1. The authority shall establish a bioscience development corporation as a nonprofit corporation organized under chapter 504 and qualifying under section 501(c)(3) of the Internal Revenue Code as an organization exempt from taxation. Unless otherwise provided in this subchapter, the corporation is subject to the provisions of chapter 504. The corporation shall be established for the purpose of providing services and receiving and disbursing funds from public or private sources to enhance bioscience-based economic development in the state and to further the overall development and economic well-being of the state.

Terms Used In Iowa Code 15.107

  • Authority: means the economic development authority created in section 15. See Iowa Code 15.102
  • Bioscience-based economic development: means economic development related to industries involved in any of the bioscience development platforms. See Iowa Code 15.102
  • Board: means the members of the authority appointed by the governor and in whom the powers of the authority are vested pursuant to section 15. See Iowa Code 15.102
  • Chief executive officer: means the chief executive officer of the corporation. See Iowa Code 15.102
  • Corporation: means a bioscience development corporation created pursuant to section 15. See Iowa Code 15.102
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
  • property: includes personal and real property. See Iowa Code 4.1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
  • State agency: means a board, department, commission or authority of or acting on behalf of the state having the power to enter into contracts with or without the approval of the executive council to acquire property in its own name or in the name of the state. See Iowa Code 7D.34
 2. The corporation shall collaborate with the authority as described in this subchapter, but the corporation shall not be considered, in whole or in part, an agency, department, or administrative unit of the state.

 a. The corporation shall not receive appropriations from the general assembly.
 b. The corporation shall not be required to comply with any requirements that apply to a state agency, department, or administrative unit and shall not exercise any sovereign power of the state.
 c. The corporation shall not have authority to pledge the credit of the state, and the state shall not be liable for the debts or obligations of the corporation. All debts and obligations of the corporation shall be payable solely from the corporation’s funds.
 3. a. The corporation shall be established so that donations and bequests to the corporation qualify as tax deductible under state income tax laws and under section 501(c)(3) of the Internal Revenue Code.

 b. The corporation shall be established for the purpose of expanding bioscience-based economic development opportunities in the state of Iowa and for Iowa businesses, and to further the overall development and economic well-being of the state. The corporation may effectuate this purpose by performing certain functions delegated to it by the authority pursuant to section 15.106B.
 4. The articles of the corporation shall provide for its governance and its efficient management. In providing for its governance, the articles of the corporation shall address the following:

 a. A board of directors to govern the corporation.

 (1) The board of directors shall initially be comprised of seven members appointed by the governor to concurrent terms of three years. Two of such members shall be subject to confirmation by the senate.
 (2) For appointments subsequent to the initial appointments pursuant to subparagraph (1), two of the members shall be appointed by the governor, subject to confirmation by the senate, to staggered terms of three years each, and the remaining five members shall be selected by a majority vote of the board of directors of the corporation for terms the length of which shall be provided in the articles of the corporation.
 (3) The governor and the board of directors of the corporation shall not appoint or select any person who is either the spouse or a relative within the first degree of consanguinity of a serving member of the board of directors or of the authority board.
 b. The appointment of a chief executive officer by the board to manage the corporation’s daily operations.
 c. The delegation of such powers and responsibilities to the chief executive officer as may be necessary for the corporation’s efficient operation.
 d. The employment of personnel necessary for the efficient performance of the duties assigned to the corporation. All such personnel shall be considered employees of a private, nonprofit corporation and shall be exempt from the personnel requirements imposed on state agencies, departments, and administrative units.
 e. The financial operations of the corporation including the authority to receive and expend funds from public and private sources and to use its property, money, or other resources for the purpose of the corporation.
 5. The board of directors of the corporation and the chief executive officer shall act to ensure all of the following:

 a. That the corporation reviews and, at the board’s direction, implements the applicable portions of the strategic plan developed by members of the authority pursuant to section 15.105.
 b. That the corporation prepares an annual budget that includes funding levels for the corporation’s activities and that shows sufficient moneys are available to support those activities.
 c. That the corporation annually completes and files an information return as described in section 422.15 and that the information return is submitted to the general assembly.
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