15E.120 - LOAN REPAYMENTS.
15E.120 LOAN REPAYMENTS.
1. Cities which have received loans under the former Iowa
community development loan program, sections 7A.41 through 7A.49,
Code 1985, are still obligated to repay borrowed funds to the state
and to comply with terms and conditions of existing promissory notes.
2. After July 1, 1986, loan repayments made by recipient cities
are payable to the Iowa department of economic development in an
amount and at the time required by existing promissory notes.
3. Loan agreements with cities receiving loans under the former
Iowa community development loan program for projects which have not
been completed as of July 1, 1986, shall be amended by substituting
"Iowa department of economic development" for "office for planning
and programming". The Iowa department of economic development shall
assume the state's administrative responsibilities for these
uncompleted projects.
4. All loan agreements and promissory notes with cities with
completed projects shall, on July 1, 1986, be amended by substituting
"Iowa department of economic development" for "office for planning
and programming".
5. Loan repayments received by the Iowa department of economic
development shall be deposited into a special account to be used at
its discretion as matching funds to attract financial assistance from
and to participate in programs with national rural development and
finance corporations. Funds in this special account shall not revert
to the state general fund at the end of any fiscal year. If the
programs for which the funds in the special account are to be used
are terminated or expire, the funds in the special account and funds
that would be repaid, if any, to the special account shall be
transferred or repaid to the strategic investment fund established in
section 15.313. Section History: Recent Form
86 Acts, ch 1185, § 1
C87, § 28.120
90 Acts, ch 1262, §28; 91 Acts, ch 23, §12; 91 Acts, ch 264, §512;
91 Acts, ch 267, §313
C93, § 15E.120
95 Acts, ch 67, § 5; 2001 Acts, ch 61, §8; 2003 Acts, ch 71, §5;
2009 Acts, ch 123, §26
Referred to in § 384.4 Footnotes
Temporary appropriation of all moneys available from deposits made
pursuant to subsection 5; 2009 Acts, ch 176, §7