1. There is created an "Iowa seed capital corporation fund". All funds of the corporation including the proceeds from the issuance of notes or sale of bonds under this division, any funds appropriated to the corporation, and income derived from other sources from the exercise of powers granted to the corporation under this division shall be paid into the Iowa seed capital corporation fund notwithstanding section 12.10. The money in the Iowa seed capital corporation fund, except moneys held by a trustee or a depository pursuant to a bond resolution or indenture relating to the issuance of bonds or notes pursuant to section 15E.90 or 15E.91, shall be paid out on the order of the person authorized by the corporation. The money in the Iowa seed capital corporation fund shall be used for repayment of notes and bonds issued under this division and the extension of financial aid granted by the corporation under this division, and the amount remaining may be used for the payment of the administrative and overhead costs of the corporation to the extent required.
2. Notwithstanding section 8.33, no part of this fund shall revert at or after the close of a fiscal year unless otherwise provided by the general assembly, but shall remain in the fund and appropriated for the purposes of this division. The board shall seek to repay the state for appropriations by recommending to the general assembly reversions from income received from successful ventures. The board shall recommend such action at any time when the revenue available to the board is deemed sufficient to continue existing operations.
3. Upon dissolution of the corporation, all remaining moneys in the Iowa seed capital corporation fund, as well as the net proceeds realized by the corporation through the liquidation of the assets of the corporation, shall revert to the state.
83 Acts, ch 207, § 27, 93
CS83, § 28.89
84 Acts, ch 1067, § 8; 84 Acts, ch 1164, § 4; 84 Acts, ch 1303, § 10; 85 Acts, ch 195, §67; 85 Acts, ch 257, §16; 86 Acts, ch 1244, § 11
C93, § 15E.89
93 Acts, ch 167, §10; 94 Acts, ch 1201, §23
Referred to in § 15.108
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