101C.4 - FUNDING -- ASSESSMENTS.
101C.4 FUNDING -- ASSESSMENTS.
1. The council and its activities shall be funded by an annual
assessment. Upon establishment of the council and each year
thereafter the annual assessment shall be made at a rate of one-tenth
of one cent on each gallon of odorized propane sold.
2. The owner of odorized propane at the time of odorization or at
the time of import shall calculate the amount of the assessment based
on the volume of odorized propane sold for use in this state. The
assessment, when made, shall be listed as a separate line item on the
bill of sale for the odorized propane and titled "Iowa propane
education and research assessment". Assessments shall be collected
by the owner from purchasers of the odorized propane and shall be
paid by the owner to the council on a monthly basis by the
twenty-fifth day of the month following the month the assessment was
collected. If payment is not made to the council by the due date as
required by this subsection, an interest penalty of one percent of
any amount unpaid shall be imposed against the owner for each month
or fraction of a month after the due date, until final payment is
made.
3. Notwithstanding subsection 2, the council may establish an
alternative means of collecting such assessments if the council
determines that another method would be more efficient or effective
and may establish an alternative late payment charge or interest
penalty to be imposed on a person who fails to timely pay any amount
due under this chapter to the council.
4. Pending the disbursement of assessments collected, the council
shall invest moneys collected through assessments and any other
moneys received by the council in any of the following:
a. Obligations of the United States or any agency of the
United States.
b. General obligations of any state or political subdivision
of any state.
c. Any interest-bearing account or certificate of deposit of
a bank that is a member of the federal reserve system.
d. Obligations that are fully guaranteed as to principal and
interest by the United States. Section History: Recent Form
2007 Acts, ch 182, §4, 15
Referred to in § 101C.3, 101C.8