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House Journal: Page 1248: Friday, April 3, 1998

37     2.  Page 3, by striking lines 13 through 49 and
38   inserting the following:
39     ""Sec. ___.  LIQUIDATION OF THE IOWA SEED CAPITAL
40   CORPORATION.  Notwithstanding sections 15E.81 through
41   15E.94, sections 15E.181 through 15E.184, and 1997
42   Iowa Acts, chapter 143, sections 5 and 6, it is the
43   intent of the general assembly that the Iowa seed
44   capital corporation shall be liquidated or sold in an
45   orderly manner.  On May 31, 1998, the terms of the
46   board members of the Iowa seed capital corporation
47   shall terminate, the Iowa seed capital corporation
48   shall be renamed the ISCC liquidation corporation, and
49   a three-person board shall be constituted to complete
50   the orderly liquidation or sale of the assets of the

Page 4

 1   ISCC liquidation corporation.  The ISCC liquidation
 2   corporation board shall consist of the commissioner of
 3   insurance or the commissioner's designee, the
 4   superintendent of banking or the superintendent's
 5   designee, and the treasurer of state or the
 6   treasurer's designee.  The members of the ISCC
 7   liquidation corporation board and any staff providing
 8   assistance to the board shall not be liable for their
 9   acts or omissions in connection with the liquidation
10   or sale of the corporation.  The ISCC liquidation
11   corporation board shall close the corporation offices
12   at 200 East Grand, Des Moines, Iowa, by June 30, 1998,
13   terminate the officers and staff of the corporation by
14   June 30, 1998, and shall not hire a new permanent or
15   temporary staff to operate this corporation.
16     The staff of the treasurer of state shall provide
17   administrative support to the ISCC liquidation
18   corporation board and the corporation shall reimburse
19   the treasurer of state for the reasonable costs of
20   providing administrative support.  The attorney
21   general shall be consulted and shall provide legal
22   support throughout the liquidation and sale process
23   and the corporation shall reimburse the attorney
24   general for the reasonable costs of providing any such
25   consultation and legal support.
26     The ISCC liquidation corporation board's goals in
27   supervising the liquidation or sale of the corporation
28   are to maximize the net revenue to the state and
29   minimize the impact to the companies involved.  The
30   board shall not make any new investments during the
31   liquidation period, except for those necessary to
32   protect and maintain its current holdings.
33     The ISCC liquidation corporation board is
34   authorized to contract for the services, including
35   brokers, other financial advisors or consultants, or
36   legal advisors, necessary to complete the orderly

© 1998 Cornell College and League of Women Voters of Iowa

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Last update: Mon Apr 6 13:40:03 CDT 1998
URL: /DOCS/GA/77GA/Session.2/HJournal/01200/01248.html
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