House Journal: Page 1751: Thursday, May 1, 2003
20 d. Utilizing the criteria set forth in sections
21 203 and 204 of this Act, select a purchaser and enter
22 into a sales contract with the purchaser by October 1,
23 2005.
24 e. Immediately upon execution of the management
25 contract and the sales contract by the majority of the
26 board, transmit the executed contract to the general
27 assembly and to the governor. The board shall have
28 full authority to enter into the management contract
29 and the sales contract on behalf of the state,
30 provided that the general assembly by legislation
31 enacted regarding the specific purchase and approved
32 by the governor, within thirty days after transmittal
33 to the general assembly and the governor in the case
34 of the management contract, and within sixty days
35 after transmittal to the general assembly and the
36 governor in the case of the sales contract, may
37 disapprove the board's action, in which case the
38 disapproved contract shall have no force and effect.
39 In the event of such disapproval, the state shall pay
40 the manager or the purchaser, as the case may be,
41 reasonable out-of-pocket expenses incurred in
42 preparing a proposal and performing prior to
43 disapproval, but such expenses shall not exceed two
44 hundred thousand dollars in the case of disapproval of
45 the management contract and five hundred thousand
46 dollars in the case of disapproval of the sales
47 contract. In the event that multiple management
48 contracts or sales contracts have been executed, the
49 two hundred thousand dollars and five hundred thousand
50 dollars shall be distributed pro rata among all
Page 4
1 management contracts and sales contracts executed.
2 f. Cause the sales contract to require closing by
3 October 1, 2007, allowing time for the state to obtain
4 third-party approvals as required by section 206 of
5 this Act, including the filing of any necessary
6 eminent domain actions, and for the purchaser to
7 secure financing.
8 g. Execute all necessary documents relating to the
9 closing of the sale of the network. The board may
10 direct any other applicable official to assist in the
11 execution of necessary documents relating to the
12 closing.
13 h. Require by written directive that all state
14 officials provide information and records concerning
15 the network to the board, to the manager, or to a
16 person submitting a proposal to purchase the network,
17 whenever the board requires such provision of such
18 records and other information.
© 2003 Cornell College and
League of Women Voters of Iowa
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