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Current as of January 01, 2024 | Updated by FindLaw Staff
1. A state reinvestment district fund is established in the state treasury under the control of the department consisting of the new state sales tax revenues collected within each district and deposited in the fund pursuant to section 423.2A, subsection 2, and the new state hotel and motel tax revenues collected within each district and deposited in the fund pursuant to section 423A.6. Moneys deposited in the fund are appropriated to the department for the purposes of this section. Moneys in the fund shall only be used for the purposes of this section.
2. A district account is created within the fund for each district created by a municipality under this chapter.
3. The department shall deposit the moneys described in subsection 1 that were collected in a quarter beginning on or after the district's commencement date into the appropriate district account in the fund.
4. All moneys in each district account within the fund shall be remitted quarterly by the department to the municipality that established the district for deposit in the municipality's reinvestment project fund established pursuant to section 15J.7.
5. The department shall adopt rules for the administration of the department's duties under this chapter, including the remittance of moneys to municipalities.
Cite this article: FindLaw.com - Iowa Code Title I. State Sovereignty and Management [Chs. 1-38D] § 15J.6. State reinvestment district fund - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-i-state-sovereignty-and-management-chs-1-38d/ia-code-sect-15j-6/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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