7C.4A - ALLOCATION OF STATE CEILING.
7C.4A ALLOCATION OF STATE CEILING.
For each calendar year, the state ceiling shall be allocated among
bonds issued for various purposes as follows:
1. a. Thirty percent of the state ceiling shall be allocated
solely to the Iowa finance authority for any of the following
purposes:
(1) Issuing qualified mortgage bonds.
(2) Reallocating the amount, or any portion thereof, to another
qualified political subdivision for the purpose of issuing qualified
mortgage bonds.
(3) Exchanging the allocation, or any portion thereof, for the
authority to issue mortgage credit certificates by election under
section 25(c) of the Internal Revenue Code.
(4) Issuing qualified residential rental project bonds.
b. However, at any time during the calendar year the
executive director of the Iowa finance authority may determine that a
lesser amount need be allocated to the Iowa finance authority and on
that date this lesser amount shall be the amount allocated to the
authority and the excess shall be allocated under subsection 7.
2. Twelve percent of the state ceiling shall be allocated to
bonds issued to carry out programs established under chapters 260C,
260E, and 260F. However, at any time during the calendar year the
director of the Iowa department of economic development may determine
that a lesser amount need be allocated and on that date this lesser
amount shall be the amount allocated for those programs and the
excess shall be allocated under subsection 7.
3. Sixteen percent of the state ceiling shall be allocated to
qualified student loan bonds. However, at any time during the
calendar year the governor's designee, with the approval of the Iowa
student loan liquidity corporation, may determine that a lesser
amount need be allocated to qualified student loan bonds and on that
date the lesser amount shall be the amount allocated for those bonds
and the excess shall be allocated under subsection 7.
4. Twenty-one percent of the state ceiling shall be allocated to
qualified small issue bonds issued for first-time farmers. However,
at any time during the calendar year the governor's designee, with
the approval of the Iowa agricultural development authority, may
determine that a lesser amount need be allocated to qualified small
issue bonds for first-time farmers and on that date this lesser
amount shall be the amount allocated for those bonds and the excess
shall be allocated under subsection 7.
5. Eighteen percent of the state ceiling shall be allocated to
bonds issued by political subdivisions to finance a qualified
industry or industries for the manufacturing, processing, or assembly
of agricultural or manufactured products even though the processed
products may require further treatment before delivery to the
ultimate consumer. A single project allocated a portion of the state
ceiling pursuant to this subsection shall not receive an allocation
in excess of ten million dollars in any calendar year.
6. During the period of January 1 through June 30, three percent
of the state ceiling shall be reserved for private activity bonds
issued by political subdivisions, the proceeds of which are used by
the issuing political subdivisions.
7. a. The amount of the state ceiling which is not otherwise
allocated under subsections 1 through 5, and after June 30, the
amount of the state ceiling reserved under subsection 6 and not
allocated, shall be allocated to all bonds requiring an allocation
under section 146 of the Internal Revenue Code without priority for
any type of bond over another, except as otherwise provided in
sections 7C.5 and 7C.11. A single project allocated a portion of the
state ceiling pursuant to this subsection shall not receive an
allocation in excess of ten million dollars in any calendar year.
b. The population of the state shall be determined in
accordance with the Internal Revenue Code. Section History: Recent Form
87 Acts, ch 171, § 4; 90 Acts, ch 1011, § 1; 91 Acts, ch 25, §1;
98 Acts, ch 1165, §1; 2005 Acts, ch 30, §2; 2008 Acts, ch 1024, § 1,
2; 2008 Acts, ch 1032, § 201
Referred to in § 7C.5, 7C.6, 7C.12, 7C.13