175.3 - ESTABLISHMENT OF AUTHORITY.
175.3 ESTABLISHMENT OF AUTHORITY.
1. a. The agricultural development authority is constituted
as a public instrumentality and agency of the state exercising public
and essential governmental functions.
b. The authority is established to undertake programs which
assist beginning farmers in purchasing agricultural land and
agricultural improvements and depreciable agricultural property for
the purpose of farming, and programs which provide financing to
farmers for permanent soil and water conservation practices on
agricultural land within the state or for the acquisition of
conservation farm equipment, and programs to assist farmers within
the state in financing operating expenses and cash flow requirements
of farming. The authority shall also develop programs to assist
qualified agricultural producers within the state with financing
other capital requirements or operating expenses.
c. The powers of the authority are vested in and exercised by
a board of ten members with nine members appointed by the governor
subject to confirmation by the senate. The treasurer of state or the
treasurer's designee shall serve as an ex officio nonvoting member.
No more than five appointed members shall belong to the same
political party. As far as possible the governor shall include
within the membership persons who represent financial institutions
experienced in agricultural lending, the real estate sales industry,
farmers, beginning farmers, average taxpayers, local government, soil
and water conservation district officials, agricultural educators,
and other persons specially interested in family farm development.
2. The appointed members of the authority shall be appointed by
the governor for terms of six years except that, of the first
appointments, three members shall be appointed for terms of two years
and three members shall be appointed for a term of four years. A
person appointed to fill a vacancy shall serve only for the unexpired
portion of the term. A member is eligible for reappointment. An
appointed 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. An appointed member of the
authority may also serve as a member of the Iowa finance authority.
3. Five voting members of the authority constitute a quorum and
the affirmative vote of a majority of the voting 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 that the member has a conflict of interest is
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. The appointed 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. The appointed 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. The appointed 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 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 net earnings shall vest in the state. Section History: Early Form
[C81, § 175.3; 82 Acts, ch 1243, § 3] Section History: Recent Form
83 Acts, ch 101, § 32; 85 Acts, ch 15, §3; 86 Acts, ch 1026, § 3;
86 Acts, ch 1027, § 2; 86 Acts, ch 1245, § 629; 87 Acts, ch 23, § 4;
90 Acts, ch 1256, § 34; 96 Acts, ch 1029, § 1; 2003 Acts, ch 137, §2;
2007 Acts, ch 215, §89, 90
Referred to in § 175.2
Confirmation, see §2.32