Senate File 461 - Introduced SENATE FILE 461 BY COMMITTEE ON VETERANS AFFAIRS (SUCCESSOR TO SSB 1174) A BILL FOR An Act to include veterans in the small business linked 1 investments program. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 2277SV (1) 90 dg/rn
S.F. 461 Section 1. Section 12.34, subsection 1, Code 2023, is 1 amended to read as follows: 2 1. a. The treasurer of state may invest up to the lesser 3 of one hundred eight million dollars or twenty-five percent 4 of the balance of the state pooled money fund in certificates 5 of deposit in eligible lending institutions as provided in 6 section 12.32 , this section , and sections 12.35 through 12.43 . 7 One-half of the moneys invested pursuant to this section shall 8 be made available under the program implemented pursuant to 9 section 12.43 to increase the availability of lower cost 10 moneys for purposes of injecting needed capital into small 11 businesses which are fifty-one percent or more owned, operated, 12 and actively managed by one or more women, veterans, minority 13 persons, or persons with disabilities. Disability and 14 minority person mean the same as defined in section 15.102 . 15 The treasurer shall invest the remaining one-half of the moneys 16 invested pursuant to this section to support any other eligible 17 applicant as provided in section 12.43 . 18 b. For the purposes of this section: 19 (1) Disability means the same as defined in section 20 15.102. 21 (2) Minority person means the same as defined in section 22 15.102. 23 (3) Veteran means a person who served on federal 24 active duty, other than training, in the armed forces of the 25 United States and who was released or discharged under any 26 circumstances other than dishonorable conditions, or who meets 27 the definition of veteran in section 35.1. 28 EXPLANATION 29 The inclusion of this explanation does not constitute agreement with 30 the explanations substance by the members of the general assembly. 31 This bill allows the treasurer of state to make loans to 32 businesses which are 51 percent or more owned, operated, and 33 actively managed by one or more veterans through the small 34 business linked investments program. 35 -1- LSB 2277SV (1) 90 dg/rn 1/ 2
S.F. 461 The bill defines a veteran, for the purposes of the small 1 business linked investments program, as a person who served on 2 federal active duty, other than training, in the armed forces 3 of the United States and who was released or discharged under 4 any circumstances other than dishonorable conditions, or who 5 meets the definition of a veteran in Code section 35.1. 6 -2- LSB 2277SV (1) 90 dg/rn 2/ 2