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House Journal: Page 1864: Tuesday, April 21, 1998

40   orderly manner.  On May 31, 1998, the terms of the
41   board members of the Iowa seed capital corporation
42   shall terminate, the Iowa seed capital corporation
43   shall be renamed the ISCC liquidation corporation, and
44   a three-person board shall be constituted to complete
45   the orderly liquidation or sale of the assets of the
46   ISCC liquidation corporation.  The ISCC liquidation
47   corporation board shall consist of the commissioner of
48   insurance or the commissioner's designee, the
49   superintendent of banking or the superintendent's
50   designee, and the treasurer of state or the

Page 24

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

© 1998 Cornell College and League of Women Voters of Iowa

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Last update: Wed Apr 22 13:40:08 CDT 1998
URL: /DOCS/GA/77GA/Session.2/HJournal/01800/01864.html
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