Text: S05539 Text: S05541 Text: S05500 - S05599 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 2296, as amended, passed, and 1 2 reprinted by the Senate, as follows: 1 3 #1. Page 1, line 16, by striking the figure 1 4 "1,497,074", and inserting the following: 1 5 "1,494,231". 1 6 #2. Page 2, line 7, by striking the figure 1 7 "3,942,849", and inserting the following: 1 8 "3,940,232". 1 9 #3. Page 2, line 24, by striking the figure 1 10 "452,252", and inserting the following: "450,622". 1 11 #4. Page 2, line 30, by striking the figure 1 12 "106,124", and inserting the following: "103,967". 1 13 #5. Page 3, line 5, by striking the figure 1 14 "6,806,774", and inserting the following: 1 15 "6,803,513". 1 16 #6. Page 4, line 34, by striking the figure 1 17 "427,429", and inserting the following: "425,219". 1 18 #7. Page 5, line 12, by striking the figure 1 19 "829,338", and inserting the following: "827,215". 1 20 #8. Page 6, line 12, by striking the figure 1 21 "422,719", and inserting the following: "418,737". 1 22 #9. Page 7, line 11, by striking the figure 1 23 "2,022,107", and inserting the following: 1 24 "2,010,073". 1 25 #10. Page 7, by inserting after line 16 the 1 26 following: 1 27 "The department shall file a report every six 1 28 months with the general assembly in a manner 1 29 consistent with section 7A.11 and with the 1 30 chairpersons and ranking members of the joint 1 31 appropriations subcommittee on economic development 1 32 which gives an update of all activities regarding 1 33 trade promotion in the Chinese market." 1 34 #11. Page 8, line 15, by striking the figure 1 35 "5,040,732", and inserting the following: 1 36 "5,038,912". 1 37 #12. Page 10, line 5, by striking the figure 1 38 "6,175,000" and inserting the following: "6,850,000". 1 39 #13. Page 14, line 16, by striking the words and 1 40 figures "by July 1, 1998". 1 41 #14. Page 16, by inserting after line 24 the 1 42 following: 1 43 "Sec. 13A. IOWA HOUSING CORPORATION. There is 1 44 appropriated from the strategic investment fund to the 1 45 Iowa housing corporation for the fiscal year beginning 1 46 July 1, 1998, and ending June 30, 1999, the following 1 47 amount, or so much thereof as is necessary, to be used 1 48 for the purposes designated: 1 49 For assisting in the payment of per diem expenses 1 50 for board members attending the bimonthly board 2 1 meetings: 2 2 .................................................. $ 7,350 2 3 Sec. 13B. AUDITOR OF STATE. There is appropriated 2 4 from the strategic investment fund to the auditor of 2 5 state for the fiscal year beginning July 1, 1998, and 2 6 ending June 30, 1999, the following amount, or so much 2 7 thereof as is necessary, to be used for the purposes 2 8 designated: 2 9 For payment of expenses related to auditing of the 2 10 Iowa housing corporation: 2 11 .................................................. $ 4,000 2 12 Sec. ___. Section 15E.83, Code 1997, is amended to 2 13 read as follows: 2 14 15E.83 SEED CAPITAL CORPORATION. 2 15 1. The Iowa seed capital corporation shall be 2 16 incorporated under chapter 504A.The purpose of the2 17corporation shall be to provide seed capital to start-2 18up and emerging growth companies in Iowa that are2 19bringing new products and processes to the2 20marketplace, and it shall be the goal of the2 21corporation to financially support the establishment2 22and growth of start-up and emerging growth companies2 23that can contribute to the economic diversity of the2 24state and provide general and specific economic2 25benefits to the state. The corporation shall only2 26provide seed capital or financial assistance to Iowa2 27businesses. The corporation shall not be regarded as2 28a state agency, except for purposes of chapters 17A2 29and 69, and a member of the board is not considered a2 30state employee, except for purposes of chapter 669.2 31An individual employed by the corporation is a state2 32employee for purposes of the Iowa public employees'2 33retirement system, state health and dental plans, and2 34other state employee benefit plans and chapter 669.2 35Chapters 8, 18, 19A, and 20 and other provisions of2 36law that relate to requirements or restrictions2 37dealing with state personnel or state funds do not2 38apply to the corporation and any employees of the2 39board or corporation except to the extent provided in2 40this division. Chapters 21 and 22 shall apply to2 41activities of the corporation and to employees of the2 42board or corporation except to the extent provided in2 43this division.2 44 2. The corporation shall be governed by a board of 2 45sevendirectorswho shall serve a term of four years. 2 46Of the seven directors, four shall be persons2 47experienced in business finance and employed at a bank2 48or other financial institution, be a certified public2 49accountant, be an attorney, or be a licensed2 50stockbroker. Each director shall serve at the3 1pleasure of the governor and shall be appointed by the3 2governor, subject to confirmation by the senate3 3pursuant to section 2.32. A director is eligible for3 4reappointment. A vacancy on the board of directors3 5shall be filled in the same manner as an original3 6appointment.3 73. The board of directors shall annually elect one3 8member as chairperson and one member as secretary.3 9The board may elect other officers of the corporation3 10as necessary. Members shall be reimbursed for3 11necessary expenses incurred in the performance of3 12duties from funds appropriated to the corporation.3 1343. Each director of the corporation shall take 3 14 an oath of office and the record of each oath shall be 3 15 filed in the office of the secretary of state. 3 1654. The corporation shall receive information and 3 17 cooperate with other agencies of the state and the 3 18 political subdivisions of the state. 3 19 Sec. ___. Section 15E.85, Code 1997, is amended to 3 20 read as follows: 3 21 15E.85 BOARD OF DIRECTORS. 3 22 The powers of the corporation are vested in and 3 23 shall be exercised by the board of directors.Four3 24members of the board constitute a quorum and an3 25affirmative vote of at least four of the members3 26present at a meeting is necessary before an action may3 27be taken by the board.An action taken by the board 3 28 shall be authorized by resolution at a regular or 3 29 special meeting and takes effect immediately unless 3 30 the resolution specifies otherwise. Notice of a 3 31 meeting shall be given orally or in writing not less 3 32 than forty-eight hours prior to the meeting. 3 33 Sec. ___. Section 15E.87, Code 1997, is amended to 3 34 read as follows: 3 35 15E.87 CORPORATE PURPOSE – POWERS. 3 36 The purpose of the corporation is to stimulate and 3 37 encourage the development of new products within Iowa 3 38 by the infusion of financial aid for invention and 3 39 innovation in situations in which financial aid would 3 40 not otherwise be reasonably available from commercial 3 41 sources. For this purpose the corporation has the 3 42 following powers: 3 43 1. To have perpetual succession as a corporate 3 44 body and to adopt bylaws, policies, and procedures for 3 45 the regulation of its affairs and conduct of its 3 46 business consistent with the purposes of this 3 47 division. 3 482. To enter into venture agreements with persons3 49doing business in Iowa upon conditions and terms which3 50are consistent with the purposes of this division for4 1the advancement of financial aid to the persons. The4 2financial aid advanced shall be for the development of4 3specific products, procedures, and techniques which4 4are to be developed and produced in this state. The4 5corporation shall condition the agreements upon4 6contractual assurances that the benefits of increasing4 7or maintaining employment and tax revenues shall4 8remain in Iowa.4 93. To receive and accept aid or contributions from4 10a source of money, property, labor, or other things of4 11value to be used to carry out the purposes of this4 12division including gifts or grants from a department4 13or agency of the United States or any state.4 144. To issue notes and bonds as provided under this4 15division.4 1652. To hold patents, copyrights, trademarks, or 4 17 other evidences of protection or exclusivity issued 4 18 under the laws of this state or the United States to 4 19 any products. 4 2063. To employ assistants, agents, and other 4 21 employees and to engage consultants, attorneys, and 4 22 appraisers as necessary or desirable to carry out the 4 23 purposes of the corporation. 4 2474. To make and enter into contracts and 4 25 agreements necessary or incidental to its performance 4 26 of the duties and the powers granted to the 4 27 corporation. 4 2885. To sue and be sued, plead, and adopt a seal. 4 2996. With the approval of the treasurer of state, 4 30 to invest funds which are not needed for immediate use 4 31 or disbursement, including funds held in reserve, in 4 32 obligations issued or guaranteed by the state or the 4 33 United States. 4 34107. To procure insurance against a loss in 4 35 connection with its property and other assets. 4 36118. To the extent permitted under a corporation 4 37 contract with other persons, to consent to a 4 38 termination, modification, forgiveness, or other 4 39 change in the terms of a contractual right, payment, 4 40 royalty, contract, or agreement. 4 41129. To take necessary action to render bonds 4 42 issued under this division more marketable." 4 43 Sec. 13C. Section 16.5, Code Supplement 1997, is 4 44 amended by adding the following new subsections: 4 45 NEW SUBSECTION. 18. Require any nonprofit 4 46 corporation created by or in association with the 4 47 authority since January 1, 1989, to include two 4 48 representatives of nonprofit housing organizations as 4 49 voting members on the board of directors of any such 4 50 corporation. Any such nonprofit corporation shall not 5 1 have more than one member on the board of directors 5 2 who is employed by the authority or serves on the 5 3 board of directors of the authority. 5 4 NEW SUBSECTION. 19. Require any nonprofit 5 5 corporation created by or in association with the 5 6 authority since January 1, 1989, to file a detailed 5 7 report by January 15 of each year with the 5 8 chairpersons and ranking members of the appropriate 5 9 appropriations subcommittees of the general assembly 5 10 which shall include, at a minimum, all of the 5 11 following: 5 12 a. An annual report of the corporation. 5 13 b. An itemized list of projects assisted, project 5 14 fees received, project locations, types and amounts of 5 15 assistance provided, and contact persons for each 5 16 project. 5 17 c. An itemized list of types and amounts of 5 18 financial assistance provided to the corporation by 5 19 outside sources. 5 20 d. A list, by position, of all corporate employees 5 21 and board members. The information submitted pursuant 5 22 to this paragraph shall include the compensation 5 23 received, including salary and benefits, received by 5 24 each employee and board member. 5 25 NEW SUBSECTION. 20. Require any nonprofit 5 26 corporation created by or in association with the 5 27 authority since January 1, 1989, to adopt a written 5 28 conflict of interests policy. 5 29 Sec. 13D. AUDIT. By January 15, 1999, the auditor 5 30 of state shall conduct an audit, or review any 5 31 previously completed audit, of any nonprofit 5 32 corporation in existence which has been incorporated 5 33 since January 1, 1989, by or in association with the 5 34 Iowa finance authority, for the entire time period 5 35 since the corporation was incorporated. The auditor 5 36 shall make or cause to be made a written report 5 37 consistent with and similar to the type of report 5 38 required under section 11.4. The auditor of state may 5 39 conduct similar additional audits of the same 5 40 nonprofit corporation as the auditor deems necessary 5 41 and the nonprofit corporation shall pay a fee for all 5 42 audits conducted. 5 43 Sec. 13E. HOUSING CORPORATION BOARD. The board of 5 44 directors of the Iowa housing corporation shall 5 45 consist of seven voting members serving staggered 5 46 three-year terms. Two members shall be 5 47 representatives of nonprofit housing organizations 5 48 appointed by the governor subject to confirmation by 5 49 the senate. The Iowa association of realtors, the 5 50 home builders association of Iowa, and the Iowa 6 1 bankers association shall all appoint one member to 6 2 the board. The governor shall appoint the remaining 6 3 two board members subject to confirmation by the 6 4 senate. The initial terms of one representative of a 6 5 nonprofit housing organization and the representative 6 6 of the Iowa association of realtors shall be appointed 6 7 for terms commencing by July 1, 1998, or as soon 6 8 thereafter as possible, the representative of the Iowa 6 9 bankers association and one appointment by the 6 10 governor from the general public shall be appointed 6 11 for terms commencing May 1, 1999, and the 6 12 representative of the home builders association of 6 13 Iowa, one representative of a nonprofit housing 6 14 organization, and one appointment by the governor from 6 15 the general public shall be appointed for terms 6 16 commencing May 1, 2000. Board members serving on the 6 17 effective date of this section shall continue to serve 6 18 on the board until replaced by members designated in 6 19 this section. After the initial appointments, all 6 20 succeeding appointees shall serve staggered three year 6 21 terms beginning and ending as provided in chapter 69. 6 22 All appointments to the board of directors made by the 6 23 governor shall conform to the requirements of sections 6 24 69.15, 69.16, 69.16A, 69.17, 69.18, and 69.19. An 6 25 employee or staff member of the Iowa housing 6 26 corporation shall not be eligible to serve on the 6 27 board of directors." 6 28 #15. By striking page 16, line 25, through page 6 29 17, line 27, and inserting the following: 6 30 "Sec. ___. LIQUIDATION OF THE IOWA SEED CAPITAL 6 31 CORPORATION. Notwithstanding sections 15E.81 through 6 32 15E.94, sections 15E.181 through 15E.184, and 1997 6 33 Iowa Acts, chapter 143, sections 5 and 6, it is the 6 34 intent of the general assembly that the Iowa seed 6 35 capital corporation shall be liquidated or sold in an 6 36 orderly manner. On May 31, 1998, the terms of the 6 37 board members of the Iowa seed capital corporation 6 38 shall terminate, the Iowa seed capital corporation 6 39 shall be renamed the ISCC liquidation corporation, and 6 40 a three-person board shall be constituted to complete 6 41 the orderly liquidation or sale of the assets of the 6 42 ISCC liquidation corporation. The ISCC liquidation 6 43 corporation board shall consist of the commissioner of 6 44 insurance or the commissioner's designee, the 6 45 superintendent of banking or the superintendent's 6 46 designee, and the treasurer of state or the 6 47 treasurer's designee. The members of the ISCC 6 48 liquidation corporation board and any staff providing 6 49 assistance to the board shall not be liable for their 6 50 acts or omissions in connection with the liquidation 7 1 or sale of the corporation. The ISCC liquidation 7 2 corporation board shall close the corporation offices 7 3 at 200 East Grand, Des Moines, Iowa, by June 30, 1998, 7 4 terminate the officers and staff of the corporation by 7 5 June 30, 1998, and shall not hire a new permanent or 7 6 temporary staff to operate this corporation. 7 7 The staff of the treasurer of state shall provide 7 8 administrative support to the ISCC liquidation 7 9 corporation board and the corporation shall reimburse 7 10 the treasurer of state for the reasonable costs of 7 11 providing administrative support. The attorney 7 12 general shall be consulted and shall provide legal 7 13 support throughout the liquidation and sale process 7 14 and the corporation shall reimburse the attorney 7 15 general for the reasonable costs of providing any such 7 16 consultation and legal support. 7 17 The ISCC liquidation corporation board's goals in 7 18 supervising the liquidation or sale of the corporation 7 19 are to maximize the net revenue to the state and 7 20 minimize the impact to the companies involved. The 7 21 board shall not make any new investments during the 7 22 liquidation period, except for those necessary to 7 23 protect and maintain its current holdings. 7 24 The ISCC liquidation corporation board is 7 25 authorized to contract for the services, including 7 26 brokers, other financial advisors or consultants, or 7 27 legal advisors, necessary to complete the orderly 7 28 liquidation or sale of the ISCC liquidation 7 29 corporation. 7 30 The ISCC liquidation corporation board may 7 31 determine the potential administrative, legal, and 7 32 contractual service costs for the liquidation or sale 7 33 of the corporation and may maintain a prudent reserve 7 34 fund from liquid assets of the corporation for such 7 35 purposes. Upon the unanimous vote of the ISCC 7 36 liquidation corporation board the remainder of the 7 37 liquid assets shall be transferred to the strategic 7 38 investment fund established in section 15.313. 7 39 Following the complete liquidation and dissolution 7 40 of the corporation or the sale of the corporation, all 7 41 remaining moneys shall be transferred to the strategic 7 42 investment fund. Upon transfer of the remaining 7 43 moneys to the strategic investment fund, the ISCC 7 44 liquidation corporation board shall be dissolved." 7 45 #16. Page 18, by inserting after line 27 the 7 46 following: 7 47 "Sec. ___. By December 31 of each year, the ISCC 7 48 liquidation corporation shall submit an annual report 7 49 to the chairpersons and the ranking members of the 7 50 joint appropriations subcommittee on economic 8 1 development. The report shall include an update on 8 2 the financial condition of the corporation relating to 8 3 the status of any moneys, assets, or contracts 8 4 currently being held by the corporation or transferred 8 5 by the corporation during the prior year." 8 6 #17. Page 19, by inserting after line 26 the 8 7 following: 8 8 "Sec. __. Section 15E.86, Code 1997, is repealed." 8 9 #18. Page 19, by striking lines 27 and 28 and 8 10 inserting the following: 8 11 "Sec. 23. Sections 13C, 13D, 13E, and 14 of this 8 12 Act, being deemed of immediate importance, take effect 8 13 upon enactment." 8 14 #19. Title page, line 4, by inserting after the 8 15 word "board," the following: "auditor of state, Iowa 8 16 housing corporation,". 8 17 #20. By renumbering, relettering, or redesignating 8 18 and correcting internal references as necessary. 8 19 SF 2296H 8 20 tm/pk/25
Text: S05539 Text: S05541 Text: S05500 - S05599 Text: S 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: Wed Apr 8 03:46:10 CDT 1998
URL: /DOCS/GA/77GA/Legislation/S/05500/S05540/980407.html
jhf