15.103 - ECONOMIC DEVELOPMENT BOARD.
15.103 ECONOMIC DEVELOPMENT BOARD.
1. a. The Iowa economic development board is created,
consisting of fifteen voting members appointed by the governor and
seven ex officio, nonvoting members. The ex officio, nonvoting
members are four legislative members; one president, or the
president's designee, of the university of northern Iowa, the
university of Iowa, or Iowa state university of science and
technology designated by the state board of regents on a rotating
basis; and one president, or the president's designee, of a private
college or university appointed by the Iowa association of
independent colleges and universities; and one superintendent, or the
superintendent's designee, of a community college, appointed by the
Iowa association of community college presidents. The legislative
members are two state senators, one appointed by the president of the
senate after consultation with the majority leader of the senate, and
one appointed by the minority leader of the senate from their
respective parties; and two state representatives, one appointed by
the speaker and one appointed by the minority leader of the house of
representatives from their respective parties. Not more than eight
of the voting members shall be from the same political party.
Beginning with the first appointment to the board made after July 1,
2005, at least one voting member shall have been less than thirty
years of age at the time of appointment. The governor shall appoint
the voting members of the board for a term of four years beginning
and ending as provided by section 69.19, subject to confirmation by
the senate, and the governor's appointments shall include persons
knowledgeable of the various elements of the department's
responsibilities.
b. Each of the following areas of expertise shall be
represented by at least one voting member of the board who has
professional experience in that area of expertise:
(1) Finance, insurance, or investment banking.
(2) Advanced manufacturing.
(3) Statewide agriculture.
(4) Life sciences.
(5) Small business development.
(6) Information technology.
(7) Economics or alternative and renewable energy including the
alternative and renewable energy sectors listed in section 476.42,
subsection 1, paragraph "a".
(8) Labor.
(9) Marketing.
(10) Entrepreneurship.
c. At least nine of the voting members of the board shall be
actively employed in the private, for-profit sector of the economy.
2. A vacancy on the board shall be filled in the same manner as
regular appointments are made for the unexpired portion of the
regular term.
3. The board shall meet in May of each year for the purpose of
electing one of its voting members as chairperson and one of its
voting members as vice chairperson. However, the chairperson and the
vice chairperson shall not be from the same political party. The
board shall meet at the call of the chairperson or when any eight
members of the board file a written request with the chairperson for
a meeting. Written notice of the time and place of each meeting
shall be given to each member of the board. A majority of the voting
members constitutes a quorum.
4. Members of the board, the director, and other employees of the
department shall be allowed their actual and necessary expenses
incurred in the performance of their duties. All expenses shall be
paid from appropriations for those purposes and the department is
subject to the budget requirements of chapter 8. Each member of the
board may also be eligible to receive compensation as provided in
section 7E.6.
5. If a member of the board has an interest, either direct or
indirect, in a contract to which the department is or is to be a
party, the interest shall be disclosed to the board in writing and
shall be set forth in the minutes of a meeting of the board. The
member having the interest shall not participate in action by the
board with respect to the contract.
6. As part of the organizational structure of the department, the
board shall establish a due diligence committee and a loan and credit
guarantee committee composed of members of the board. The committees
shall serve in an advisory capacity to the board and shall carry out
any duties assigned by the board in relation to programs administered
by the department. The loan and credit guarantee committee shall
advise the board on the winding up of loan guarantees made under the
loan and credit guarantee program established pursuant to section
15E.224, Code 2009, and on the proper amount of the allocation
described in section 15G.111, subsection 4, paragraph "g". &n;
Section History: Recent Form
86 Acts, ch 1245, § 803; 88 Acts, ch 1081, § 1; 90 Acts, ch 1223,
§ 9; 90 Acts, ch 1253, § 121; 2004 Acts, ch 1082, §7; 2005 Acts, ch
150, §4; 2006 Acts, ch 1010, § 171, 177; 2006 Acts, ch 1142, § 15;
2008 Acts, ch 1156, § 16, 58; 2009 Acts, ch 123, §18; 2009 Acts, ch
133, §5, 6
Referred to in § 15E.202, 15G.115, 260G.6
Confirmation, see §2.32