Text: H08897 Text: H08899 Text: H08800 - H08899 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend the amendment, H-8711, to Senate File 2296, 1 2 as amended, passed, and reprinted by the Senate, as 1 3 follows: 1 4 #1. Page 1, by inserting after line 25 the 1 5 following: 1 6 "Sec. ___. Section 15E.83, Code 1997, is amended 1 7 to read as follows: 1 8 15E.83 SEED CAPITAL CORPORATION. 1 9 1. The Iowa seed capital corporation shall be 1 10 incorporated under chapter 504A.The purpose of the1 11corporation shall be to provide seed capital to start-1 12up and emerging growth companies in Iowa that are1 13bringing new products and processes to the1 14marketplace, and it shall be the goal of the1 15corporation to financially support the establishment1 16and growth of start-up and emerging growth companies1 17that can contribute to the economic diversity of the1 18state and provide general and specific economic1 19benefits to the state. The corporation shall only1 20provide seed capital or financial assistance to Iowa1 21businesses. The corporation shall not be regarded as1 22a state agency, except for purposes of chapters 17A1 23and 69, and a member of the board is not considered a1 24state employee, except for purposes of chapter 669.1 25An individual employed by the corporation is a state1 26employee for purposes of the Iowa public employees'1 27retirement system, state health and dental plans, and1 28other state employee benefit plans and chapter 669.1 29Chapters 8, 18, 19A, and 20 and other provisions of1 30law that relate to requirements or restrictions1 31dealing with state personnel or state funds do not1 32apply to the corporation and any employees of the1 33board or corporation except to the extent provided in1 34this division. Chapters 21 and 22 shall apply to1 35activities of the corporation and to employees of the1 36board or corporation except to the extent provided in1 37this division.1 38 2. The corporation shall be governed by a board of 1 39sevendirectorswho shall serve a term of four years. 1 40Of the seven directors, four shall be persons1 41experienced in business finance and employed at a bank1 42or other financial institution, be a certified public1 43accountant, be an attorney, or be a licensed1 44stockbroker. Each director shall serve at the1 45pleasure of the governor and shall be appointed by the1 46governor, subject to confirmation by the senate1 47pursuant to section 2.32. A director is eligible for1 48reappointment. A vacancy on the board of directors1 49shall be filled in the same manner as an original1 50appointment.2 13. The board of directors shall annually elect one2 2member as chairperson and one member as secretary.2 3The board may elect other officers of the corporation2 4as necessary. Members shall be reimbursed for2 5necessary expenses incurred in the performance of2 6duties from funds appropriated to the corporation.2 743. Each director of the corporation shall take 2 8 an oath of office and the record of each oath shall be 2 9 filed in the office of the secretary of state. 2 1054. The corporation shall receive information and 2 11 cooperate with other agencies of the state and the 2 12 political subdivisions of the state. 2 13 Sec. ___. Section 15E.85, Code 1997, is amended to 2 14 read as follows: 2 15 15E.85 BOARD OF DIRECTORS. 2 16 The powers of the corporation are vested in and 2 17 shall be exercised by the board of directors.Four2 18members of the board constitute a quorum and an2 19affirmative vote of at least four of the members2 20present at a meeting is necessary before an action may2 21be taken by the board.An action taken by the board 2 22 shall be authorized by resolution at a regular or 2 23 special meeting and takes effect immediately unless 2 24 the resolution specifies otherwise. Notice of a 2 25 meeting shall be given orally or in writing not less 2 26 than forty-eight hours prior to the meeting. 2 27 Sec. ___. Section 15E.87, Code 1997, is amended to 2 28 read as follows: 2 29 15E.87 CORPORATE PURPOSE – POWERS. 2 30 The purpose of the corporation is to stimulate and 2 31 encourage the development of new products within Iowa 2 32 by the infusion of financial aid for invention and 2 33 innovation in situations in which financial aid would 2 34 not otherwise be reasonably available from commercial 2 35 sources. For this purpose the corporation has the 2 36 following powers: 2 37 1. To have perpetual succession as a corporate 2 38 body and to adopt bylaws, policies, and procedures for 2 39 the regulation of its affairs and conduct of its 2 40 business consistent with the purposes of this 2 41 division. 2 422. To enter into venture agreements with persons2 43doing business in Iowa upon conditions and terms which2 44are consistent with the purposes of this division for2 45the advancement of financial aid to the persons. The2 46financial aid advanced shall be for the development of2 47specific products, procedures, and techniques which2 48are to be developed and produced in this state. The2 49corporation shall condition the agreements upon2 50contractual assurances that the benefits of increasing3 1or maintaining employment and tax revenues shall3 2remain in Iowa.3 33. To receive and accept aid or contributions from3 4a source of money, property, labor, or other things of3 5value to be used to carry out the purposes of this3 6division including gifts or grants from a department3 7or agency of the United States or any state.3 84. To issue notes and bonds as provided under this3 9division.3 1052. To hold patents, copyrights, trademarks, or 3 11 other evidences of protection or exclusivity issued 3 12 under the laws of this state or the United States to 3 13 any products. 3 1463. To employ assistants, agents, and other 3 15 employees and to engage consultants, attorneys, and 3 16 appraisers as necessary or desirable to carry out the 3 17 purposes of the corporation. 3 1874. To make and enter into contracts and 3 19 agreements necessary or incidental to its performance 3 20 of the duties and the powers granted to the 3 21 corporation. 3 2285. To sue and be sued, plead, and adopt a seal. 3 2396. With the approval of the treasurer of state, 3 24 to invest funds which are not needed for immediate use 3 25 or disbursement, including funds held in reserve, in 3 26 obligations issued or guaranteed by the state or the 3 27 United States. 3 28107. To procure insurance against a loss in 3 29 connection with its property and other assets. 3 30118. To the extent permitted under a corporation 3 31 contract with other persons, to consent to a 3 32 termination, modification, forgiveness, or other 3 33 change in the terms of a contractual right, payment, 3 34 royalty, contract, or agreement. 3 35129. To take necessary action to render bonds 3 36 issued under this division more marketable." 3 37 #2. Page 3, by striking lines 13 through 49 and 3 38 inserting the following: 3 39 ""Sec. ___. LIQUIDATION OF THE IOWA SEED CAPITAL 3 40 CORPORATION. Notwithstanding sections 15E.81 through 3 41 15E.94, sections 15E.181 through 15E.184, and 1997 3 42 Iowa Acts, chapter 143, sections 5 and 6, it is the 3 43 intent of the general assembly that the Iowa seed 3 44 capital corporation shall be liquidated or sold in an 3 45 orderly manner. On May 31, 1998, the terms of the 3 46 board members of the Iowa seed capital corporation 3 47 shall terminate, the Iowa seed capital corporation 3 48 shall be renamed the ISCC liquidation corporation, and 3 49 a three-person board shall be constituted to complete 3 50 the orderly liquidation or sale of the assets of the 4 1 ISCC liquidation corporation. The ISCC liquidation 4 2 corporation board shall consist of the commissioner of 4 3 insurance or the commissioner's designee, the 4 4 superintendent of banking or the superintendent's 4 5 designee, and the treasurer of state or the 4 6 treasurer's designee. The members of the ISCC 4 7 liquidation corporation board and any staff providing 4 8 assistance to the board shall not be liable for their 4 9 acts or omissions in connection with the liquidation 4 10 or sale of the corporation. The ISCC liquidation 4 11 corporation board shall close the corporation offices 4 12 at 200 East Grand, Des Moines, Iowa, by June 30, 1998, 4 13 terminate the officers and staff of the corporation by 4 14 June 30, 1998, and shall not hire a new permanent or 4 15 temporary staff to operate this corporation. 4 16 The staff of the treasurer of state shall provide 4 17 administrative support to the ISCC liquidation 4 18 corporation board and the corporation shall reimburse 4 19 the treasurer of state for the reasonable costs of 4 20 providing administrative support. The attorney 4 21 general shall be consulted and shall provide legal 4 22 support throughout the liquidation and sale process 4 23 and the corporation shall reimburse the attorney 4 24 general for the reasonable costs of providing any such 4 25 consultation and legal support. 4 26 The ISCC liquidation corporation board's goals in 4 27 supervising the liquidation or sale of the corporation 4 28 are to maximize the net revenue to the state and 4 29 minimize the impact to the companies involved. The 4 30 board shall not make any new investments during the 4 31 liquidation period, except for those necessary to 4 32 protect and maintain its current holdings. 4 33 The ISCC liquidation corporation board is 4 34 authorized to contract for the services, including 4 35 brokers, other financial advisors or consultants, or 4 36 legal advisors, necessary to complete the orderly 4 37 liquidation or sale of the ISCC liquidation 4 38 corporation. 4 39 The ISCC liquidation corporation board may 4 40 determine the potential administrative, legal, and 4 41 contractual service costs for the liquidation or sale 4 42 of the corporation and may maintain a prudent reserve 4 43 fund from liquid assets of the corporation for such 4 44 purposes. Upon the unanimous vote of the ISCC 4 45 liquidation corporation board the remainder of the 4 46 liquid assets shall be transferred to the strategic 4 47 investment fund established in section 15.313. 4 48 Following the complete liquidation and dissolution 4 49 of the corporation or the sale of the corporation, all 4 50 remaining moneys shall be transferred to the strategic 5 1 investment fund. Upon transfer of the remaining 5 2 moneys to the strategic investment fund, the ISCC 5 3 liquidation corporation board shall be dissolved."" 5 4 #3. Page 3, by inserting after line 49 the 5 5 following: 5 6 "# . Page 19, by inserting after line 26 the 5 7 following: 5 8 "Sec. __. Section 15E.86, Code 1997, is 5 9 repealed."" 5 10 5 11 5 12 5 13 LARSON of Linn 5 14 SF 2296.704 77 5 15 tm/sc/28
Text: H08897 Text: H08899 Text: H08800 - H08899 Text: H Index Bills and Amendments: General Index Bill History: General Index
© 1998 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Sat Apr 4 03:46:22 CST 1998
URL: /DOCS/GA/77GA/Legislation/H/08800/H08898/980403.html
jhf