House Amendment 8210 PAG LIN 1 1 Amend House File 2527 as follows: 1 2 #1. Page 26, by inserting after line 31 the 1 3 following: 1 4 <Sec. ___. Section 261.2, Code Supplement 2005, is 1 5 amended by adding the following new subsection: 1 6 NEW SUBSECTION. 9. Establish a higher education 1 7 foundation to encourage individual members of the 1 8 public, organizations, and corporations to make 1 9 contributions to programs administered by the 1 10 commission to be matched with state appropriations and 1 11 supplement limited state resources. 1 12 a. The foundation may establish an endowment fund 1 13 to assist in the financing of its activities. The 1 14 foundation shall be incorporated under chapter 504. 1 15 b. The foundation shall be created in a manner so 1 16 that donations and bequests to the foundation qualify 1 17 as tax deductible under federal and state income tax 1 18 laws. Except as provided in paragraph "e", the 1 19 foundation is not a state agency and shall not 1 20 exercise sovereign power of the state. The state is 1 21 not liable for any debts of the foundation. 1 22 c. The foundation shall have a board of directors 1 23 of twelve members. Four members shall be appointed by 1 24 the governor to staggered three=year terms beginning 1 25 on July 1 and ending on June 30. Two of the four 1 26 members appointed by the governor shall represent the 1 27 Iowa student loan liquidity corporation. Eight 1 28 members shall be members of the commission or their 1 29 designees appointed by the commission. A vacancy on 1 30 the board shall be filled in the same manner as the 1 31 original appointment for the remainder of the term. 1 32 Not more than four members appointed by the commission 1 33 shall be of the same gender or of the same political 1 34 party. 1 35 d. The foundation may accept and administer trusts 1 36 deemed by the board to be beneficial. Notwithstanding 1 37 section 633.63, the foundation may act as trustee of 1 38 such a trust. 1 39 e. The foundation shall be considered a 1 40 governmental body for purposes of chapters 21 and 22.> 1 41 #2. Page 35, by inserting after line 14 the 1 42 following: 1 43 <Sec. ___. INITIAL APPOINTMENTS. Of the four 1 44 gubernatorial appointees to the board of directors of 1 45 the foundation established pursuant to section 261.2, 1 46 subsection 9, enacted in this Act, the governor shall 1 47 appoint two individuals to three=year terms, one 1 48 individual to a two=year term, and one individual to a 1 49 one=year term.> 1 50 #3. By renumbering as necessary. 2 1 2 2 2 3 2 4 CHAMBERS of O'Brien 2 5 HF 2527.303 81 2 6 kh/cf/4054 -1-