House File 932 signed into law

On Friday, May 25, Governor Chet Culver signed into law House File 932. The new law:

• Creates the TIME-21 Fund, with funding to be derived from any monies appropriated by the General Assembly and revenues credited by law to the TIME-21 Fund.
  
  
• Distributes any TIME-21 funding per a 60 percent Primary Road Fund/20 percent Secondary Road Fund/20 percent Street Construction Fund formula.
  
  
• Directs TIME-21 funding toward specific investment areas.
  
  
• Requires the Iowa Department of Transportation to periodically review and report on the current revenue levels of the Road Use Tax Fund (RUTF) and sufficiency of those revenues for the projected construction and maintenance needs of city, county and state governments in the future.
  
  
• Establishes an interim legislative TIME-21 Revenue Committee that will address the revenue needs of the TIME-21 Fund. The committee’s composition will be bipartisan with four members from each chamber. The committee will report its findings and recommendations to the General Assembly by Jan. 15, 2008.
  
  
• Makes several changes in the distribution and use of monies deposited into the Revitalize Iowa’s Sound Economy Fund, including an increase from 1/10 of 1 cent to 1/4 of 1 cent of the fuel tax available for RISE-eligible projects on the secondary road system.