12.90C - APPROPRIATION BONDS CAPITALS FUND.
12.90C APPROPRIATION BONDS CAPITALS FUND.
1. An appropriation bonds capitals fund is created as a separate
fund in the state treasury. Moneys in the fund shall not be subject
to appropriation for any other purpose by the general assembly, but
shall be used only for the purposes of the appropriation bonds
capitals fund.
2. Revenue for the appropriation bonds capitals fund shall
include but is not limited to the following, which shall be deposited
with the treasurer of state or the treasurer of state's designee as
provided by any bond or security documents and credited to the fund:
a. The net proceeds of bonds issued pursuant to section
12.90A, other than bonds issued for the purpose of refunding such
bonds and investment earnings on the net proceeds.
b. Interest attributable to investment of moneys in the fund
or an account of the fund.
c. Moneys in the form of a devise, gift, bequest, donation,
federal or other grant, reimbursement, repayment, judgment, transfer,
payment, or appropriation from any source intended to be used for the
purposes of the fund.
3. Moneys in the fund in a fiscal year shall be used as
appropriated by the general assembly for certain infrastructure
projects and other purposes set out in section 12.90A, subsection 3,
to the extent practicable in any fiscal year and without limiting
other qualifying capital expenditures considered and approved by a
constitutional majority of each house of the general assembly and the
governor.
4. Moneys credited to the fund are not subject to section 8.33.
Notwithstanding section 12C.7, subsection 2, interest or earnings on
moneys in the fund shall be credited to the fund.
5. Annually, on or before January 15 of each year, a state agency
that received an appropriation from the appropriation bonds capitals
fund shall report to the legislative services agency and the
department of management the status of all projects completed or in
progress. The report shall include a description of the project, the
work completed, the total estimated cost of the project, a list of
all revenue sources being used to fund the project, the amount of
funds expended, the amount of funds obligated, and the date the
project was completed or an estimated completion date of the project,
where applicable.
6. Annually, on or before December 31 of each year, a recipient
of moneys from the appropriation bonds capitals fund for any purpose
shall report to the state agency to which the moneys are appropriated
the status of all projects completed or in progress. The report
shall include a description of the project, the progress of work
completed, the total estimated cost of the project, a list of all
revenue sources being used to fund the project, the amount of funds
expended, the amount of funds obligated, and the date the project was
completed or an estimated completion date of the project, where
applicable. Section History: Recent Form
2009 Acts, ch 174, §3; 2009 Acts, ch 179, §30
Referred to in § 8.57D