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House Journal: Page 1244: Friday, April 3, 1998

 5   All appointments to the board of directors made by the
 6   governor shall conform to the requirements of sections
 7   69.15, 69.16, 69.16A, 69.17, 69.18, and 69.19.  An
 8   employee or staff member of the Iowa housing
 9   corporation shall not be eligible to serve on the
10   board of directors."
11     3.  By striking page 16, line 25, through page 17,
12   line 27, and inserting the following:
13     "Sec. 14.  TERMINATION OF THE IOWA SEED CAPITAL
14   CORPORATION.  On or before June 30, 1998, the board of
15   directors of the Iowa seed capital corporation shall
16   wind up the affairs of the corporation, including the
17   termination of staff and dissolution of the
18   corporation.  On or before June 30, 1998, the board of
19   directors of the Iowa seed capital corporation shall
20   transfer all corporation moneys to the strategic
21   investment fund established in section 15.313 for the
22   purposes specified in this section.  On or before June
23   30, 1998, the board of directors of the Iowa seed
24   capital corporation shall assign its ownership rights
25   in its portfolio and all other noncash assets to the
26   Iowa public employees' retirement system as the
27   successor and assignee of the Iowa seed capital
28   corporation.  The general assembly finds that this
29   assignment allows for the benefits of the Iowa seed
30   capital corporation to inure to the state.  Debts or
31   obligations of the corporation shall not be
32   transferred to the Iowa public employees' retirement
33   system.  The general assembly intends this process to
34   minimize any adverse impact on the portfolio
35   companies, while maximizing the long-term benefit to
36   the state.
37     The moneys transferred to the strategic investment
38   fund shall, unless otherwise specified by law, be used
39   for any of the following purposes relating to venture
40   capital, new business starts, and entrepreneurial
41   development:  the entrepreneurial ventures assistance
42   program, the small business innovative research grant
43   program, recognized entrepreneurial venture
44   development training programs, projects defined as a
45   new business opportunity, a new product development,
46   and a venture project under the community economic
47   betterment program, and other joint initiatives of the
48   department with the John Pappajohn entrepreneurial
49   centers."
50     4.  Page 19, by striking lines 27 and 28 and

Page 4

 1   inserting the following:
 2     "Sec. 23.  Sections 13C, 13D, 13E, and 14 of this
 3   Act, being deemed of immediate importance, take effect
 4   upon enactment."

© 1998 Cornell College and League of Women Voters of Iowa

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Last update: Mon Apr 6 13:40:03 CDT 1998
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