jobs
and
infrastructure
4
program.
5
1.
The
authority
shall
establish
and
administer
a
jobs
and
6
infrastructure
program
and
shall
use
moneys
in
the
fund
to
7
award
financial
assistance
to
eligible
government
subdivisions
8
for
vertical
infrastructure
projects.
9
2.
To
be
eligible
for
financial
assistance
under
the
10
program,
a
government
subdivision
must
do
all
of
the
following:
11
a.
Demonstrate
the
ability
to
obtain
financial
support
12
from
private
sources
for
the
government
subdivision’s
vertical
13
infrastructure
project.
The
financial
support
obtained
14
from
private
sources
must
equal
at
least
fifty
percent
of
15
the
aggregate
cost
of
the
government
subdivision’s
vertical
16
infrastructure
project.
17
b.
Demonstrate
that
the
government
subdivision’s
vertical
18
infrastructure
project
will
create
or
retain
jobs
as
part
of
19
the
vertical
infrastructure
project,
and
the
jobs
created
or
20
retained
meet
the
requirements
prescribed
by
the
authority
by
21
rule.
22
3.
Eligible
government
subdivisions
shall
submit
23
applications
for
the
program
in
the
manner
prescribed
by
the
24
authority
by
rule.
25
Sec.
4.
NEW
SECTION
.
16.233
Rules.
26
The
authority
shall
adopt
rules
pursuant
to
chapter
17A
27
necessary
to
implement
and
administer
this
part.
28
EXPLANATION
29
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
30
the
explanation’s
substance
by
the
members
of
the
general
assembly.
31
This
bill
creates
a
jobs
and
infrastructure
revolving
fund
32
(fund)
and
program
administered
by
the
Iowa
finance
authority
33
(authority).
34
The
fund
is
created
within
the
state
treasury
under
the
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control
of
the
authority
for
the
purpose
of
providing
financial
1
assistance
(assistance)
to
eligible
government
subdivisions
2
(subdivisions)
for
vertical
infrastructure
projects
(project).
3
“Vertical
infrastructure”
is
defined
in
the
bill
as
land
4
acquisition
and
construction,
all
appurtenant
structures,
5
utilities,
and
site
development.
“Vertical
infrastructure”
6
does
not
include
routine,
recurring
maintenance
or
operational
7
expenses,
or
leasing
of
an
appurtenant
structure
or
utility
8
without
a
lease-purchase
agreement.
“Financial
assistance”
is
9
also
defined
in
the
bill.
10
Any
moneys
deposited
in
the
fund
and
all
other
moneys
in
11
the
fund,
including
interest,
earnings,
and
recaptures,
shall
12
be
used
for
purposes
of
the
program.
Moneys
deposited
in
the
13
fund
that
remain
unencumbered
or
unobligated
at
the
close
of
14
the
fiscal
year
shall
not
revert
but
shall
remain
available
for
15
expenditure
for
the
purposes
designated
until
the
close
of
the
16
succeeding
fiscal
year.
The
authority
shall
use
not
more
than
17
5
percent
of
the
moneys
in
the
fund
at
the
beginning
of
each
18
fiscal
year
for
purposes
of
administrative
costs,
marketing,
19
technical
assistance,
and
other
program
support.
20
The
authority
shall
establish
and
administer
a
jobs
and
21
infrastructure
program
(program)
and
shall
use
moneys
in
22
the
fund
to
award
assistance
to
eligible
subdivisions
for
23
projects.
To
be
eligible
for
assistance
under
the
program,
a
24
subdivision
must
demonstrate
the
ability
to
obtain
financial
25
support
from
private
sources
for
the
subdivision’s
project,
26
and
the
financial
support
obtained
from
private
sources
must
27
equal
at
least
50
percent
of
the
aggregate
cost
of
the
project.
28
The
subdivision
must
also
demonstrate
that
the
subdivision’s
29
project
will
create
or
retain
jobs
as
part
of
the
project,
and
30
that
the
jobs
will
meet
the
requirements
prescribed
by
the
31
authority
by
rule.
Subdivisions
shall
submit
applications
for
32
the
program
in
the
manner
prescribed
by
the
authority
by
rule.
33
The
authority
shall
adopt
rules
necessary
to
implement
and
34
administer
the
bill.
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