Text: SF00222 Text: SF00224 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 10C.3, unnumbered paragraph 1, Code 1 2 2003, is amended to read as follows: 1 3 Notwithstanding any other provision of law, a life science 1 4 enterprise may acquire or hold an ownership or leasehold 1 5 interest in agricultural land if the economic development 1 6 board approves a life science enterprise plan as provided in 1 7 section 15.104. A life science enterprise must acquire or 1 8 hold the agricultural land pursuant to the plan which may be 1 9 amended as provided by the board. However, the life science 1 10 enterprise shall not hold a total of more than three hundred 1 11 twenty acres of agricultural land. The life science 1 12 enterprise shall hold the land only for purposes of producing 1 13 life science products according to the life science enterprise 1 14 plan.In addition, the life science enterprise shall not1 15acquire or hold agricultural land if the life science1 16enterprise receives any form of financing from an Iowa1 17agricultural industry finance corporation as provided in1 18chapter 15E.A life science enterprise that complies with 1 19 this section may hold the interest in the agricultural land, 1 20 as provided in the plan, for as long as commercial sales of 1 21 products produced from the agricultural land are subject to 1 22 the following: 1 23 EXPLANATION 1 24 PROVISIONS OF THIS BILL. This bill removes a restriction 1 25 which, according to Code section 10C.3, prohibits a life 1 26 science enterprise from both holding agricultural land in this 1 27 state and receiving any form of financing from an Iowa 1 28 agricultural industry finance corporation. 1 29 BACKGROUND – LIFE SCIENCE ENTERPRISES. Code chapter 10C 1 30 provides for life science enterprises. A life science 1 31 enterprise is a corporate entity that is engaged in the 1 32 production of products derived from an animal, such as a dairy 1 33 cow, but which is not associated with traditional agriculture 1 34 (e.g., embryos or oocytes for use in implantation; blood, 1 35 milk, or urine for use in the manufacture of pharmaceuticals 2 1 or nutriceuticals; or cells, tissue, or organs for use in 2 2 transplantation). The purpose of the Code chapter is to allow 2 3 a corporate entity that meets the requirements for a life 2 4 science enterprise to hold up to 320 acres of agricultural 2 5 land for farming, notwithstanding contrary provisions in Code 2 6 chapters 9H and 9I (see 2000 Acts, chapter 1197). 2 7 BACKGROUND – IOWA AGRICULTURAL INDUSTRY FINANCE 2 8 CORPORATIONS. Under Division XIX of Code chapter 15E, an Iowa 2 9 agricultural industry finance corporation is a private 2 10 business which is recognized by the state to provide financing 2 11 to eligible persons who are engaging in specific agricultural 2 12 industrial ventures (an agricultural products processor or an 2 13 agricultural biotechnology enterprise). There is one such 2 14 corporation currently organized that has received an Iowa 2 15 agricultural industry finance loan from the department of 2 16 economic development. The general assembly has appropriated 2 17 moneys to the department, subject to repayment, for purposes 2 18 of awarding such a loan to an eligible corporation in order to 2 19 finance these ventures (see 1998 Acts, chapter 1207). 2 20 EFFECTIVE DATE. The bill takes effect upon enactment. 2 21 LSB 2472SV 80 2 22 da/sh/8
Text: SF00222 Text: SF00224 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 2003 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Fri Apr 25 08:05:01 CDT 2003
URL: /DOCS/GA/80GA/Legislation/SF/00200/SF00223/030227.html
jhf