Relating to the use of moneys in the Iowa economic emergency fund, and including effective date provisions

There are two conditions that must be met before the appropriation can be made. First, prior to the appropriation, the balance of the general fund at the end of the fiscal year for which the appropriation is made is negative. Second, the governor issues an official proclamation and notifies the legislative fiscal committee and the legislative services agency that the balance of the general fund is negative and that the appropriation made brings the general fund into balance. The bill provides instead that moneys in the Iowa economic emergency fund may be used to prevent or reduce an overdraft on or deficit in the general fund, upon executive order by the governor, in an amount not to exceed percent of the adjusted revenue estimate for the fiscal year for which the moneys are spent. The bill prohibits moneys in the fund from being used for this purpose until the governor issues an executive order and notifies the legislative fiscal committee and the legislative services agency that the balance of the general fund is or will be negative and that an appropriation from the Iowa economic emergency fund brings or will bring the general fund into balance or reduces or will reduce the deficit in the general fund. The bill takes effect upon enactment.