261A.6 - MEMBERSHIP OF AUTHORITY.
261A.6 MEMBERSHIP OF AUTHORITY.
1. The authority consists of five members to be appointed by the
governor subject to confirmation by the senate. The powers of the
authority are vested in and exercised by the members of the
authority. Each member of the authority shall be a resident of the
state and not more than three members shall be members of the same
political party.
2. The members of the authority shall be appointed by the
governor for terms of six years beginning and ending as provided in
section 69.19. A member of the authority is eligible for
reappointment. The governor shall fill a vacancy for the remainder
of the unexpired term. A member of the authority may be removed by
the governor for misfeasance, malfeasance, or willful neglect of duty
or other cause after notice and a public hearing unless the notice
and hearing are waived by the member in writing.
3. The members of the authority shall annually elect one of the
members as chairperson and one as vice chairperson. The members of
the authority may appoint an executive director, an assistant
executive director, and other officers as the members of the
authority determine. The officers shall not be members of the
authority, shall serve at the pleasure of the authority, and shall
receive compensation as fixed by the authority.
4. The executive director or assistant executive director or
other person designated by resolution of the authority shall keep a
record of the proceedings of the authority and shall be custodian of
all books, documents, and papers filed with the authority, the minute
book or journal of the authority, and its official seal. The
executive director, assistant executive director, or other person may
cause copies to be made of minutes and other records and documents of
the authority and may give certificates under the official seal of
the authority that the copies are true copies, and persons dealing
with the authority may rely upon the certificates.
5. Three members of the authority constitute a quorum. The
affirmative vote of a majority of the members of the authority is
necessary for any action taken by the authority. The majority shall
not include a member who has a conflict of interest and a statement
by a member of a conflict of interest is conclusive for this purpose.
A vacancy in the membership of the authority does not impair the
right of a quorum to exercise the rights and perform the duties of
the authority. An action taken by the authority under this chapter
may be authorized by resolution at a regular or special meeting, and
each resolution shall take effect immediately and need not be
published or posted, except as provided in section 261A.25. Meetings
of the authority shall be held at the call of the chairperson or at
the request of two members.
6. The members of the authority shall not receive compensation
for the performance of their duties as members but each member shall
be paid necessary expenses while engaged in the performance of duties
of the authority.
7. The members of the authority shall give bond as required for
public officers in chapter 64.
8. The members of the authority are subject to and are officials
within the meaning of chapter 68B.
9. Notwithstanding chapter 68B or any other laws to the contrary,
it is not a conflict of interest or violation of a law for a trustee,
director, officer, or employee of a participating institution or for
a person having a favorable reputation for skill, knowledge, and
experience in state and municipal finance or for a person having a
favorable reputation for skill, knowledge, and experience in the
higher education loan finance field to serve as a member of the
authority. However, in each case to which this chapter is
applicable, the trustee, director, officer, or employee of the
participating institution shall abstain from discussion,
deliberation, action, and vote by the authority in respect to an
undertaking pursuant to this chapter in which the participating
institution of higher education has an interest; and the person
having a favorable reputation for skill, knowledge, and experience in
state and municipal finance shall abstain from discussion,
deliberation, action, and vote by the authority in respect to a sale,
purchase, or ownership of obligations of the authority in which an
investment banking firm or insurance company or bank of which the
person is a partner, officer, or employee has or may have a current
or future interest; and the person having a favorable reputation for
skill, knowledge, and experience in the higher education loan finance
field shall abstain from discussion, deliberation, action, and vote
by the authority in respect to an action of the authority in which a
partnership, firm, joint venture, sole proprietorship, or corporation
of which the person is an owner, venturer, participant, partner,
officer, or employee has or may have a current or future interest.
10. All employees of the authority are exempt from chapter 8A,
subchapter IV, and chapter 97B. Section History: Early Form
[82 Acts, ch 1031, § 6, 28] Section History: Recent Form
86 Acts, ch 1245, § 843; 2003 Acts, ch 145, §229
Referred to in § 261A.4, 261A.24
Confirmation, see § 2.32