1. The grow Iowa values board is established consisting of eleven voting members and four ex officio, nonvoting members. The grow Iowa values board shall be located for administrative purposes within the department and the director shall provide office space, staff assistance, and necessary supplies and equipment for the board. The director shall budget moneys to pay the compensation and expenses of the board. In performing its functions, the board is performing a public function on behalf of the state and is a public instrumentality of the state.
2. a. The eleven voting members of the board shall be appointed by the governor, subject to confirmation by the senate.
b. The four ex officio, nonvoting members shall be appointed as follows:
(1) One member appointed by the president of the senate.
(2) One member appointed by the minority leader of the senate.
(3) One member appointed by the speaker of the house of representatives.
(4) One member appointed by the minority leader of the house of representatives.
c. All appointments shall comply with sections 69.16 and 69.16A.
d. At least one member of the board shall be from each grow Iowa values geographic region.
e. Each of the following areas of expertise shall be represented by at least one member of the board who has professional experience in that area of expertise:
(1) Finance and investment banking.
(2) Advanced manufacturing.
(3) Statewide agriculture.
(4) Life sciences.
(5) Small business development.
(6) Information technology.
(7) Economics.
(8) Labor.
(9) Marketing.
(10) Entrepreneurship.
f. At least nine voting members of the board shall be actively employed in the private, for-profit sector of the economy.
g. The board membership shall be balanced between representation by employers with less than two hundred employees and employers with two hundred or more employees.
3. The chairperson and vice chairperson shall be elected by the voting members of the board from the membership of the board. In the case of the absence or disability of the chairperson and vice chairperson, the voting members of the board shall elect a temporary chairperson by a majority vote of those voting members who are present and voting, provided a quorum is present.
4. The members of the board shall be appointed to three-year staggered terms and the terms shall commence and end as provided in section 69.19. If a vacancy occurs, a successor shall be appointed in the same manner and subject to the same qualifications as the original appointment to serve the unexpired term.
5. A majority of the voting members of the board constitutes a quorum.
6. A member of the board shall abstain from voting on the provision of financial assistance to a project which is located in the county in which the member of the board resides.
7. The members of the board are entitled to receive reimbursement for actual expenses incurred while engaged in the performance of official duties. A board member may also be eligible to receive compensation as provided in section 7E.6.
2003 Acts, 1st Ex, ch 1, §78, 133
Confirmation; §2.32
For future repeal of this section effective June 30, 2010, see 2003 Acts, 1st Ex, ch 1, §114
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