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House Journal: Page 1753: Friday, April 17, 1998

 5     "   .  A corporation shall not provide financing to
 6   an eligible person to support an Iowa agricultural
 7   industry venture, unless the eligible person
 8   demonstrates that the person cannot obtain a loan from
 9   conventional sources of financing, after considering
10   the person's net worth, debt-to-asset ratio, debt
11   service coverage ratio, projected income, and
12   projected cash flow."
Amendment H-9254 lost.
Holveck of Polk offered the following amendment H-9240 filed by
Holveck, et al., and moved its adoption:

H-9240

 1     Amend Senate File 2415, as amended, passed, and
 2   reprinted by the Senate, as follows:
 3     1.  Page 16, by inserting after line 9, the
 4   following:
 5     "__.  A corporation shall take all reasonable steps
 6   to ensure the safety and soundness of all financial
 7   assistance provided to an eligible person under this
 8   section, which shall include any necessary conditions
 9   incorporated in the agreement executed by the eligible
10   person and the corporation.  The conditions shall at
11   least include all of the following:
12     a.  The eligible person must periodically deliver
13   to the corporation information updating the financial
14   status of the corporation, including an accounting of
15   financing provided to the eligible person by the
16   corporation.
17     b.  The corporation reserves the right to change or
18   adjust the terms of financing, including a right to
19   demand immediate repayment of a loan, if the
20   corporation determines that the financial condition of
21   the eligible person has changed or deteriorated to the
22   point that a security interest held by the corporation
23   is jeopardized or that the repayment of a loan in
24   accordance with the terms of the agreement is in
25   jeopardy.
26     c.  The corporation must demand the immediate
27   repayment of financing provided to the eligible person
28   by the corporation, if the eligible person is in
29   violation of any substantive provision of this
30   division or the agreement."
Amendment H-9240 lost.
Mascher of Johnson offered the following amendment H-9267 filed
by her from the floor and moved its adoption:

© 1998 Cornell College and League of Women Voters of Iowa

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Last update: Mon Apr 20 13:40:03 CDT 1998
URL: /DOCS/GA/77GA/Session.2/HJournal/01700/01753.html
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