7C.12 - AUTHORITY AND DUTIES OF THE GOVERNOR AND GOVERNOR'S DESIGNEE.
7C.12 AUTHORITY AND DUTIES OF THE GOVERNOR AND
GOVERNOR'S DESIGNEE.
1. The governor shall designate a person, department, or
authority to administer this chapter. The person, department, or
authority so designated shall serve at the pleasure of the governor
and shall be selected primarily for administrative ability and
knowledge in the area of public finance.
2. In addition to the powers and duties specified in sections
7C.1 to 7C.11, the governor's designee:
a. Shall promulgate rules which are necessary or expedient to
carry out the intent and purposes of the private activity bond
allocation Act.
b. Shall maintain records of all applications filed by
political subdivisions pursuant to section 7C.6 and all bonds issued
pursuant to these applications including, but not limited to, a daily
accounting of the amount of the state ceiling available for
allocation, the amount of the state ceiling which has been allocated
but not used, and the names, addresses, and telephone numbers of
those political subdivisions for whom an allocation has been approved
or disapproved and the amount of the allocation approved or
disapproved for the political subdivisions.
c. Shall report quarterly any reallocation of the amount of
the state ceiling by the governor's designee in accordance with this
chapter to the general assembly's standing committees on government
oversight and the auditor of state. The report shall contain, at a
minimum, the amount of each reallocation, the date of each
reallocation, the name of the political subdivision and a description
of all bonds issued pursuant to a reallocation, a brief explanation
of the reason for the reallocation, and such other information as may
be required by a standing committee on government oversight. Section History: Recent Form
85 Acts, ch 225, § 14; 87 Acts, ch 171, § 12; 2008 Acts, ch 1132,
§ 1; 2009 Acts, ch 86, §2