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House Journal: Page 1739: Friday, April 17, 1998

29   defined in section 10.1".
30     15.  Page 6, by inserting after line 6 the
31   following:
32     "___.  It is the intent of the general assembly and
33   the purpose of this division that the state encourage
34   Iowa agricultural industry ventures which promote the
35   research and application of biological techniques for
36   the development of specialized plant or animal
37   characteristics for beneficial nutritional,
38   commercial, or industrial purposes."
39     16.  Page 8, line 7, by inserting after the figure
40   "3." the following:  "a."
41     17.  Page 8, by striking lines 10 through 27 and
42   inserting the following:  "shall be elected by the
43   members of an appointment committee.  The members of
44   the appointment committee shall be appointed by the
45   economic development board.  The initial board of
46   directors shall consist of seven members.  The members
47   of the appointment committee shall include persons who
48   have an expertise in areas of banking, agricultural
49   lending, business development, agricultural production
50   and processing, seed and venture capital investment,

Page 3

 1   and other areas of expertise as deemed appropriate by
 2   the interim board of directors.
 3     b.  The members of the appointment committee shall
 4   exercise due care to assure that persons appointed to
 5   the initial board of directors have the requisite
 6   financial experience necessary in order to carry out
 7   the duties of the corporation as established in this
 8   division, including in areas related to agricultural
 9   lending, commercial banking, and investment
10   management.
11     c.  Upon the election of the initial board of
12   directors, the terms of the members of the appointment
13   committee shall expire.
14     d.  The department shall assist the incorporators
15   and the appointment committee in".
16     18.  Page 10, line 13, by striking the words "may
17   loan all or part" and inserting the following:  "shall
18   loan all".
19     19.  Page 10, line 19, by inserting after the word
20   "desirable" the following:  ", including any
21   restrictions on the subordination of the moneys
22   loaned".
23     20.  Page 10, by inserting after line 28 the
24   following:
25     "   .  The corporation shall not expend moneys
26   originating from the state, including moneys loaned
27   under this section, on political activity or on any
28   attempt to influence legislation."

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Last update: Mon Apr 20 13:40:03 CDT 1998
URL: /DOCS/GA/77GA/Session.2/HJournal/01700/01739.html
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