Bill Text: IA SF408 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A bill for an act relating to the Iowa finance authority and making an appropriation. (Formerly SSB 1217.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2013-12-31 - END OF 2013 ACTIONS [SF408 Detail]
Download: Iowa-2013-SF408-Introduced.html
Senate
File
408
-
Introduced
SENATE
FILE
408
BY
COMMITTEE
ON
ECONOMIC
GROWTH
(SUCCESSOR
TO
SSB
1217)
A
BILL
FOR
An
Act
relating
to
the
Iowa
finance
authority
and
making
an
1
appropriation.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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S.F.
408
DIVISION
I
1
IOWA
JOBS
BOARD
2
Section
1.
Section
12.87,
subsection
12,
Code
2013,
is
3
amended
to
read
as
follows:
4
12.
Neither
the
treasurer
of
state,
the
Iowa
jobs
board
5
finance
authority
,
nor
any
person
acting
on
behalf
of
the
6
treasurer
of
state
or
the
Iowa
jobs
board
finance
authority
7
while
acting
within
the
scope
of
their
employment
or
agency,
is
8
subject
to
personal
liability
resulting
from
carrying
out
the
9
powers
and
duties
conferred
by
this
section
and
sections
12.88
10
through
12.90
.
11
Sec.
2.
Section
16.193,
subsection
1,
Code
2013,
is
amended
12
to
read
as
follows:
13
1.
The
Iowa
finance
authority
,
subject
to
approval
by
the
14
Iowa
jobs
board,
shall
adopt
administrative
rules
pursuant
to
15
chapter
17A
necessary
to
administer
the
Iowa
jobs
program
and
16
Iowa
jobs
II
program.
The
authority
shall
provide
the
board
17
with
assistance
in
implementing
administrative
functions,
be
18
responsible
for
providing
technical
assistance
and
application
19
assistance
to
applicants
under
the
programs,
negotiating
20
contracts,
and
providing
project
follow
up.
The
authority,
in
21
cooperation
with
the
board,
may
conduct
negotiations
on
behalf
22
of
the
board
with
applicants
regarding
terms
and
conditions
23
applicable
to
awards
under
the
program.
24
Sec.
3.
Section
16.194,
subsection
2,
Code
2013,
is
amended
25
to
read
as
follows:
26
2.
A
city
or
county
or
a
public
organization
in
this
27
state
may
submit
an
application
to
the
Iowa
jobs
board
28
authority
for
financial
assistance
for
a
local
infrastructure
29
competitive
grant
for
an
eligible
project
under
the
program,
30
notwithstanding
any
limitation
on
the
state’s
percentage
in
31
funding
as
contained
in
section
29C.6,
subsection
17
.
32
Sec.
4.
Section
16.194,
subsection
4,
unnumbered
paragraph
33
1,
Code
2013,
is
amended
to
read
as
follows:
34
The
board
authority
shall
consider
the
following
criteria
in
35
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evaluating
eligible
projects
to
receive
financial
assistance
1
under
the
program:
2
Sec.
5.
Section
16.194,
subsection
7,
Code
2013,
is
amended
3
to
read
as
follows:
4
7.
In
order
for
a
project
to
be
eligible
to
receive
5
financial
assistance
from
the
board
authority
,
the
project
6
must
be
a
public
construction
project
pursuant
to
subsection
1
7
with
a
demonstrated
substantial
local,
regional,
or
statewide
8
economic
impact.
9
Sec.
6.
Section
16.194,
subsection
8,
unnumbered
paragraph
10
1,
Code
2013,
is
amended
to
read
as
follows:
11
The
board
authority
shall
not
approve
an
application
for
12
assistance
for
any
of
the
following
purposes:
13
Sec.
7.
Section
16.194,
subsection
9,
paragraph
b,
Code
14
2013,
is
amended
to
read
as
follows:
15
b.
Any
portion
of
an
amount
allocated
for
projects
16
that
remains
unexpended
or
unencumbered
one
year
after
the
17
allocation
has
been
made
may
be
reallocated
to
another
project
18
category,
at
the
discretion
of
the
board
authority
.
The
board
19
authority
shall
ensure
that
all
bond
proceeds
be
expended
20
within
three
years
from
when
the
allocation
was
initially
made.
21
Sec.
8.
Section
16.194,
subsection
10,
Code
2013,
is
amended
22
to
read
as
follows:
23
10.
The
board
authority
shall
ensure
that
funds
obligated
24
under
this
section
are
coordinated
with
other
federal
program
25
funds
received
by
the
state,
and
that
projects
receiving
funds
26
are
located
in
geographically
diverse
areas
of
the
state.
27
Sec.
9.
Section
16.194A,
subsections
2,
7,
9,
and
10,
Code
28
2013,
are
amended
to
read
as
follows:
29
2.
A
city
or
county
in
this
state
that
applies
the
smart
30
planning
principles
and
guidelines
pursuant
to
sections
18B.1
31
and
18B.2
may
submit
an
application
to
the
Iowa
jobs
board
32
authority
for
financial
assistance
for
a
local
infrastructure
33
competitive
grant
for
an
eligible
project
under
the
program,
34
notwithstanding
any
limitation
on
the
state’s
percentage
in
35
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408
funding
as
contained
in
section
29C.6,
subsection
17
.
1
7.
In
order
for
a
project
to
be
eligible
to
receive
2
financial
assistance
from
the
board
authority
,
the
project
3
must
be
a
public
construction
project
pursuant
to
subsection
1
4
with
a
demonstrated
substantial
local,
regional,
or
statewide
5
economic
impact.
6
9.
Any
portion
of
an
amount
allocated
for
projects
7
that
remains
unexpended
or
unencumbered
one
year
after
the
8
allocation
has
been
made
may
be
reallocated
to
another
project
9
category,
at
the
discretion
of
the
board
authority
.
The
board
10
authority
shall
ensure
that
all
bond
proceeds
be
expended
11
within
three
years
from
when
the
allocation
was
initially
made.
12
10.
The
board
authority
shall
ensure
that
funds
obligated
13
under
this
section
are
coordinated
with
other
federal
program
14
funds
received
by
the
state,
and
that
projects
receiving
funds
15
are
located
in
geographically
diverse
areas
of
the
state.
16
Sec.
10.
Section
16.194A,
subsection
4,
unnumbered
17
paragraph
1,
Code
2013,
is
amended
to
read
as
follows:
18
The
board
authority
shall
consider
the
following
criteria
in
19
evaluating
eligible
projects
to
receive
financial
assistance
20
under
the
program:
21
Sec.
11.
Section
16.194A,
subsection
8,
unnumbered
22
paragraph
1,
Code
2013,
is
amended
to
read
as
follows:
23
The
board
authority
shall
not
approve
an
application
for
24
assistance
for
any
of
the
following
purposes:
25
Sec.
12.
Section
16.195,
Code
2013,
is
amended
to
read
as
26
follows:
27
16.195
Iowa
jobs
program
application
review.
28
1.
Applications
for
assistance
under
the
Iowa
jobs
program
29
and
Iowa
jobs
II
program
shall
be
submitted
to
the
Iowa
finance
30
authority
for
review
and
approval
.
The
authority
shall
provide
31
a
staff
review
and
evaluation
of
applications
to
the
Iowa
jobs
32
program
review
committee
referred
to
in
subsection
2
and
to
the
33
Iowa
jobs
board.
34
2.
A
review
committee
composed
of
members
of
the
board
35
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408
as
determined
by
the
board
shall
review
Iowa
jobs
program
1
applications
submitted
to
the
board
and
make
recommendations
2
regarding
the
applications
to
the
board.
When
reviewing
the
3
applications,
the
review
committee
and
the
authority
shall
4
consider
the
project
criteria
specified
in
sections
16.194
and
5
16.194A
.
The
board
authority
shall
develop
the
appropriate
6
level
of
transparency
regarding
project
fund
allocations.
7
3.
Upon
approval
of
an
application
for
financial
assistance
8
under
the
program,
the
board
authority
shall
notify
the
9
treasurer
of
state
regarding
the
amount
of
moneys
needed
to
10
satisfy
the
award
of
financial
assistance
and
the
terms
of
the
11
award.
The
treasurer
of
state
shall
notify
the
Iowa
finance
12
authority
any
time
moneys
are
disbursed
to
a
recipient
of
13
financial
assistance
under
the
program.
14
Sec.
13.
Section
16.196,
Code
2013,
is
amended
to
read
as
15
follows:
16
16.196
Iowa
jobs
restricted
capitals
fund
——
fund
17
appropriations.
18
1.
An
Iowa
jobs
restricted
capitals
fund
is
created
and
19
established
as
a
separate
and
distinct
fund
in
the
state
20
treasury.
The
fund
consists
of
moneys
appropriated
from
21
the
revenue
bonds
capitals
fund
created
in
section
12.88
.
22
The
moneys
in
the
fund
are
appropriated
to
the
Iowa
jobs
23
board
for
purposes
of
the
Iowa
jobs
program
established
in
24
section
16.194
.
Moneys
in
the
fund
shall
not
be
subject
to
25
appropriation
for
any
other
purpose
by
the
general
assembly,
26
but
shall
be
used
only
for
the
purposes
of
the
Iowa
jobs
27
program.
The
treasurer
of
state
shall
act
as
custodian
of
the
28
fund
and
disburse
moneys
contained
in
the
fund.
The
fund
shall
29
be
administered
by
the
board
which
shall
make
allocations
from
30
the
fund
consistent
with
the
purposes
of
the
Iowa
jobs
program.
31
2.
1.
There
is
appropriated
from
the
revenue
bonds
capitals
32
fund
created
in
section
12.88
,
to
the
Iowa
jobs
restricted
33
capitals
fund
authority
,
for
the
fiscal
year
beginning
July
1,
34
2009,
and
ending
June
30,
2010,
one
hundred
sixty-five
million
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dollars
to
be
allocated
as
follows:
1
a.
One
hundred
eighteen
million
five
hundred
thousand
2
dollars
for
competitive
grants
for
local
infrastructure
3
projects
relating
to
disaster
rebuilding,
reconstruction
4
and
replacement
of
local
buildings,
flood
control
and
flood
5
protection,
and
future
flood
prevention
public
projects.
An
6
applicant
for
a
local
infrastructure
grant
shall
not
receive
7
more
than
fifty
million
dollars
in
financial
assistance
from
8
the
fund.
9
b.
Forty-six
million
five
hundred
thousand
dollars
for
10
disaster
relief
and
mitigation
and
local
infrastructure
11
grants
for
the
following
renovation
and
construction
projects,
12
notwithstanding
any
limitation
on
the
state’s
percentage
13
participation
in
funding
as
contained
in
section
29C.6,
14
subsection
17
:
15
(1)
For
grants
to
a
county
with
a
population
between
16
one
hundred
eighty-nine
thousand
and
one
hundred
ninety-six
17
thousand
in
the
latest
preceding
certified
federal
census,
to
18
be
distributed
as
follows:
19
(a)
Ten
million
dollars
for
the
construction
of
a
new,
20
shared
facility
between
nonprofit
human
service
organizations
21
serving
the
public,
especially
the
needs
of
low-income
Iowans,
22
including
those
displaced
as
a
result
of
the
disaster
of
2008.
23
(b)
Five
million
dollars
for
the
construction
or
renovation
24
of
a
facility
for
a
county-funded
workshop
program
serving
25
the
public
and
particularly
persons
with
mental
illness
or
26
developmental
disabilities.
27
(2)
For
grants
to
a
city
with
a
population
between
one
28
hundred
ten
thousand
and
one
hundred
twenty
thousand
in
the
29
latest
preceding
certified
federal
census,
to
be
distributed
30
as
follows:
31
(a)
Five
million
dollars
for
an
economic
redevelopment
32
project
benefiting
the
public
by
improving
energy
efficiency
33
and
the
development
of
alternative
and
renewable
energy
34
technologies.
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(b)
Ten
million
dollars
for
a
museum
serving
the
public
and
1
dedicated
to
the
preservation
of
an
eastern
European
cultural
2
heritage
through
the
collection,
exhibition,
preservation,
and
3
interpretation
of
historical
artifacts.
4
(c)
Five
million
dollars
for
a
theater
serving
the
public
5
and
promoting
culture,
entertainment,
and
tourism.
6
(d)
Five
million
dollars
for
a
public
library.
7
(e)
Five
million
dollars
for
a
public
works
building.
8
(3)
One
million
five
hundred
thousand
dollars,
to
be
9
distributed
as
follows:
10
(a)
Five
hundred
thousand
dollars
to
a
city
with
a
11
population
between
six
hundred
and
six
hundred
fifty
in
the
12
latest
preceding
certified
federal
census,
for
a
public
fire
13
station.
14
(b)
Five
hundred
thousand
dollars
to
a
city
with
a
15
population
between
one
thousand
four
hundred
and
one
thousand
16
five
hundred
in
the
latest
preceding
certified
federal
census,
17
for
a
public
fire
station.
18
(c)
Five
hundred
thousand
dollars
for
a
city
with
a
19
population
between
seven
thousand
eight
hundred
and
seven
20
thousand
eight
hundred
fifty,
for
a
public
fire
station.
21
3.
2.
Grant
awards
for
a
project
under
subsection
2
1
,
22
paragraph
“b”
,
are
contingent
upon
submission
of
a
plan
for
each
23
project
by
the
applicable
county
or
city
governing
board
or
in
24
the
case
of
a
project
submitted
pursuant
to
subsection
2
1
,
25
paragraph
“b”
,
subparagraph
(2),
subparagraph
division
(b),
by
26
the
board
of
directors,
to
the
Iowa
jobs
board
authority
,
no
27
later
than
September
1,
2009,
detailing
a
description
of
the
28
project,
the
plan
to
rebuild,
and
the
amount
or
percentage
of
29
federal,
state,
local,
or
private
matching
moneys
which
will
30
be
or
have
been
provided
for
the
project.
Funds
not
utilized
31
in
accordance
with
subsection
2
,
paragraph
“b”
,
due
to
failure
32
to
file
a
plan
by
the
September
1
deadline
1,
shall
revert
to
33
the
Iowa
jobs
restricted
revenue
bonds
capitals
fund
to
be
34
available
for
local
infrastructure
competitive
grants
.
A
grant
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408
recipient
under
subsection
2
1
,
paragraph
“b”
,
shall
not
be
1
precluded
from
applying
for
a
local
infrastructure
competitive
2
grant
pursuant
to
this
section
and
section
16.195
.
3
4.
Moneys
in
the
fund
are
not
subject
to
section
8.33
.
4
Notwithstanding
section
12C.7,
subsection
2
,
interest
or
5
earnings
on
moneys
in
the
fund
shall
be
credited
to
the
fund.
6
5.
3.
Annually,
on
or
before
January
15
of
each
year,
the
7
board
authority
shall
report
to
the
legislative
services
agency
8
and
the
department
of
management
the
status
of
all
projects
9
receiving
moneys
from
the
fund
completed
or
in
progress.
The
10
report
shall
include
a
description
of
the
project,
the
progress
11
of
work
completed,
the
total
estimated
cost
of
the
project,
a
12
list
of
all
revenue
sources
being
used
to
fund
the
project,
the
13
amount
of
funds
expended,
the
amount
of
funds
obligated,
and
14
the
date
the
project
was
completed
or
an
estimated
completion
15
date
of
the
project,
where
applicable.
16
6.
4.
Payment
of
moneys
appropriated
from
the
fund
shall
be
17
made
in
a
manner
that
does
not
adversely
affect
the
tax-exempt
18
status
of
any
outstanding
bonds
issued
by
the
treasurer
of
19
state.
20
Sec.
14.
Section
16.197,
Code
2013,
is
amended
to
read
as
21
follows:
22
16.197
Limitation
of
liability.
23
A
member
of
the
Iowa
jobs
board,
a
person
acting
on
behalf
of
24
the
board
while
acting
within
the
scope
of
their
employment
or
25
agency,
The
authority
or
the
treasurer
of
state,
shall
not
be
26
subject
to
personal
liability
resulting
from
carrying
out
the
27
powers
and
duties
of
the
board
authority
or
the
treasurer,
as
28
applicable,
in
sections
16.192
16.193
through
16.196
.
29
Sec.
15.
IOWA
JOBS
BOARD
——
TRANSITION
PROVISIONS
——
30
LIMITATION
OF
LIABILITY.
31
1.
Any
contract
or
agreement
issued
or
entered
into
by
the
32
Iowa
jobs
board
relating
to
the
provisions
of
this
division
33
of
this
Act,
in
effect
on
the
effective
date
of
this
division
34
of
this
Act,
shall
continue
in
full
force
and
effect
and
35
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any
responsibility
of
the
board
relative
to
the
contracts
or
1
agreements
as
provided
in
those
contracts
or
agreements
shall
2
be
transferred
to
the
Iowa
finance
authority.
3
2.
A
member
of
the
Iowa
jobs
board
or
a
person
acting
on
4
behalf
of
the
board
while
acting
within
the
scope
of
that
5
person’s
employment
or
agency
shall
not
be
subject
to
personal
6
liability
resulting
from
carrying
out
the
powers
and
duties
7
of
the
board
prior
to
the
effective
date
of
this
division
of
8
this
Act,
as
applicable,
in
sections
12.87
through
12.90
and
in
9
sections
16.192
through
16.196,
Code
2013.
10
Sec.
16.
REPEAL.
Sections
16.191
and
16.192,
Code
2013,
11
are
repealed.
12
DIVISION
II
13
TITLE
GUARANTY
14
Sec.
17.
Section
16.1,
subsection
1,
paragraph
ad,
15
subparagraph
(7),
Code
2013,
is
amended
to
read
as
follows:
16
(7)
The
Iowa
title
guaranty
program.
17
Sec.
18.
Section
16.2A,
subsection
1,
Code
2013,
is
amended
18
to
read
as
follows:
19
1.
A
title
guaranty
division
is
created
within
the
20
authority.
The
division
may
also
be
referred
to
as
Iowa
title
21
guaranty.
The
powers
of
the
division
relating
to
the
issuance
22
of
title
guaranties
are
vested
in
and
shall
be
exercised
by
23
a
division
board
of
five
members
appointed
by
the
governor
24
subject
to
confirmation
by
the
senate.
The
membership
of
25
the
board
shall
include
an
attorney,
an
abstractor,
a
real
26
estate
broker,
a
representative
of
a
mortgage
lender,
and
27
a
representative
of
the
housing
development
industry.
The
28
executive
director
of
the
authority
shall
appoint
an
attorney
29
as
director
of
the
title
guaranty
division,
who
shall
serve
30
as
an
ex
officio
member
of
the
board.
The
appointment
of
and
31
compensation
for
the
division
director
are
exempt
from
the
32
merit
system
provisions
of
chapter
8A,
subchapter
IV
.
33
Sec.
19.
Section
16.91,
subsections
1,
3,
and
4,
Code
2013,
34
are
amended
to
read
as
follows:
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1.
The
authority
through
the
title
guaranty
division
shall
1
initiate
and
operate
a
program
in
which
the
division
shall
2
offer
guaranties
of
real
property
titles
in
this
state.
The
3
terms,
conditions
,
and
form
of
the
guaranty
contract
shall
be
4
forms
approved
by
the
division
board.
The
division
shall
fix
5
a
charge
for
the
guaranty
in
an
amount
sufficient
to
permit
6
the
program
to
operate
on
a
self-sustaining
basis,
including
7
payment
of
administrative
costs
and
the
maintenance
of
an
8
adequate
reserve
against
claims
under
the
Iowa
title
guaranty
9
program.
A
title
guaranty
fund
is
created
in
the
office
of
10
the
treasurer
of
state.
Funds
collected
under
this
program
11
shall
be
placed
in
the
title
guaranty
fund
and
are
available
12
to
pay
all
claims,
necessary
reserves
and
all
administrative
13
costs
of
the
Iowa
title
guaranty
program.
Moneys
in
the
fund
14
shall
not
revert
to
the
general
fund
and
interest
on
the
15
moneys
in
the
fund
shall
be
deposited
in
the
housing
trust
16
fund
established
in
section
16.181
and
shall
not
accrue
to
the
17
general
fund.
If
the
authority
board
in
consultation
with
the
18
division
board
determines
that
there
are
surplus
funds
in
the
19
title
guaranty
fund
after
providing
for
adequate
reserves
and
20
operating
expenses
of
the
division,
the
surplus
funds
shall
be
21
transferred
to
the
housing
assistance
fund
created
pursuant
to
22
section
16.40
.
23
3.
With
the
approval
of
the
authority
board
the
division
24
and
its
board
shall
consult
with
the
insurance
division
of
25
the
department
of
commerce
in
developing
a
guaranty
contract
26
acceptable
to
the
secondary
market
and
developing
any
other
27
feature
of
the
program
with
which
the
insurance
division
may
28
have
special
expertise.
The
insurance
division
shall
establish
29
the
amount
for
a
loss
reserve
fund.
Except
as
provided
in
this
30
subsection
,
the
Iowa
title
guaranty
program
is
not
subject
to
31
the
jurisdiction
of
or
regulation
by
the
insurance
division
or
32
the
commissioner
of
insurance.
33
4.
Each
participating
attorney
and
abstractor
may
be
34
required
to
pay
an
annual
participation
fee
to
be
eligible
to
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participate
in
the
Iowa
title
guaranty
program.
The
fee,
if
1
any,
shall
be
set
by
the
division,
subject
to
the
approval
of
2
the
authority.
3
Sec.
20.
Section
16.91,
subsection
5,
paragraph
a,
4
subparagraph
(2),
Code
2013,
is
amended
to
read
as
follows:
5
(2)
Additionally,
each
participating
abstractor
is
required
6
to
own
or
lease,
and
maintain
and
use
in
the
preparation
of
7
abstracts,
an
up-to-date
abstract
title
plant
including
tract
8
indices
for
real
estate
for
each
county
in
which
abstracts
are
9
prepared
for
real
property
titles
guaranteed
by
the
division.
10
The
tract
indices
shall
contain
a
reference
to
all
instruments
11
affecting
the
real
estate
which
are
recorded
in
the
office
of
12
the
county
recorder,
and
shall
commence
not
less
than
forty
13
years
prior
to
the
date
the
abstractor
commences
participation
14
in
the
Iowa
title
guaranty
program.
However,
a
participating
15
attorney
providing
abstract
services
continuously
from
November
16
12,
1986,
to
the
date
of
application,
either
personally
or
17
through
persons
under
the
attorney’s
supervision
and
control
is
18
exempt
from
the
requirements
of
this
subparagraph.
19
Sec.
21.
Section
16.91,
subsection
8,
Code
2013,
is
amended
20
to
read
as
follows:
21
8.
The
authority
shall
adopt
rules
pursuant
to
chapter
17A
22
that
are
necessary
for
the
implementation
of
the
Iowa
title
23
guaranty
program
as
established
by
the
division
and
that
have
24
been
approved
by
the
authority.
25
Sec.
22.
Section
16.92,
subsection
1,
paragraph
g,
Code
26
2013,
is
amended
to
read
as
follows:
27
g.
“Participating
abstractor”
means
an
abstractor
28
participating
in
the
Iowa
title
guaranty
program.
29
Sec.
23.
Section
447.13,
subsection
1,
Code
2013,
is
amended
30
to
read
as
follows:
31
1.
The
cost
of
serving
the
notice,
including
the
cost
of
32
sending
certified
mail
notices,
and
the
cost
of
publication
33
under
section
447.10
,
if
publication
is
required,
shall
be
34
added
to
the
amount
necessary
to
redeem.
The
cost
of
a
record
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408
search
shall
also
be
added
to
the
amount
necessary
to
redeem.
1
However,
if
the
certificate
holder
is
other
than
a
county,
the
2
search
must
be
performed
by
an
abstractor
who
is
an
active
3
participant
in
the
Iowa
title
guaranty
program
under
section
4
16.91
or
by
an
attorney
licensed
to
practice
law
in
the
state
5
of
Iowa,
and
the
amount
of
the
cost
of
the
record
search
that
6
may
be
added
to
the
amount
necessary
to
redeem
shall
not
exceed
7
three
hundred
dollars.
8
DIVISION
III
9
IOWA
FINANCE
AUTHORITY
10
Sec.
24.
Section
7C.4A,
subsection
5,
Code
2013,
is
amended
11
to
read
as
follows:
12
5.
Eighteen
percent
of
the
state
ceiling
shall
be
allocated
13
to
bonds
issued
by
political
subdivisions
to
finance
a
14
qualified
industry
or
industries
for
the
manufacturing,
15
processing,
or
assembly
of
agricultural
or
manufactured
16
products
even
though
the
processed
products
may
require
further
17
treatment
before
delivery
to
the
ultimate
consumer.
A
single
18
project
allocated
a
portion
of
the
state
ceiling
pursuant
to
19
this
subsection
shall
not
receive
an
allocation
in
excess
of
20
ten
twenty
million
dollars
in
any
calendar
year.
21
Sec.
25.
Section
16.5,
subsection
1,
paragraph
o,
Code
2013,
22
is
amended
to
read
as
follows:
23
o.
Contract
directly
with
architects,
engineers,
attorneys,
24
accountants,
housing
construction
and
finance
experts,
25
and
other
advisors.
However,
the
authority
may
enter
into
26
contracts
or
agreements
for
such
services
with
local,
state,
or
27
federal
governmental
agencies.
28
Sec.
26.
Section
16.26,
Code
2013,
is
amended
by
adding
the
29
following
new
subsections:
30
NEW
SUBSECTION
.
10.
In
connection
with
any
financing
31
which
involves
an
out-of-state
issuer
issuing
bonds,
notes,
32
or
other
obligations
for
facilities
located
in
the
state,
the
33
authority
is
designated
as
the
only
governmental
unit
in
the
34
state
that
may
conduct
the
public
hearing
required
by
section
35
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408
147(f)
of
the
federal
Internal
Revenue
Code,
as
defined
in
1
section
422.3,
and
the
governor
of
Iowa
is
designated
as
the
2
applicable
elected
representative
pursuant
to
section
147(f)
of
3
the
federal
Internal
Revenue
Code,
as
defined
in
section
422.3.
4
NEW
SUBSECTION
.
11.
All
bonds
or
notes
issued
by
the
5
authority
in
connection
with
its
single
family
and
multifamily
6
programs
are
exempt
from
taxation
by
this
state,
and
the
7
interest
on
the
bonds
or
notes
is
exempt
from
state
income
tax.
8
Sec.
27.
Section
16.102,
Code
2013,
is
amended
to
read
as
9
follows:
10
16.102
Establishment
of
bond
bank
program
——
bonds
and
notes
11
——
projects.
12
1.
The
authority
may
assist
the
development
and
expansion
13
of
family
farming,
soil
conservation,
housing,
and
business
14
in
the
state
through
the
establishment
of
the
Iowa
economic
15
development
bond
bank
program.
The
authority
may
issue
its
16
bonds
or
notes,
or
series
of
bonds
or
notes
for
the
purpose
of
17
defraying
the
cost
of
one
or
more
projects
and
make
secured
18
and
unsecured
loans
for
the
acquisition
and
construction
of
19
projects
on
terms
the
authority
determines
regardless
of
20
location
.
21
2.
For
purposes
of
this
section,
“project”
includes
real
22
or
personal
property
connected
with
a
facility
that
is
located
23
outside
of
the
state
if
at
least
fifty
percent
of
the
financing
24
for
the
program
shall
be
used
in
the
state
and
if
the
authority
25
has
conclusively
determined
that
the
entity
financing
or
26
refinancing
property
located
outside
the
state,
or
an
affiliate
27
thereof,
is
also
engaged
in
the
financing
or
refinancing
of
28
property
located
within
the
state,
or,
alternatively,
the
29
entity
seeking
the
financing
or
refinancing,
or
an
affiliate
30
thereof,
maintains
a
presence
within
the
state,
and
financing
31
or
refinancing
the
property
located
outside
the
state
would
32
promote
the
economy
of
the
state
for
the
benefit
of
the
health,
33
welfare,
safety,
trade,
commerce,
industry,
or
economy
of
the
34
people
of
the
state.
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EXPLANATION
1
This
bill
concerns
the
Iowa
finance
authority.
2
Division
I
eliminates
the
Iowa
jobs
board
and
provides
that
3
any
duties
or
responsibilities
of
the
Iowa
jobs
board
shall
4
become
the
responsibility
of
the
Iowa
finance
authority.
The
5
division
also
provides
transition
provisions
relative
to
any
6
contracts
or
agreements
entered
into
by
the
Iowa
jobs
board
and
7
provides
for
a
limitation
of
personal
liability
for
actions
by
8
a
member
or
agent
of
the
board
taken
prior
to
the
effective
9
date
of
the
division
relative
to
the
duties
of
the
board.
10
Division
II
renames
the
title
guaranty
program
as
the
11
Iowa
title
guaranty
program.
The
bill
also
allows
the
title
12
guaranty
division
to
be
referred
to
as
Iowa
title
guaranty.
13
Division
III
concerns
bond
activity
and
the
Iowa
finance
14
authority.
15
Code
section
7C.4A(5),
concerning
the
allocation
of
16
the
state
ceiling
on
bonds
to
bonds
issued
by
a
political
17
subdivision,
is
amended
to
increase
the
amount
any
one
project
18
may
receive
from
private
activity
bonds
from
$10
million
to
$20
19
million.
20
Code
section
16.5,
describing
the
general
powers
of
the
Iowa
21
finance
authority,
is
amended.
The
bill
grants
the
power
to
22
the
authority
to
contract
directly
with
architects,
engineers,
23
attorneys,
and
other
advisors.
24
Code
section
16.26,
concerning
bonds
and
notes,
is
amended.
25
The
bill
provides
that
for
certain
bonds,
notes,
or
other
26
obligations,
the
authority
is
designated
as
the
governmental
27
unit
that
may
conduct
the
public
hearing
required
by
the
28
federal
Internal
Revenue
Code
and
the
governor
of
Iowa
is
29
designated
as
the
applicable
elected
representative
pursuant
to
30
the
Internal
Revenue
Code.
In
addition,
the
bill
allows
for
31
bonds
issued
for
the
single
family
and
multifamily
programs
to
32
be
exempt
from
state
income
tax.
33
Code
section
16.102,
concerning
the
bond
bank
program,
is
34
amended
to
allow
projects
for
property
located
outside
of
the
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408
state
if
at
least
50
percent
of
the
financing
for
the
program
1
shall
be
used
in
the
state
and,
either
the
entity
financing
2
the
property
outside
the
state
is
also
financing
property
3
located
within
the
state
or
the
entity
maintains
a
presence
in
4
the
state
and
financing
the
property
outside
the
state
would
5
benefit
the
state.
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