15C.3 - DUTIES OF THE COMMITTEE.

        15C.3  DUTIES OF THE COMMITTEE.
         1.  It shall be the duty of the Iowa world trade center selection
      advisory committee to accept and review proposals from private groups
      to organize, construct, operate, and market the Iowa world trade
      center.  In submitting a proposal, the private group shall also
      submit a study outlining the feasibility of its proposal.  A private
      group submitting a proposal must include among its investors a
      significant number of Iowa-based companies and individuals.  The
      committee is empowered to contract for an independent analysis of a
      proposal submitted.  The committee is empowered to recommend for
      ratification by the executive council a proposal to obligate, but not
      in excess of thirty million dollars, the state in the construction of
      the Iowa world trade center under the recommended proposal.  However,
      a proposal shall not be recommended unless the proposal provides that
      the private group shall provide moneys at least equal to the amount
      which the committee has recommended for obligation by the state.  The
      proposal recommended by the committee must include an agreement from
      the private group that construction of the Iowa world trade center
      will begin no later than December 15, 1985, and that a nonprofit
      corporation will be created by the private group pursuant to section
      15C.4 to facilitate the state's involvement in the construction,
      operation, and marketing of the Iowa world trade center.  In
      approving a proposal of a private group, the committee may employ
      other selection criteria that are consistent with the above
      standards.  Once the committee has recommended a contract proposal,
      it shall be submitted for ratification to the executive council.  The
      committee shall present a proposal by August 1, 1985 for ratification
      by the executive council.
         2.  The committee shall cease to exist upon ratification of the
      contract submitted to the executive council.
         3.  The members of the committee, upon ratification of the
      contract by the executive council, shall automatically become the
      state's representatives on the board of directors of the nonprofit
      corporation organized to facilitate the state's involvement in the
      Iowa world trade center pursuant to section 15C.4.  
         Section History: Recent Form
         85 Acts, ch 33, §503
         CS85, § 18C.3
         C93, § 15C.3