Iowa major events and tourism fund

1. a. The authority shall establish an Iowa major events and tourism fund pursuant to section 15.106A, subsection 1, paragraph “o”, for purposes of providing financial assistance as described in this chapter. The fund may be administered as a revolving fund and shall consist of any moneys transferred to the fund and any moneys appropriated by the general assembly for purposes of this chapter. b. 1. Notwithstanding section 8.33, moneys appropriated in this section that remain unencumbered or unobligated at the close of the fiscal year shall not revert but shall remain available for expenditure for the purposes designated until the close of the fiscal year following the succeeding fiscal year. 2. Moneys encumbered or obligated pursuant to financial assistance awarded under section 15G.103, subsection 4, shall be disbursed by the authority within five calendar years from the date of encumbrance or obligation, or the moneys shall revert to the state treasury and shall be credited to the funds from which the appropriations were made as provided in section 8.33. c. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys deposited in the fund shall be credited to the fund. 2. a. Moneys in the fund are appropriated to the authority for purposes of providing financial assistance under the program. The authority shall not use more than five percent of the moneys in the fund at the beginning of each fiscal year for purposes of administrative costs, technical assistance, and other program support. b. An entity that is awarded financial assistance pursuant to this chapter is not eligible to receive financial assistance under the sports tourism infrastructure program pursuant to chapter 15F, subchapter IV.