12.89A Revenue bonds federal subsidy holdback fund.
1. A revenue bonds federal subsidy holdback fund is created and established as a separate and distinct fund in the state treasury. The treasurer of state shall act as custodian of the fund and disburse moneys contained in the fund.
2. The moneys in such fund shall include all of the following:
a. The revenues required to be deposited in the fund pursuant to section 8.57, subsection 5, paragraph “e”, subparagraphs (1) and (2).
b. Interest attributable to investment moneys in the fund.
c. Any other moneys from any other sources which may be legally available to the treasurer of state for the purpose of the fund.
3. The moneys in the revenue bonds federal subsidy holdback fund are appropriated and shall be used or transferred to the revenue bonds debt service fund created in section 12.89, subsection 1, solely for the purpose of making payments of principal and interest on federal subsidy bonds when due, if the treasurer of state or the treasurer’s designee has not received a federal subsidy scheduled to be received for such payment by the due date.
4. The moneys on deposit in the revenue bonds federal subsidy holdback fund shall be used or transferred to the revenue bonds debt service fund created in section 12.89, subsection 1, solely for the purpose of making payments of principal and interest on federal subsidy bonds prior to any use or transfer of moneys on deposit in any bond reserve fund created for such federal subsidy bonds by the treasurer of state pursuant to section 12.89, subsection 3, paragraph “a”.
5. At any time during each fiscal year that there are moneys on deposit in the revenue bonds federal subsidy holdback fund that are not needed to pay principal and interest on federal subsidy bonds during such fiscal year as determined by the treasurer of state or the treasurer’s designee, such moneys on deposit in the revenue bonds federal subsidy holdback fund shall be credited to the rebuild Iowa infrastructure fund created in section 8.57.
6. For purposes of this section:
a. “Federal subsidy” means any payment from the federal government with respect to federal subsidy bonds.
b. “Federal subsidy bonds” means any bonds issued and sold pursuant to section 12.87 for which a federal subsidy is expected to be paid on or before any date on which interest on such bonds is due and payable.
2010 Acts, ch 1184, §81; 2011 Acts, ch 25, §7; 2012 Acts, ch 1021, §131; 2020 Acts, ch 1062, §3
Referred to in §8.57, 12.87, 12.89
Structure Iowa Code
Title I - STATE SOVEREIGNTY AND MANAGEMENT
Chapter 12 - TREASURER OF STATE
Section 12.1 - Office — accounts — reports.
Section 12.2 - Daily balance sheet.
Section 12.3 - Record and payment of warrants.
Section 12.6 - Report to and account with director of the department of administrative services.
Section 12.7 - Interest on bonds.
Section 12.9 - Employee classifications.
Section 12.10 - Deposits by state officers.
Section 12.14 - Statement itemized.
Section 12.15 - Director and treasurer to keep account.
Section 12.16 - Swampland indemnity.
Section 12.17 - Biennial report.
Section 12.19 - Six-months limit on checks.
Section 12.20 - Issuance of new check.
Section 12.21 - Accepting credit card payments.
Section 12.25 - Legislative findings.
Section 12.26 - Issuance of revenue anticipation notes.
Section 12.28 - Centralized financing for state agency purchase of real and personal property.
Section 12.30 - Coordination of bonding activities.
Section 12.33 - Public policy.
Section 12.34 - Linked investments — limitations — rules — maturity and renewal of certificates.
Section 12.35 - Agreement — loan applications.
Section 12.36 - Actions by treasurer.
Section 12.40 - Rural small business transfer linked investment loan program.
Section 12.41 - Horticultural and nontraditional crops linked investment loan program.
Section 12.43 - Small business linked investments program created — definitions.
Section 12.43A - Traditional livestock producer’s linked investment loan program.
Section 12.43B - Value-added agricultural linked investment loan program.
Section 12.44 - Iowa satisfaction and performance bond program.
Section 12.61 - State-sponsored credit card.
Section 12.65 - Healthy Iowans tobacco trust.
Section 12.71 - General and specific bonding powers — vision Iowa program — future repeal.
Section 12.72 - Vision Iowa fund and reserve funds.
Section 12.73 - Vision Iowa fund moneys — administrative costs.
Section 12.79 - FY 2009 prison bonding fund.
Section 12.80 - General and specific bonding powers — prison infrastructure.
Section 12.81 - General and specific bonding powers — school infrastructure program.
Section 12.82 - School infrastructure fund and reserve funds.
Section 12.83 - School infrastructure fund moneys — state fire marshal.
Section 12.87 - General and specific bonding powers — revenue bonds — Iowa jobs program.
Section 12.88 - Revenue bonds capitals fund.
Section 12.88A - Revenue bonds capitals II fund.
Section 12.89 - Revenue bonds debt service fund and bond reserve funds.
Section 12.89A - Revenue bonds federal subsidy holdback fund.
Section 12.90 - Pledges — construction.
Section 12.90A - Annual appropriation bonds.
Section 12.90B - Annual appropriation bonds debt service fund and reserve funds.
Section 12.90C - Appropriation bonds capitals fund.
Section 12.91 - Utilities board and consumer advocate building project — bond issue.