Text: SF02132 Text: SF02134 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 16.5, Code Supplement 1997, is amended
1 2 by adding the following new subsection:
1 3 NEW SUBSECTION. 18. Require any nonprofit corporation
1 4 created by or in association with the authority since January
1 5 1, 1989, to include two representatives of nonprofit housing
1 6 organizations as voting members on the board of directors of
1 7 any such corporation. The failure of a nonprofit corporation
1 8 created by the authority to comply with this membership
1 9 requirement shall result in requiring the corporation to
1 10 transfer to the general fund of the state all unencumbered
1 11 moneys traceable to moneys originally transferred to the
1 12 corporation from the authority. However, moneys shall not be
1 13 transferred pursuant to this subsection if the transfer would
1 14 result in the impairment of contractual obligations or would
1 15 violate trust conditions.
1 16 Sec. 2. EFFECTIVE DATE. This Act takes effect August 1,
1 17 1998.
1 18 EXPLANATION
1 19 This bill requires any nonprofit corporation created by or
1 20 in association with the Iowa finance authority since January
1 21 1, 1989, to include two representatives of nonprofit housing
1 22 organizations as voting members on the board of directors of
1 23 any such corporation. The failure to comply with this
1 24 membership requirement would result in the corporation being
1 25 required to transfer to the general fund of the state all
1 26 unencumbered moneys traceable to moneys originally transferred
1 27 to the corporation from the authority. However, moneys shall
1 28 not be so transferred if the transfer would impair contractual
1 29 obligations or violate trust conditions.
1 30 The bill would take effect August 1, 1998.
1 31 LSB 3960XS 77
1 32 tm/jl/8
Text: SF02132 Text: SF02134 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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