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House Journal: Page 1894: Tuesday, April 21, 1998

Sec. 27.  LIQUIDATION OF THE IOWA SEED CAPITAL CORPORATION.
Notwithstanding sections 15E.81 through 15E.94, sections 15E.181
through 15E.184, and 1997 Iowa Acts, chapter 143, sections 5 and
6, it is the intent of the general assembly that the Iowa seed
capital corporation shall be liquidated or sold in an orderly
manner.  On May 31, 1998, the terms of the board members of the
Iowa seed capital corporation shall terminate, the Iowa seed
capital corporation shall be renamed the ISCC liquidation
corporation, and a three-person board shall be constituted to
complete the orderly liquidation or sale of the assets of the
ISCC liquidation corporation.  The ISCC liquidation corporation
board shall consist of the commissioner of insurance or the
commissioner's designee, the superintendent of banking or the
superintendent's designee, and the treasurer of state or the
treasurer's designee.  The members of the ISCC liquidation
corporation board and any staff providing assistance to the
board shall not be liable for their acts or omissions in
connection with the liquidation or sale of the corporation.  The
ISCC liquidation corporation board shall close the corporation
offices at 200 East Grand, Des Moines, Iowa, by June 30, 1998,
terminate the officers and staff of the corporation by June 30,
1998, and shall not hire a new permanent or temporary staff to
operate this corporation.
The staff of the treasurer of state shall provide administrative
support to the ISCC liquidation corporation board and the
corporation shall reimburse the treasurer of state for the
reasonable costs of providing administrative support.  The
attorney general shall be consulted and shall provide legal
support throughout the liquidation and sale process and the
corporation shall reimburse the attorney general for the
reasonable costs of providing any such consultation and legal
support.
The ISCC liquidation corporation board's goals in supervising
the liquidation or sale of the corporation are to maximize the
net revenue to the state and minimize the impact to the
companies involved.  The board shall not make any new
investments during the liquidation period, except for those
necessary to protect and maintain its current holdings.
The ISCC liquidation corporation board is authorized to contract
for the services, including brokers, other financial advisors or
consultants, or legal advisors, necessary to complete the
orderly liquidation or sale of the ISCC liquidation corporation.
The ISCC liquidation corporation board may determine the
potential administrative, legal, and contractual service costs
for the liquidation or sale of the corporation and may maintain
a prudent reserve fund from liquid assets of the corporation for
such purposes.  Upon the unanimous vote of the ISCC liquidation
corporation board the remainder of the liquid assets shall be
transferred to the strategic investment fund established in
section 15.313.
Following the complete liquidation and dissolution of the
corporation or the sale of the corporation, all remaining moneys
shall be transferred to the strategic investment fund. Upon
transfer of the remaining moneys to the strategic investment
fund, the ISCC liquidation corporation board shall be dissolved.
Sec. 28.  SHELTER ASSISTANCE FUND.  In providing moneys from the
shelter assistance fund to homeless shelter programs, the
department of economic development shall explore the potential
of allocating moneys to homeless shelter programs based in part
on their ability to move their clients toward self-sufficiency.
Sec. 29.  The department of economic development and the
department of 

© 1998 Cornell College and League of Women Voters of Iowa

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URL: /DOCS/GA/77GA/Session.2/HJournal/01800/01894.html
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