16.2 - ESTABLISHMENT OF AUTHORITY.
16.2 ESTABLISHMENT OF AUTHORITY.
1. The Iowa finance authority is established, and constituted a
public instrumentality and agency of the state exercising public and
essential governmental functions, to undertake programs which assist
in attainment of adequate housing for low or moderate income
families, elderly families, and families which include one or more
persons with disabilities, and to undertake the various finance
programs. The powers of the authority are vested in and shall be
exercised by a board of nine members appointed by the governor
subject to confirmation by the senate. No more than five members
shall belong to the same political party. As far as possible, the
governor shall include within the membership persons who represent
community and housing development industries, housing finance
industries, the real estate sales industry, elderly families,
minorities, lower income families, very low income families, families
which include persons with disabilities, average taxpayers, local
government, business interests, and any other person specially
interested in community housing, finance, or small business.
2. Members of the authority shall be appointed by the governor
for staggered terms of six years beginning and ending as provided in
section 69.19. A person appointed to fill a vacancy shall serve only
for the unexpired portion of the term. A member is eligible for
reappointment. A member of the authority may be removed from office
by the governor for misfeasance, malfeasance, or willful neglect of
duty or other just cause, after notice and hearing, unless the notice
and hearing is expressly waived in writing.
3. Five members of the authority constitute a quorum and the
affirmative vote of a majority of the appointed members is necessary
for any substantive action taken by the authority. The majority
shall not include any member who has a conflict of interest and a
statement by a member of a conflict of interest shall be conclusive
for this purpose. A vacancy in the membership does not impair the
right of a quorum to exercise all rights and perform all duties of
the authority.
4. Members of the authority are entitled to receive a per diem as
specified in section 7E.6 for each day spent in performance of duties
as members, and shall be reimbursed for all actual and necessary
expenses incurred in the performance of duties as members.
5. Members of the authority and the executive director shall give
bond as required for public officers in chapter 64.
6. Meetings of the authority shall be held at the call of the
chairperson or whenever two members so request.
7. Members shall elect a chairperson and vice chairperson
annually, and other officers as they determine, but the executive
director shall serve as secretary to the authority.
8. The net earnings of the authority, beyond that necessary for
retirement of its notes, bonds or other obligations, or to implement
the public purposes and programs herein authorized, shall not inure
to the benefit of any person other than the state. Upon termination
of the existence of the authority, title to all property owned by the
authority, including any such net earnings of the authority, shall
vest in the state. The state reserves the right at any time to
alter, amend, repeal, or otherwise change the structure,
organization, programs, or activities of the authority, including the
power to terminate the authority, except that no law shall ever be
passed impairing the obligation of any contract or contracts entered
into by the authority to the extent that any such law would
contravene Article I, section 21, of the Constitution of the State of
Iowa or Article I, section 10, of the Constitution of the United
States.
9. Neither members of the authority, nor persons acting on behalf
of the authority while acting within the scope of their agency or
employment, are subject to personal liability resulting from carrying
out the powers and duties in this chapter. Section History: Early Form
[C77, 79, 81, § 220.2; 81 Acts, ch 76, § 2] Section History: Recent Form
84 Acts, ch 1281, § 6; 85 Acts, ch 252, §26; 87 Acts, ch 141, § 2;
88 Acts, ch 1158, § 49; 90 Acts, ch 1256, § 37, 38
C93, § 16.2
96 Acts, ch 1129, §9; 2003 Acts, ch 145, §139; 2006 Acts, ch 1010,
§12; 2007 Acts, ch 22, §10; 2007 Acts, ch 54, §11; 2009 Acts, ch 43,
§2
Referred to in § 16.1, 16.2A, 455B.291
Confirmation, see § 2.32