Bill Text: IA SF2354 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A bill for an act relating to the administration of certain economic development programs by the economic development authority and including effective date and retroactive applicability provisions. (Formerly SSB 3121 and SF 2180; see SF 2359.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2014-04-21 - Subcommittee, Dotzler, Feenstra, and McCoy. S.J. 819. [SF2354 Detail]
Download: Iowa-2013-SF2354-Introduced.html
Senate
File
2354
-
Introduced
SENATE
FILE
2354
BY
COMMITTEE
ON
APPROPRIATIONS
(SUCCESSOR
TO
SF
2180)
(SUCCESSOR
TO
SSB
3121)
A
BILL
FOR
An
Act
relating
to
the
administration
of
certain
economic
1
development
programs
by
the
economic
development
authority
2
and
including
effective
date
and
retroactive
applicability
3
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
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(3)
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DIVISION
I
1
INVESTMENT
TAX
CREDITS
2
Section
1.
Section
15E.43,
subsection
1,
paragraph
b,
Code
3
2014,
is
amended
to
read
as
follows:
4
b.
A
tax
credit
shall
be
allowed
only
for
an
investment
made
5
in
the
form
of
cash
to
purchase
equity
in
a
qualifying
business
6
or
in
a
community-based
seed
capital
fund.
A
taxpayer
that
has
7
received
a
tax
credit
for
an
investment
in
a
community-based
8
seed
capital
fund
shall
not
claim
the
tax
credit
prior
to
the
9
third
tax
year
following
the
tax
year
in
which
the
investment
10
is
made.
Any
tax
credit
in
excess
of
the
taxpayer’s
liability
11
for
the
tax
year
may
be
credited
to
the
tax
liability
for
the
12
following
five
years
or
until
depleted,
whichever
is
earlier.
13
A
tax
credit
shall
not
be
carried
back
to
a
tax
year
prior
to
14
the
tax
year
in
which
the
taxpayer
redeems
the
tax
credit.
15
Sec.
2.
Section
15E.44,
subsection
1,
Code
2014,
is
amended
16
to
read
as
follows:
17
1.
In
order
for
an
equity
investment
to
qualify
for
a
18
tax
credit,
the
business
in
which
the
equity
investment
is
19
made
shall,
within
one
hundred
twenty
days
of
the
date
of
20
the
first
investment,
notify
the
authority
of
the
names,
21
addresses,
shares
issued,
consideration
paid
for
the
shares,
22
and
the
amount
of
any
tax
credits,
of
all
shareholders
who
23
may
initially
qualify
for
the
tax
credits
,
and
the
earliest
24
year
in
which
the
tax
credits
may
be
redeemed
.
The
list
25
of
shareholders
who
may
qualify
for
the
tax
credits
shall
26
be
amended
as
new
equity
investments
are
sold
or
as
any
27
information
on
the
list
shall
change.
28
Sec.
3.
Section
15E.44,
subsection
2,
paragraph
f,
Code
29
2014,
is
amended
to
read
as
follows:
30
f.
The
business
shall
have
secured
,
within
twenty-four
31
months
following
the
first
date
on
which
the
equity
investments
32
qualifying
for
tax
credits
have
been
made,
total
equity
33
or
financing,
near
equity
financing
,
binding
investment
34
commitments,
or
some
combination
thereof,
equal
to
at
least
two
35
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hundred
fifty
thousand
dollars.
1
Sec.
4.
Section
15E.45,
subsection
3,
paragraph
a,
2
subparagraph
(3),
Code
2014,
is
amended
by
striking
the
3
subparagraph
and
inserting
in
lieu
thereof
the
following:
4
(3)
Any
other
information
required
by
the
authority.
5
Sec.
5.
Section
15E.45,
subsection
6,
Code
2014,
is
amended
6
to
read
as
follows:
7
6.
In
the
event
that
a
community-based
seed
capital
8
fund
fails
to
meet
or
maintain
any
requirement
set
forth
in
9
this
section
,
or
in
the
event
that
at
least
thirty-three
10
percent
of
the
invested
capital
of
the
community-based
seed
11
capital
fund
has
not
been
invested
in
one
or
more
separate
12
qualifying
businesses,
measured
at
the
end
of
the
forty-eighth
13
thirty-sixth
month
after
commencing
the
fund’s
investing
14
activities,
the
authority
shall
rescind
any
tax
credit
15
certificates
issued
to
limited
partners
or
members
and
shall
16
notify
the
department
of
revenue
that
it
has
done
so,
and
the
17
tax
credit
certificates
shall
be
null
and
void.
However,
a
A
18
community-based
seed
capital
fund
may
apply
to
the
authority
19
for
a
one-year
waiver
of
the
requirements
of
this
subsection
.
20
Sec.
6.
RETROACTIVE
APPLICABILITY.
This
division
of
this
21
Act
applies
retroactively
to
January
1,
2014,
for
tax
years
22
beginning
and
investments
made
on
or
after
that
date.
23
DIVISION
II
24
TARGETED
SMALL
BUSINESS
ASSISTANCE
25
Sec.
7.
2013
Iowa
Acts,
chapter
13,
section
10,
subsections
26
1
and
2,
are
amended
to
read
as
follows:
27
1.
Upon
repeal
of
the
targeted
small
business
financial
28
assistance
program
established
in
section
15.247
,
the
authority
29
shall
transfer
all
unencumbered
and
unobligated
moneys
accruing
30
to
the
authority
pursuant
to
existing
agreements
to
a
fund
31
established
by
the
authority
in
the
state
treasury
under
32
the
control
of
the
authority
pursuant
to
section
15.106A,
33
subsection
1,
paragraph
“o”,
to
be
used
for
the
purposes
of
34
providing
assistance
to
targeted
small
businesses
pursuant
to
35
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subsection
subsections
3
and
4
of
this
section
of
this
Act.
1
2.
Loan
payments
or
repayments
and
recaptures
of
principal,
2
interest,
or
other
moneys
accruing
to
the
authority
on
or
after
3
June
30,
2013,
pursuant
to
an
agreement
under
section
15.247
,
4
shall
be
transferred
to
a
fund
established
by
the
authority
in
5
the
state
treasury
under
the
control
of
the
authority
pursuant
6
to
section
15.106A,
subsection
1,
paragraph
“o”,
to
be
used
7
for
the
purposes
of
providing
assistance
to
targeted
small
8
businesses
pursuant
to
subsection
subsections
3
and
4
of
this
9
section
of
this
Act.
10
Sec.
8.
2013
Iowa
Acts,
chapter
13,
section
10,
subsection
11
3,
paragraph
c,
is
amended
to
read
as
follows:
12
c.
The
authority
shall,
upon
completion
of
the
initial
13
performance
period
and
the
other
applicable
terms
of
the
14
agreement
with
the
microloan
service
provider,
submit
a
report
15
to
the
general
assembly
and
the
governor’s
office
describing
16
the
results
achieved
by
the
service
provider
and
shall
make
17
recommendations
as
to
whether
the
state
should
continue
to
18
provide
funds
for
future
fiscal
years
for
the
purpose
of
19
providing
financial
and
technical
assistance
to
targeted
20
small
businesses
through
the
services
of
a
microloan
service
21
provider.
The
report
shall
also
include
the
results
achieved
22
by
the
program
established
to
assist
entities
in
developing
a
23
statewide
initiative
designed
to
increase
the
number
of
female
24
entrepreneurs
in
the
state
pursuant
to
subsection
4.
25
Sec.
9.
2013
Iowa
Acts,
chapter
13,
section
10,
is
amended
26
by
adding
the
following
new
subsection:
27
NEW
SUBSECTION
.
4.
a.
From
the
moneys
transferred
pursuant
28
to
subsections
1
and
2,
the
authority
may
use
amounts
not
29
allocated
for
purposes
of
subsection
3
for
purposes
of
this
30
subsection.
31
b.
The
authority
may
establish
a
program
to
assist
one
32
or
more
private
sector
entities
in
implementing
a
multiyear
33
statewide
initiative
designed
to
increase
the
number
of
female
34
entrepreneurs
in
the
state.
Such
an
initiative
shall
target
35
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at
least
ten
communities
around
the
state,
both
urban
and
1
rural,
for
training
and
discussion
on
the
personal,
legal,
2
and
financial
aspects
of
starting
and
operating
a
small
3
business.
The
initiative
shall
also
provide
for
individual
4
mentoring,
access
to
matched
savings
accounts
intended
to
be
5
used
for
the
start
or
expansion
of
a
small
business
by
a
female
6
entrepreneur,
and
specialized
topical
workshops
useful
to
7
female
entrepreneurs.
8
c.
A
targeted
small
business
owned,
operated,
and
actively
9
managed
by
one
or
more
women
that
is
receiving
assistance
under
10
subsection
3
is
also
eligible
to
receive
assistance
under
this
11
subsection.
12
d.
The
program
established
pursuant
to
this
subsection
13
shall
be
implemented,
to
the
extent
practicable,
in
a
manner
14
that
complements
the
program
established
pursuant
to
subsection
15
3.
Results
achieved
by
the
program
established
pursuant
to
16
this
subsection
shall
be
included
in
the
report
prepared
17
pursuant
to
subsection
3.
18
Sec.
10.
EFFECTIVE
UPON
ENACTMENT.
This
division
of
this
19
Act,
being
deemed
of
immediate
importance,
takes
effect
upon
20
enactment.
21
DIVISION
III
22
STRATEGIC
INFRASTRUCTURE
PROGRAM
23
Sec.
11.
Section
15.117A,
subsection
6,
Code
2014,
is
24
amended
by
adding
the
following
new
paragraph:
25
NEW
PARAGRAPH
.
f.
Review
and
make
recommendations
on
all
26
applications
received
by
the
authority
for
financial
assistance
27
under
the
Iowa
strategic
infrastructure
program
pursuant
to
28
section
15.313.
29
Sec.
12.
Section
15.311,
Code
2014,
is
amended
to
read
as
30
follows:
31
15.311
Title.
32
This
part
shall
be
known
as
the
“Iowa
Strategic
Investment
33
Fund”
Infrastructure”
program.
34
Sec.
13.
Section
15.313,
subsection
1,
Code
2014,
is
amended
35
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to
read
as
follows:
1
1.
a.
An
Iowa
strategic
investment
fund
is
created
The
2
authority
shall
establish
a
fund
pursuant
to
section
15.106A,
3
subsection
1,
paragraph
“o”
,
for
purposes
of
financing
4
strategic
infrastructure
projects
as
described
in
this
5
section.
A
fund
established
for
purposes
of
this
section
may
6
be
administered
as
a
revolving
fund
consisting
and
may
consist
7
of
any
money
moneys
appropriated
by
the
general
assembly
for
8
that
purpose
purposes
of
this
section
and
any
other
moneys
9
that
are
lawfully
available
to
and
obtained
or
accepted
by
10
the
authority
,
from
the
federal
government
or
private
sources
11
for
placement
in
the
fund
including
moneys
transferred
or
12
deposited
from
other
funds
created
pursuant
to
section
15.106A,
13
subsection
1,
paragraph
“o”
.
Any
moneys
appropriated
to
a
fund
14
for
purposes
of
this
section
shall
be
used
for
purposes
of
the
15
strategic
infrastructure
program.
16
b.
Notwithstanding
section
8.33
,
moneys
in
the
strategic
17
investment
a
fund
established
for
purposes
of
this
section
at
18
the
end
of
each
fiscal
year
shall
not
revert
to
any
other
fund
19
but
shall
remain
in
the
strategic
investment
infrastructure
20
fund
for
expenditure
for
subsequent
fiscal
years.
21
c.
Moneys
in
a
fund
established
for
purposes
of
this
22
section,
except
for
moneys
appropriated
to
a
fund
for
purposes
23
of
this
section,
may
be
transferred
to
other
funds
created
24
pursuant
to
section
15.106A,
subsection
1,
paragraph
“o”
.
25
Sec.
14.
Section
15.313,
subsection
2,
unnumbered
paragraph
26
1,
Code
2014,
is
amended
to
read
as
follows:
27
The
assets
of
the
fund
program
shall
be
used
by
the
authority
28
to
assist
in
provide
financial
assistance
for
strategic
29
infrastructure
projects
that
are
intended
to
lead
to
relocation
30
or
expansion
projects
for
existing
businesses
as
well
as
31
entrepreneurial
start-up
and
expansion
projects
financial
32
assistance
for
new
businesses
.
Moneys
in
the
fund
shall
33
be
used
for
projects
designed
to
meet
any
of
the
following
34
purposes:
35
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Sec.
15.
Section
15.313,
subsection
2,
paragraphs
a,
b,
c,
1
d,
e,
and
f,
Code
2014,
are
amended
by
striking
the
paragraphs.
2
Sec.
16.
Section
15.313,
Code
2014,
is
amended
by
adding
the
3
following
new
subsection:
4
NEW
SUBSECTION
.
2A.
The
Iowa
innovation
council
shall
5
review
each
application
received
by
the
economic
development
6
authority
for
financial
assistance
under
the
program
and
7
shall
make
recommendations
to
the
board
regarding
all
of
the
8
following:
9
a.
The
completeness
of
the
application.
10
b.
Whether
the
board
should
approve
an
application
for
11
financial
assistance,
and
if
so,
the
amount
of
such
financial
12
assistance.
13
Sec.
17.
Section
15.313,
subsection
3,
Code
2014,
is
amended
14
by
striking
the
subsection
and
inserting
in
lieu
thereof
the
15
following:
16
3.
For
purposes
of
this
section,
unless
the
context
17
otherwise
requires:
18
a.
“Financial
assistance”
means
the
same
as
defined
in
19
section
15.102.
20
b.
“Strategic
infrastructure”
means
projects
that
develop
21
commonly
utilized
assets
that
provide
an
advantage
to
one
22
or
more
private
sector
entities
or
that
create
necessary
23
physical
infrastructure
in
the
state,
and
such
projects
are
24
not
adequately
provided
by
the
public
or
private
sectors.
25
Such
projects
may
include
vertical
improvement
developments,
26
facilities
and
equipment
upgrades,
or
the
redevelopment
or
27
repurposing
of
underutilized
property
or
other
assets,
provided
28
that
each
project
is
intended
to
attract
additional
public
or
29
private
sector
investment
and
result
in
broad-based
prosperity
30
in
this
state.
31
c.
“Vertical
improvement”
means
the
same
as
defined
in
32
section
15J.2.
33
Sec.
18.
Section
15.313,
Code
2014,
is
amended
by
adding
the
34
following
new
subsection:
35
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NEW
SUBSECTION
.
4.
The
authority
shall
adopt
rules
to
1
implement
and
administer
this
section.
In
adopting
such
rules,
2
the
authority
shall
narrowly
construe
the
provisions
of
this
3
section.
4
Sec.
19.
Section
15.335B,
subsection
2,
paragraph
a,
Code
5
2014,
is
amended
by
adding
the
following
new
subparagraph:
6
NEW
SUBPARAGRAPH
.
(7)
For
deposit
in
a
fund
created
for
7
purposes
of
the
strategic
infrastructure
program
established
8
pursuant
to
section
15.313.
9
Sec.
20.
Section
384.4,
subsection
1,
paragraph
b,
Code
10
2014,
is
amended
to
read
as
follows:
11
b.
Interest
as
it
becomes
due
and
the
amount
necessary
12
to
pay,
or
to
create
a
sinking
fund
to
pay,
the
principal
at
13
maturity
of
all
general
obligation
bonds
issued
by
the
city
or
14
to
pay,
or
to
create
a
sinking
fund
to
pay,
amounts
as
due
on
15
loans
received
through
the
former
Iowa
community
development
16
loan
program
pursuant
to
section
15E.120
.
17
Sec.
21.
2011
Iowa
Acts,
chapter
133,
section
13A,
as
18
enacted
by
2013
Iowa
Acts,
chapter
142,
section
7,
is
amended
19
to
read
as
follows:
20
SEC.
13A.
TRANSITION
UPON
REPEAL.
21
1.
Any
moneys
in
the
economic
development
fund
created
22
pursuant
to
section
15G.111,
Code
Supplement
2011
,
that
23
remain
unobligated
on
July
1,
2013,
shall
be
transferred
to
24
the
rebuild
Iowa
infrastructure
fund.
The
authority
shall
25
provide
notification
to
the
department
of
management
and
to
the
26
legislative
services
agency
at
the
time
of
the
transfer.
27
2.
Loan
payments
or
repayments
and
recaptures
of
principal,
28
interest,
or
other
moneys
accruing
to
the
authority
on
or
after
29
July
1,
2013,
pursuant
to
an
agreement
under
chapter
15G,
30
subchapter
I,
shall
be
transferred
by
the
authority
to
a
fund
31
established
by
the
authority
in
the
state
treasury
pursuant
to
32
section
15.106A,
subsection
1,
paragraph
“o”.
33
3.
The
authority
may
use
any
moneys
accruing
pursuant
to
34
subsection
2
for
purposes
of
section
15.313.
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Sec.
22.
REPEAL.
Section
15E.120,
Code
2014,
is
repealed.
1
Sec.
23.
EFFECTIVE
UPON
ENACTMENT.
This
division
of
this
2
Act,
being
deemed
of
immediate
importance,
takes
effect
upon
3
enactment.
4
Sec.
24.
RETROACTIVE
APPLICABILITY.
The
section
of
this
5
division
of
this
Act
amending
2011
Iowa
Acts,
chapter
133,
6
section
13A,
as
enacted
by
2013
Iowa
Acts,
chapter
142,
section
7
7,
applies
retroactively
to
July
1,
2013.
8
DIVISION
IV
9
ENDOW
IOWA
PROGRAM
10
Sec.
25.
Section
15E.303,
subsection
4,
Code
2014,
is
11
amended
to
read
as
follows:
12
4.
“Endow
Iowa
qualified
community
foundation”
means
a
13
community
foundation
organized
or
operating
in
this
state
that
14
substantially
complies
with
attains
the
national
standards
15
established
by
the
national
council
on
foundations
as
16
determined
by
the
authority
in
collaboration
with
the
Iowa
17
council
of
foundations.
18
DIVISION
V
19
ECONOMIC
DEVELOPMENT
REGIONS
20
Sec.
26.
Section
15E.231,
unnumbered
paragraph
1,
Code
21
2014,
is
amended
to
read
as
follows:
22
In
order
for
an
economic
development
region
to
receive
23
assistance
pursuant
to
section
15.335B
,
an
economic
development
24
region’s
regional
development
plan
must
be
approved
by
the
25
authority.
An
economic
development
region
shall
consist
of
not
26
less
than
three
counties,
unless
two
contiguous
counties
have
a
27
combined
population
of
at
least
three
hundred
thousand
based
on
28
the
most
recent
federal
decennial
census
two
or
more
contiguous
29
counties
and
one
or
more
public
or
private,
nonprofit
30
entities
that
have
entered
into
an
agreement
to
pursue
31
mutual
economic
development
goals
with
a
regional
focus
.
An
32
economic
development
region
shall
establish
a
focused
economic
33
development
effort
that
shall
include
a
regional
development
34
plan
relating
to
one
or
more
of
the
following
areas:
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Sec.
27.
EFFECTIVE
UPON
ENACTMENT.
This
division
of
this
1
Act,
being
deemed
of
immediate
importance,
takes
effect
upon
2
enactment.
3
EXPLANATION
4
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
5
the
explanation’s
substance
by
the
members
of
the
general
assembly.
6
This
bill
relates
to
economic
development
programs
by
7
modifying
the
administration
of
investment
tax
credits
for
8
investments
in
community-based
seed
capital
funds
or
qualifying
9
businesses,
targeted
small
business
assistance,
the
strategic
10
investment
fund
program,
and
the
endow
Iowa
program
and
11
properly
related
matters.
12
Division
I
of
the
bill
eliminates
the
prohibition
on
a
13
taxpayer
claiming
the
investment
tax
credit
for
an
equity
14
investment
in
a
qualifying
business
earlier
than
the
third
15
tax
year
following
the
tax
year
in
which
the
investment
was
16
made.
The
bill
eliminates
the
24-month
requirement
for
a
17
qualifying
business
under
the
investment
tax
credits
program
18
to
secure
total
equity
or
near
equity
financing
and
adds
19
that
a
qualifying
business
may
also
use
binding
investment
20
commitments,
or
a
combination
of
the
equity
and
investment
21
commitments
to
demonstrate
that
it
has
met
the
requirement
22
in
current
Code
to
secure
at
least
$250,000.
The
bill
also
23
changes
the
date
by
which
a
community-based
seed
capital
fund
24
must
invest
in
a
separate
qualifying
business
from
48
months
25
after
commencing
the
fund’s
investing
activities
to
36
months
26
after
commencing
the
fund’s
investing
activities.
27
Division
I
applies
retroactively
to
January
1,
2014,
for
tax
28
years
beginning
on
or
after
that
date
and
investments
made
on
29
or
after
that
date.
30
Division
II
of
the
bill
allows
moneys
transferred
from
the
31
targeted
small
business
financial
assistance
program,
which
32
was
repealed
in
the
2013
legislative
session,
that
are
not
33
allocated
for
the
procurement
of
a
microloan
service
provider
34
to
assist
targeted
small
businesses
to
be
used
to
establish
a
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program
to
assist
one
or
more
private
entities
in
implementing
1
an
initiative
to
increase
the
number
of
female
entrepreneurs
in
2
the
state.
A
program
created
for
this
purpose
must
complement
3
the
current
microloan
service
provider
program
which
provides
4
financial
and
technical
assistance
to
targeted
small
businesses
5
at
a
discounted
rate.
A
targeted
small
business
that
is
owned,
6
operated,
and
managed
by
a
woman
and
that
is
receiving
the
7
services
of
a
microloan
service
provider
may
also
receive
8
assistance
from
the
statewide
initiative.
9
Division
II
takes
effect
upon
enactment.
10
Division
III
of
the
bill
makes
changes
to
the
strategic
11
investment
fund
program.
The
bill
changes
the
name
of
the
12
program
from
the
Iowa
strategic
investment
fund
program
to
the
13
Iowa
strategic
infrastructure
program,
and
allows
the
authority
14
to
establish
a
fund
under
its
general
authority
for
the
purpose
15
of
financing
strategic
infrastructure
projects.
16
Under
current
law,
a
strategic
investment
fund
is
created
17
and
the
fund’s
assets
are
required
to
be
used
for
relocation
or
18
expansion
projects
for
existing
businesses
and
entrepreneurial
19
start-up
and
expansion
projects
that
meet
purposes
specified
in
20
statute.
The
bill
eliminates
these
provisions
and
requires
the
21
fund
created
by
the
authority
to
be
used
to
provide
financial
22
assistance
for
relocation
or
expansion
projects
for
existing
23
businesses
as
well
as
financial
assistance
for
new
businesses.
24
The
bill
requires
moneys
appropriated
to
the
fund
to
be
used
25
for
the
purpose
of
the
strategic
infrastructure
program,
but
26
allows
other
moneys
in
the
fund
to
be
transferred
to
other
27
funds
created
by
the
authority.
The
bill
provides
definitions
28
for
“financial
assistance”,
“strategic
infrastructure”,
and
29
“vertical
improvement”.
30
The
bill
requires
the
Iowa
innovation
council
to
review
31
each
application
for
financial
assistance
under
the
strategic
32
infrastructure
program
and
make
a
recommendation
to
the
33
economic
development
authority
board
on
whether
the
application
34
is
complete,
whether
the
board
should
approve
an
application,
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and
the
amount
of
the
financial
assistance
to
be
awarded,
if
1
any.
2
The
bill
repeals
a
provision
relating
to
loan
repayments
3
under
the
former
Iowa
community
development
loan
program
that
4
included
a
reference
to
the
strategic
investment
fund.
5
The
bill
requires
the
authority
to
transfer
loan
payments
6
or
repayments
and
recaptures
of
principal,
interest,
or
other
7
moneys
accruing
to
the
authority
as
a
result
of
an
agreement
8
made
pursuant
to
Code
chapter
15G,
subchapter
I,
the
grow
9
Iowa
financial
assistance
program,
to
a
fund
created
by
the
10
authority.
This
provision
of
the
bill
applies
retroactively
to
11
July
1,
2013.
The
bill
allows
the
authority
to
use
any
moneys
12
transferred
pursuant
to
this
provision
of
the
bill
for
purposes
13
of
the
strategic
infrastructure
program.
14
Division
III
of
the
bill
takes
effect
upon
enactment.
15
Division
IV
of
the
bill
makes
changes
to
the
endow
Iowa
16
program.
The
bill
requires
an
endow
Iowa
qualified
community
17
foundation
to
attain
national
standards
established
by
the
18
national
council
on
foundations
rather
than
substantially
19
comply
with
those
standards.
20
Division
V
of
the
bill
modifies
the
definition
of
an
economic
21
development
region
to
be
two
or
more
contiguous
counties
22
and
one
or
more
public
or
private,
nonprofit
entities
that
23
have
entered
into
an
agreement
to
pursue
regional
economic
24
development
goals.
Under
current
law,
an
economic
development
25
region
is
defined
as
three
or
more
counties
or
two
contiguous
26
counties
with
a
population
of
at
least
300,000
people.
27
Division
V
of
the
bill
takes
effect
upon
enactment.
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