Bill Text: IA HSB162 | 2013-2014 | 85th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: A study bill relating to the state government, by providing for the transfer of powers and duties from the agricultural development authority to the Iowa finance authority, the composition of the Iowa finance authority board of directors, the administration of programs by the board, the implementation of law by the board, and including effective date provisions.
Spectrum: Unknown
Status: (N/A - Dead) 2013-03-06 - Voted - Agriculture. [HSB162 Detail]
Download: Iowa-2013-HSB162-Introduced.html
Bill Title: A study bill relating to the state government, by providing for the transfer of powers and duties from the agricultural development authority to the Iowa finance authority, the composition of the Iowa finance authority board of directors, the administration of programs by the board, the implementation of law by the board, and including effective date provisions.
Spectrum: Unknown
Status: (N/A - Dead) 2013-03-06 - Voted - Agriculture. [HSB162 Detail]
Download: Iowa-2013-HSB162-Introduced.html
House
Study
Bill
162
-
Introduced
HOUSE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
AGRICULTURE
BILL
BY
CHAIRPERSON
GRASSLEY)
A
BILL
FOR
An
Act
relating
to
the
state
government,
by
providing
for
1
the
transfer
of
powers
and
duties
from
the
agricultural
2
development
authority
to
the
Iowa
finance
authority,
3
the
composition
of
the
Iowa
finance
authority
board
of
4
directors,
the
administration
of
programs
by
the
board,
the
5
implementation
of
law
by
the
board,
and
including
effective
6
date
provisions.
7
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
8
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DIVISION
I
1
GENERAL
PROVISIONS
2
Section
1.
Section
16.1,
subsection
1,
Code
2013,
is
amended
3
by
adding
the
following
new
paragraphs:
4
NEW
PARAGRAPH
.
0c.
“Board”
means
the
Iowa
finance
authority
5
board
of
directors
created
pursuant
to
section
16.2.
6
NEW
PARAGRAPH
.
0j.
“Executive
director”
means
the
executive
7
director
of
the
Iowa
finance
authority
as
appointed
pursuant
to
8
section
16.6.
9
Sec.
2.
NEW
SECTION
.
16.1A
Creation
——
administration
of
10
programs.
11
1.
The
Iowa
finance
authority
is
created,
and
constitutes
12
a
public
instrumentality
and
agency
of
the
state
exercising
13
public
and
essential
governmental
functions.
14
2.
The
authority
shall
undertake
and
administer
the
15
following:
16
a.
Programs
established
under
this
chapter
to
assist
in
17
attainment
of
adequate
housing
for
low-or
moderate-income
18
families,
elderly
families,
and
families
which
include
one
or
19
more
persons
with
disabilities,
and
to
undertake
the
various
20
finance
programs
under
this
chapter.
21
b.
Programs
which
assist
qualified
farmers
or
agricultural
22
producers,
including
beginning
farmers,
as
provided
in
chapter
23
175.
24
3.
The
Iowa
finance
authority
board
of
directors
shall
have
25
general
control,
supervision,
and
regulation
of
all
authority
26
programs
established
under
this
chapter
and
chapter
175.
The
27
authority
is
charged
with
the
broad
administrative
authority
28
to
make,
administer,
interpret,
construe,
repeal,
and
execute
29
the
rules,
and
to
administer,
interpret,
construe,
and
execute
30
the
laws
of
this
state
relating
to
such
programs.
The
board
31
may,
by
resolution,
delegate
to
the
executive
director
or
other
32
authority
employee
such
of
its
powers,
under
such
terms
and
33
conditions,
as
it
deems
appropriate.
34
4.
A
program
established
in
this
chapter
may
be
combined
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with
any
other
program
authorized
in
this
chapter,
under
1
chapter
175,
or
under
a
federal
program
in
order
to
facilitate
2
as
far
as
practicable
the
acquisition
of
agricultural
land
3
and
property
by
beginning
farmers
or
to
facilitate
the
4
implementation
of
permanent
soil
and
water
conservation
5
practices
and
the
acquisition
of
conservation
farm
equipment
as
6
provided
in
chapter
175.
7
Sec.
3.
Section
16.2,
subsection
1,
Code
2013,
is
amended
8
to
read
as
follows:
9
1.
The
Iowa
finance
authority
is
established,
and
10
constituted
a
public
instrumentality
and
agency
of
the
state
11
exercising
public
and
essential
governmental
functions,
to
12
undertake
programs
which
assist
in
attainment
of
adequate
13
housing
for
low
or
moderate
income
families,
elderly
14
families,
and
families
which
include
one
or
more
persons
with
15
disabilities,
and
to
undertake
the
various
finance
programs.
16
The
powers
of
the
authority
are
vested
in
and
shall
be
17
exercised
by
a
an
Iowa
finance
authority
board
of
directors.
18
The
board
shall
be
composed
of
nine
members
appointed
by
the
19
governor
subject
to
confirmation
by
the
senate.
20
a.
No
Not
more
than
five
members
shall
belong
to
the
same
21
political
party.
22
b.
As
far
as
possible,
the
governor
shall
include
within
23
the
membership
persons
who
represent
community
and
housing
24
development
industries,
housing
finance
industries,
the
real
25
estate
sales
industry,
elderly
families,
minorities,
lower
26
income
families,
very
low
income
families,
families
which
27
include
persons
with
disabilities,
average
taxpayers,
local
28
government,
business
interests,
and
any
other
person
specially
29
interested
in
community
housing,
finance,
or
small
business.
30
c.
At
least
two
members
shall
be
individuals
engaged
in
31
actual
farming
operations
who
are
specially
interested
in
32
family
farm
development.
33
Sec.
4.
Section
16.103,
subsection
1,
Code
2013,
is
amended
34
to
read
as
follows:
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1.
Make
secured
and
unsecured
loans
for
both
the
acquisition
1
and
the
construction
of
projects
on
terms
the
authority
2
determines.
Any
loan
made
with
respect
to
any
project
for
3
which
a
loan
may
be
made
pursuant
to
chapter
175
shall
be
made
4
only
upon
the
request
and
with
the
consent
of
the
agricultural
5
development
authority.
The
loans
A
loan
may
be
made
to
any
6
person
or
entity
including,
but
not
limited
to,
a
city
,
a
or
7
county
,
and
the
agricultural
development
authority
for
projects
8
a
project
approved
by
the
Iowa
finance
authority.
The
Iowa
9
finance
authority
may
take
any
action
which
is
reasonable
and
10
lawful
to
protect
its
security
and
to
avoid
losses
from
its
11
loans.
12
Sec.
5.
Section
175.2,
subsection
1,
paragraph
e,
Code
2013,
13
is
amended
to
read
as
follows:
14
e.
“Authority”
means
the
agricultural
development
Iowa
15
finance
authority
established
created
in
section
175.3
16.1A
.
16
Sec.
6.
Section
175.2,
subsection
1,
Code
2013,
is
amended
17
by
adding
the
following
new
paragraphs:
18
NEW
PARAGRAPH
.
0h.
“Board”
means
the
Iowa
finance
authority
19
board
of
directors
created
pursuant
to
section
16.1A.
20
NEW
PARAGRAPH
.
0k.
“Executive
director”
means
the
executive
21
director
of
the
Iowa
finance
authority
appointed
pursuant
to
22
section
16.6.
23
Sec.
7.
Section
175.3,
Code
2013,
is
amended
by
striking
the
24
section
and
inserting
in
lieu
thereof
the
following:
25
175.3
Authority
——
administration
of
this
chapter.
26
1.
The
authority
shall
administer
this
chapter
in
addition
27
to
its
administration
of
chapter
16.
28
2.
In
administering
this
chapter,
the
authority
shall
do
all
29
of
the
following:
30
a.
Provide
for
programs
which
assist
beginning
farmers
in
31
purchasing
agricultural
land
and
agricultural
improvements
and
32
depreciable
agricultural
property
for
the
purpose
of
farming,
33
and
programs
which
provide
financing
to
farmers
for
permanent
34
soil
and
water
conservation
practices
on
agricultural
land
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within
the
state
or
for
the
acquisition
of
conservation
farm
1
equipment,
and
programs
to
assist
farmers
within
the
state
in
2
financing
operating
expenses
and
cash
flow
requirements
of
3
farming.
4
b.
Develop
programs
to
assist
qualified
agricultural
5
producers
within
the
state
with
financing
other
capital
6
requirements
or
operating
expenses.
7
3.
A
program
established
in
this
chapter
may
be
combined
8
with
any
other
program
established
in
this
chapter,
a
program
9
established
in
chapter
16,
or
a
federal
program
in
order
10
to
facilitate
as
far
as
practicable
the
acquisition
of
11
agricultural
land
and
property
by
beginning
farmers
or
to
12
facilitate
the
implementation
of
permanent
soil
and
water
13
conservation
practices
and
the
acquisition
of
conservation
farm
14
equipment.
15
4.
The
board
shall
have
general
control,
supervision,
16
and
regulation
of
all
authority
programs
established
under
17
this
chapter
in
the
same
manner
as
provided
for
in
chapter
16
18
pursuant
to
section
16.1A.
19
Sec.
8.
Section
175.4,
subsection
11,
Code
2013,
is
amended
20
to
read
as
follows:
21
11.
It
is
necessary
to
create
an
agricultural
development
22
authority
to
encourage
ownership
of
farms
by
beginning
farmers
23
by
providing
purchase
money
loans
to
beginning
farmers
who
are
24
not
able
to
obtain
adequate
capital
elsewhere
to
provide
such
25
funds
and
to
lower
costs
through
the
use
of
public
financing.
26
Sec.
9.
Section
175.5,
unnumbered
paragraph
1,
Code
2013,
27
is
amended
to
read
as
follows:
28
In
the
performance
of
its
duties,
implementation
of
its
29
powers,
selection
of
specific
programs
and
projects
to
receive
30
its
assistance
as
provided
in
section
175.3
,
the
authority
31
shall
be
guided
by
the
following
principles:
32
Sec.
10.
Section
175.6,
unnumbered
paragraph
1,
Code
2013,
33
is
amended
to
read
as
follows:
34
The
authority
has
all
of
the
general
powers
needed
to
carry
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out
its
purposes
and
duties,
and
to
exercise
its
specific
1
powers
,
under
this
chapter
including
but
not
limited
to
the
2
power
to
do
any
of
the
following
:
3
Sec.
11.
Section
175.8,
subsection
1,
unnumbered
paragraph
4
1,
Code
2013,
is
amended
to
read
as
follows:
5
The
authority
shall
submit
to
the
governor
and
to
the
members
6
of
the
general
assembly
as
request
it,
not
later
than
January
7
15
of
each
year,
a
complete
and
economically
designed
and
8
reproduced
As
part
of
the
authority’s
report
setting
forth:
9
required
in
section
16.7,
the
authority
shall
detail
its
10
activities
under
this
chapter,
which
shall
include
all
of
the
11
following:
12
Sec.
12.
Section
175.8,
subsections
3
and
4,
Code
2013,
are
13
amended
to
read
as
follows:
14
3.
For
fiscal
years
beginning
on
or
after
July
1,
2007,
15
the
auditor
of
state
shall
conduct
an
annual
audit
of
the
16
agricultural
development
authority
to
be
paid
from
resources
17
of
the
authority
notwithstanding
any
other
audit
conducted
on
18
behalf
of
the
authority’s
board
of
directors.
The
auditor
of
19
state
may
acquire
the
services
of
an
outside
audit
firm,
if
20
necessary,
to
conduct
the
audit
as
required
in
this
subsection
.
21
4.
3.
The
authority’s
executive
director
,
appointed
22
pursuant
to
section
175.7
,
shall
report
semiannually
to
the
23
general
assembly’s
standing
committees
on
government
oversight
24
regarding
the
operations
of
the
authority.
25
Sec.
13.
Section
175.26,
Code
2013,
is
amended
by
striking
26
the
section
and
inserting
in
lieu
thereof
the
following:
27
175.26
Conflicts
of
interest.
28
The
requirements
and
procedures
for
conflicts
of
interest
29
by
a
member
or
employee
of
the
authority
set
forth
in
section
30
16.3A
shall
also
apply
to
this
chapter.
31
Sec.
14.
REPEAL.
Sections
175.7
and
175.11,
Code
2013,
are
32
repealed.
33
Sec.
15.
EFFECTIVE
DATE.
This
division
of
this
Act
takes
34
effect
on
July
1,
2013.
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DIVISION
II
1
COORDINATING
PROVISIONS
2
Sec.
16.
Section
7C.4A,
subsection
4,
Code
2013,
is
amended
3
to
read
as
follows:
4
4.
Twenty-one
percent
of
the
state
ceiling
shall
be
5
allocated
to
qualified
small
issue
bonds
issued
for
first-time
6
beginning
farmers
under
chapter
175
.
However,
at
any
time
7
during
the
calendar
year
the
governor’s
designee,
with
8
the
approval
of
the
Iowa
agricultural
development
finance
9
authority,
may
determine
that
a
lesser
amount
need
be
allocated
10
to
qualified
small
issue
bonds
for
first-time
beginning
11
farmers
and
on
that
date
this
lesser
amount
shall
be
the
amount
12
allocated
for
those
bonds
and
the
excess
shall
be
allocated
13
under
subsection
7
.
14
Sec.
17.
Section
12.28,
subsection
1,
paragraph
b,
Code
15
2013,
is
amended
to
read
as
follows:
16
b.
“State
agency”
means
a
board,
commission,
bureau,
17
division,
office,
department,
or
branch
of
state
government.
18
However,
state
agency
does
not
mean
the
state
board
of
regents,
19
institutions
governed
by
the
board
of
regents,
or
authorities
20
created
under
chapter
16
,
175
,
257C
,
or
261A
.
21
Sec.
18.
Section
12.30,
subsection
1,
paragraph
a,
Code
22
2013,
is
amended
to
read
as
follows:
23
a.
“Authority”
means
a
department,
or
public
or
quasi-public
24
instrumentality
of
the
state
including
but
not
limited
to
the
25
authority
created
under
chapter
12E
,
16
,
175
,
257C
,
261A
,
or
26
463C
,
which
has
the
power
to
issue
obligations,
except
that
27
“authority”
does
not
include
the
state
board
of
regents
or
28
the
Iowa
finance
authority
to
the
extent
it
acts
pursuant
to
29
chapter
260C
.
“Authority”
also
includes
a
port
authority
created
30
under
chapter
28J
.
31
Sec.
19.
Section
16.1,
subsection
1,
paragraph
b,
Code
2013,
32
is
amended
to
read
as
follows:
33
b.
“Authority”
means
the
Iowa
finance
authority
established
34
created
in
section
16.2
16.1A
.
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Sec.
20.
Section
159.18,
subsection
1,
Code
2013,
is
amended
1
to
read
as
follows:
2
1.
As
used
in
this
section
,
“farm
programs”
includes,
but
3
is
not
limited
to,
financial
incentive
programs
established
4
within
the
division
of
soil
conservation
of
the
department
of
5
agriculture
and
land
stewardship
as
provided
in
section
161A.70
6
and
the
beginning
farmer
loan
program
administered
by
the
7
agricultural
development
Iowa
finance
authority
as
provided
in
8
section
175.12
.
9
Sec.
21.
Section
422.7,
subsection
19,
Code
2013,
is
amended
10
to
read
as
follows:
11
19.
Subtract
interest
earned
on
bonds
and
notes
issued
by
12
the
agricultural
development
Iowa
finance
authority
as
provided
13
in
section
175.17,
subsection
10
.
14
Sec.
22.
Section
422.35,
subsection
13,
Code
2013,
is
15
amended
to
read
as
follows:
16
13.
Subtract
the
interest
earned
from
bonds
and
notes
issued
17
by
the
agricultural
development
Iowa
finance
authority
as
18
provided
in
section
175.17,
subsection
10
.
19
Sec.
23.
Section
455B.291,
subsection
2,
Code
2013,
is
20
amended
to
read
as
follows:
21
2.
“Authority”
means
the
Iowa
finance
authority
established
22
created
in
section
16.2
16.1A
.
23
Sec.
24.
Section
502.201,
subsection
9B,
Code
2013,
is
24
amended
to
read
as
follows:
25
9B.
Agricultural
development
Iowa
finance
authority.
Any
26
security
issued
by
the
agricultural
development
Iowa
finance
27
authority
under
chapter
175
.
28
Sec.
25.
EFFECTIVE
DATE.
This
division
of
this
Act
takes
29
effect
on
July
1,
2013.
30
DIVISION
III
31
TRANSITIONAL
PROVISIONS
——
GENERAL
32
Sec.
26.
ADMINISTRATIVE
RULES
AND
OTHER
ACTIONS
AND
33
DOCUMENTS.
Any
rule,
regulation,
form,
order,
or
directive
34
promulgated
by
agricultural
development
authority
under
the
35
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umbrella
of
the
department
of
agriculture
and
land
stewardship
1
pursuant
to
section
175.3,
Code
2013,
as
required
to
administer
2
and
enforce
the
provisions
of
chapter
175
shall
continue
in
3
full
force
and
effect
until
amended,
repealed,
or
supplemented
4
by
affirmative
action
of
the
Iowa
finance
authority.
5
Sec.
27.
PENDING
ADMINISTRATIVE
OR
JUDICIAL
PROCEEDINGS.
6
1.
An
administrative
or
judicial
proceeding
arising
under
7
chapter
175
pending
on
the
effective
date
of
this
division
of
8
this
Act
shall
not
be
affected
due
to
this
Act.
9
2.
Any
cause
of
action
or
statute
of
limitation
relating
10
to
an
action
taken
by
a
party
in
a
matter
arising
under
11
chapter
175
shall
not
be
affected
by
this
Act,
except
that
12
the
Iowa
development
authority
shall
replace
the
agricultural
13
development
authority
as
a
party.
14
3.
The
department
of
agriculture
and
land
stewardship
15
or
the
office
of
attorney
general
acting
on
behalf
of
the
16
agricultural
development
authority
in
an
administrative
or
17
judicial
proceeding
shall
not
be
affected
as
result
of
this
18
Act.
Any
statue
of
limitation
shall
apply
to
the
parties
as
if
19
this
Act
had
not
been
enacted.
20
Sec.
28.
PERSONNEL.
Any
personnel
in
the
state
merit
system
21
of
employment
who
are
transferred
due
to
the
effect
of
this
Act
22
shall
be
so
transferred
without
any
loss
in
salary,
benefits,
23
or
accrued
years
of
service.
24
Sec.
29.
REPLACEMENT
ITEMS.
Any
replacement
of
signs,
25
logos,
stationery,
insignia,
uniforms,
and
related
items
that
26
are
made
due
to
the
effect
of
this
Act
shall
be
done
as
part
of
27
the
normal
replacement
cycle
for
such
items.
28
Sec.
30.
IOWA
FINANCE
AUTHORITY
BOARD
OF
DIRECTORS.
Nothing
29
in
this
Act
requires
that
a
member
serving
on
the
Iowa
finance
30
authority
board
of
directors
serve
for
less
than
a
term
of
31
office
specified
in
section
16.2.
However,
two
directors
whose
32
terms
end
after
the
effective
date
of
this
division
of
this
Act
33
shall
be
replaced
by
two
individuals
who
are
engaged
in
actual
34
farming
operations
as
required
in
section
16.2,
as
amended
by
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this
Act.
1
Sec.
31.
OUTSTANDING
LEGAL
OBLIGATIONS
AND
RIGHTS.
Any
2
interest
in
real
property,
tangible
personal
property,
3
or
intangible
personal
property
held
by
the
agricultural
4
development
authority
shall
be
transferred
to
the
Iowa
finance
5
authority.
Any
property
right,
security
interest,
or
lien
6
held
by
the
agricultural
development
authority
shall
vest
in
7
the
Iowa
finance
authority
without
an
instrument
of
transfer
8
including
but
not
limited
to
a
deed,
contract,
or
endorsement.
9
However,
nothing
in
this
section
prohibits
the
execution
of
10
such
instrument
if
the
Iowa
finance
authority
determines
it
11
is
necessary
or
prudent.
Any
debt,
obligation,
or
liability
12
incurred
by
the
agricultural
development
authority
shall
be
13
assumed
by
the
Iowa
finance
authority,
and
shall
continue
14
according
to
the
same
terms
and
conditions
as
applied
to
the
15
agricultural
development
authority.
Any
right
or
benefit
16
arising
from
a
legal
instrument
in
which
the
agricultural
17
development
authority
was
a
party
shall
be
transferred
to
the
18
Iowa
finance
authority
and
shall
continue
as
if
the
transfer
19
had
not
occurred.
20
Sec.
32.
EFFECTIVE
DATE.
This
division
of
this
Act
takes
21
effect
July
1,
2013.
22
DIVISION
IV
23
TRANSITIONAL
PROVISIONS
——
REQUIREMENTS
OF
THE
IOWA
FINANCE
24
AUTHORITY
AND
THE
AGRICULTURAL
DEVELOPMENT
AUTHORITY
25
Sec.
33.
GENERAL.
The
Iowa
finance
authority
shall
provide
26
for
the
implementation
of
this
Act
according
to
a
schedule
27
approved
by
the
Iowa
finance
authority’s
board
of
directors
28
which
is
consistent
with
this
Act.
29
Sec.
34.
EMERGENCY
RULEMAKING.
The
Iowa
finance
authority
30
may
adopt
emergency
rules
under
section
17A.4,
subsection
3,
31
and
section
17A.5,
subsection
2,
paragraph
“b”,
to
implement
32
the
provisions
of
this
Act,
and
the
rules
shall
be
effective
33
July
1,
2013,
unless
a
later
date
is
specified
in
the
rules.
34
Any
rules
adopted
in
accordance
with
this
section
shall
also
be
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published
as
a
notice
of
intended
action
as
provided
in
section
1
17A.4.
2
Sec.
35.
INTERAUTHORITY
COOPERATION.
The
agricultural
3
development
authority
shall
assist
the
Iowa
finance
authority
4
in
implementing
this
Act
by
providing
for
an
effective
5
transition
of
powers
and
duties
from
one
authority
to
the
other
6
authority
under
chapter
175
and
related
administrative
rules.
7
Sec.
36.
EFFECTIVE
UPON
ENACTMENT.
This
division
of
this
8
Act,
being
deemed
of
immediate
importance,
takes
effect
upon
9
enactment.
10
EXPLANATION
11
GENERAL.
This
bill
provides
that
the
powers
and
duties
12
of
the
agricultural
development
authority
are
transferred
to
13
the
Iowa
finance
authority.
The
agricultural
development
14
authority
administers
programs
under
Code
chapter
175
to
assist
15
farmers,
including
beginning
farmers,
to
start
or
expand
their
16
operations.
The
Iowa
finance
authority
administers
programs
17
under
Code
chapter
16
to
assist
low-or
moderate-income
families
18
in
attaining
housing.
19
ADMINISTRATION.
The
agricultural
development
authority
20
is
currently
housed
in
the
department
of
agriculture
and
21
land
stewardship.
The
Iowa
finance
authority
and
the
22
agricultural
development
authority
are
each
headed
by
a
board
23
of
directors
and
each
authority
is
supervised
by
an
executive
24
director.
Each
authority
is
required
to
cooperate
with
lending
25
institutions
in
providing
for
affordable
credit;
and
each
may
26
issue
bonds
and
notes
in
order
to
finance
its
programs.
27
OTHER
SUBSTANTIVE
CHANGES.
The
bill
makes
two
other
28
substantive
changes.
It
provides
that
the
Iowa
finance
29
authority
board
of
directors
has
broad
administrative
authority
30
to
make,
interpret
and
construe
its
rules,
and
interpret
and
31
construe
the
laws
of
this
state
relating
to
such
programs.
32
The
bill
requires
that
two
members
of
the
board
be
involved
33
in
farming.
It
eliminates
a
provision
which
requires
the
34
state
auditor
to
perform
an
annual
audit
of
the
agricultural
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development
authority.
Currently,
the
state
auditor
may
1
periodically
perform
audits
of
the
Iowa
finance
authority.
2
TRANSITIONAL
PROVISIONS.
The
bill
includes
a
number
of
3
transitional
provisions
to
assist
the
Iowa
finance
authority
in
4
accomplishing
the
transfer
and
to
effectuate
the
transfer
of
5
legal
rights
and
obligations.
6
The
transitional
provisions
relate
to
the
validity
of
7
existing
rules,
regulations,
forms,
orders,
and
directives;
8
pending
legal
actions;
the
transfer
of
personnel;
and
the
9
replacement
of
items
bearing
the
name
of
the
agricultural
10
development
authority.
The
bill
provides
for
the
transfer
of
11
interests
in
real
property,
tangible
personal
property,
and
12
intangible
personal
property
as
well
as
debts,
obligations,
13
or
liabilities
incurred
by
the
agricultural
development
14
authority
and
any
right
or
benefit
obtained
by
the
agricultural
15
development
authority
(e.g.,
through
outstanding
contracts).
16
The
bill
also
provides
that
two
members
of
the
Iowa
finance
17
authority’s
board
of
directors
may
serve
out
their
terms
before
18
being
replaced
by
persons
involved
in
farming.
Finally,
the
19
bill
authorizes
the
Iowa
fiance
authority
to
provide
for
the
20
implementation
of
the
bill
according
to
a
schedule
adopted
by
21
its
board
of
directors,
provides
the
authority
with
emergency
22
rulemaking
authority,
and
requires
that
the
two
authorities
23
cooperate
in
implementing
the
transition.
24
Generally,
the
bill
takes
effect
on
July
1.
However,
25
provisions
which
authorize
the
Iowa
development
authority
to
26
implement
the
bill
take
effect
upon
enactment.
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