1. An Iowa coronavirus fiscal recovery fund is created in the state treasury under the authority of the office of the governor. The fund shall be separate from the general fund of the state and the balance in the fund shall not be considered part of the balance of the general fund of the state. The fund shall consist of moneys received by the state from the coronavirus state fiscal recovery fund pursuant to the American Rescue Plan Act of 2021, Pub. L. No. 117-2, and any other moneys appropriated to or deposited in the fund.
 2. Moneys in the fund are appropriated to the office of the governor to be used, expended, granted, or transferred as determined by the governor for any of the following purposes:

 a. To respond to the public health emergency with respect to COVID-19 or its negative economic impacts, including assistance to households, small businesses, and nonprofits, or aid to impacted industries such as tourism, travel, and hospitality.
 b. To respond to workers performing essential work during the COVID-19 public health emergency by providing premium pay to eligible workers of the state that are performing such essential work, or by providing grants to eligible employers that have eligible workers who perform essential work.
 c. For the provision of government services to the extent of the reduction in state revenue due to the COVID-19 public health emergency relative to revenues collected in the fiscal year beginning July 1, 2018.
 d. To make necessary investments in water, sewer, or broadband infrastructure.
 3. Except as provided in section 8.58, the fund shall be considered a special account for the purposes of section 8.53 in determining the cash position of the general fund of the state for the payment of state obligations. Notwithstanding section 8.33, moneys in the fund that remain unencumbered or unobligated at the close of a fiscal year shall not revert but shall remain available for expenditure for the purposes designated. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the fund shall be credited to the fund.
 4. This section is repealed July 1, 2025.