Iowa Debating $900M Development Plan Using Revenues From Gaming

Shields, Yvette
April 2003
Bond Buyer;4/21/2003, Vol. 344 Issue 31618, p1
Trade Publication
Iowa lawmakers began debating a 900 million dollar economic development program that would divert gambling revenues from the state's general fund and earmark them to repay the bonds needed to finance the plan. The bill unveiled by a group of Democratic andRepublican House legislators is the latest version of an economic development plan first promoted by Democratic Governor Tom Vilsack in his budget address in early 2002 as a means to stimulate economic growth in the state. The fund would help promote technology, education, and development projects. Vilsack initially proposed a leaner 500 million dollar initiative that relied on gaming profits to repay bonds. The Iowa Farm Bureau then encouraged spending levels up to 2 billion dollars.


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