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

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