Iowa Lawmakers Shelve $2B, Bond-Heavy Development Plan

Shields, Yvette
April 2003
Bond Buyer;4/4/2003, Vol. 344 Issue 31608, p36
Trade Publication
Iowa legislators said that the state could not afford the Iowa Farm Bureau's 2 billion dollars, largely bond-financed economic development plan. The legislature's decision to put the plan on hold and look to several other smaller versions with similar goals was prompted by the release of a report that showed local governments and counties combined had more than 1.7 billion dollars of outstanding of tax-increment financing debt. Legislative aides said lawmakers are still likely to approve some type of economic program but it will likely range between 500 million dollars and 1 billion dollars. Governor Tom Vilsack proposed a 500 million dollars Iowa Values Fund for technology, education, and development projects.


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