Creating a jobs and infrastructure revolving fund and program administered by the Iowa finance authority, and making appropriations

The inclusion of this explanation does not constitute agreement with the explanation’s substance by the members of the general assembly. This bill creates a jobs and infrastructure revolving fund (fund) and program administered by the Iowa finance authority (authority). The fund is created within the state treasury under the control of the authority for the purpose of providing financial assistance (assistance) to government subdivisions (subdivisions) for vertical infrastructure projects (project). “Vertical infrastructure” is defined in the bill as land acquisition and construction, major renovation and major repair of buildings, all appurtenant structures, utilities, site development, and recreational trails. “Vertical infrastructure” does not include routine, recurring maintenance or operational expenses or leasing of a building, appurtenant structure, or utility without a lease-purchase agreement. “Financial assistance” is also defined in the bill.7(2), there shall be deposited in the fund for the fiscal year beginning July 1, 2023, and for each fiscal year through the fiscal year beginning July 1, 2030, percent of the interest accumulated on moneys in the general fund of the state for the fiscal year. Any moneys deposited in the fund and all other moneys in the fund, including interest, earnings, and recaptures, shall be used for purposes of the program.7(2), interest or earnings on moneys in the fund shall be credited to the fund.33, moneys deposited in the fund that remain unencumbered or unobligated at the close of the fiscal year shall not revert but shall remain available for expenditure for the purposes designated until the close of the succeeding fiscal year. The authority shall use not more than percent of the moneys in the fund at the beginning of each fiscal year for purposes of administrative costs, marketing, technical assistance, and other program support. The authority shall establish and administer a jobs and infrastructure program (program) and shall use moneys in the fund to award assistance to eligible subdivisions for projects. To be eligible for assistance under the program, a subdivision must demonstrate the ability to obtain financial support from private sources for the subdivision’s project, and the financial support obtained from private sources must equal at least percent of the aggregate cost of the project. The subdivision must also demonstrate that the subdivision’s project will create or retain jobs as part of the project, and that the jobs will meet the requirements prescribed by the authority by rule. Subdivisions shall submit applications for the program in the manner prescribed by the authority by rule. The authority shall adopt rules necessary to implement and administer the bill.