Bill Text: IA SF228 | 2019-2020 | 88th General Assembly | Enrolled
Bill Title: A bill for an act relating to bioscience-based economic development, the establishment of a bioscience development corporation, and membership on the Iowa innovation council. (Formerly SSB 1084.) Effective 7-1-19.
Spectrum: Committee Bill
Status: (Passed) 2019-05-16 - Signed by Governor. S.J. 1194. [SF228 Detail]
Download: Iowa-2019-SF228-Enrolled.html
Senate
File
228
-
Enrolled
Senate
File
228
AN
ACT
RELATING
TO
BIOSCIENCE-BASED
ECONOMIC
DEVELOPMENT,
THE
ESTABLISHMENT
OF
A
BIOSCIENCE
DEVELOPMENT
CORPORATION,
AND
MEMBERSHIP
ON
THE
IOWA
INNOVATION
COUNCIL.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
8.11,
subsection
2,
paragraph
a,
Code
2019,
is
amended
to
read
as
follows:
a.
“Disability”
means
the
same
as
provided
defined
in
section
15.102
,
subsection
10,
paragraph
“b”
,
subparagraph
(1)
.
Sec.
2.
Section
12.34,
subsection
1,
Code
2019,
is
amended
to
read
as
follows:
1.
The
treasurer
of
state
may
invest
up
to
the
lesser
of
one
hundred
eight
million
dollars
or
twenty-five
percent
of
the
balance
of
the
state
pooled
money
fund
in
certificates
of
deposit
in
eligible
lending
institutions
as
provided
in
section
12.32
,
this
section
,
and
sections
12.35
through
12.43
.
One-half
of
the
moneys
invested
pursuant
to
this
section
shall
be
made
available
under
the
program
implemented
pursuant
to
section
12.43
to
increase
the
availability
of
lower
cost
moneys
for
purposes
of
injecting
needed
capital
into
small
businesses
which
are
fifty-one
percent
or
more
owned,
operated,
and
actively
managed
by
one
or
more
women,
minority
persons,
or
persons
with
disabilities.
“Disability”
means
and
“minority
person”
mean
the
same
as
defined
in
section
15.102
,
subsection
10
.
A
“minority
person”
means
the
same
as
defined
in
section
15.102,
subsection
10.
The
treasurer
shall
invest
Senate
File
228,
p.
2
the
remaining
one-half
of
the
moneys
invested
pursuant
to
this
section
to
support
any
other
eligible
applicant
as
provided
in
section
12.43
.
Sec.
3.
Section
15.102,
Code
2019,
is
amended
by
adding
the
following
new
subsections:
NEW
SUBSECTION
.
1A.
“Bioscience-based
economic
development”
means
economic
development
related
to
industries
involved
in
any
of
the
bioscience
development
platforms.
NEW
SUBSECTION
.
1B.
“Bioscience
development
platforms”
means
industries
involved
in
any
of
the
following:
a.
Vaccines
and
immunotherapeutics.
b.
Biobased
chemicals.
c.
Precision
and
digital
agriculture.
d.
Medical
devices
and
medical
diagnostics.
Sec.
4.
Section
15.102,
subsection
5,
Code
2019,
is
amended
to
read
as
follows:
5.
“Corporation”
means
the
Iowa
innovation
a
bioscience
development
corporation
created
pursuant
to
section
15.107
.
Sec.
5.
Section
15.106B,
subsection
2,
paragraph
b,
Code
2019,
is
amended
to
read
as
follows:
b.
Establish
a
nonprofit
corporation
pursuant
to
section
15.107
,
for
the
purpose
of
receiving
and
disbursing
funds
from
public
or
private
sources
to
be
used
to
enhance
bioscience-based
economic
development
in
the
state
and
to
further
the
overall
development
and
economic
well-being
of
the
state.
Sec.
6.
Section
15.106B,
subsection
2,
paragraph
d,
subparagraph
(1),
Code
2019,
is
amended
by
adding
the
following
new
subparagraph
division:
NEW
SUBPARAGRAPH
DIVISION
.
(i)
Services
to
expand,
enhance,
and
advance
the
bioscience
development
platforms.
Sec.
7.
Section
15.107,
Code
2019,
is
amended
by
striking
the
section
and
inserting
in
lieu
thereof
the
following:
15.107
Bioscience
development
corporation.
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
Senate
File
228,
p.
3
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.
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
Senate
File
228,
p.
4
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.
Senate
File
228,
p.
5
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.
Sec.
8.
Section
15.107A,
subsection
2,
unnumbered
paragraph
1,
Code
2019,
is
amended
to
read
as
follows:
The
corporation
shall,
to
the
extent
its
articles
so
provide
and
within
its
public
purpose,
do
all
of
the
following
with
the
purpose
of
increasing
innovation
in
Iowa’s
economy
,
and
bringing
more
innovative
businesses
to
the
state
,
and
enhancing
and
expanding
the
bioscience
development
platforms
:
Sec.
9.
Section
15.107A,
subsection
2,
paragraph
b,
Code
2019,
is
amended
to
read
as
follows:
b.
Act
as
an
innovation
intermediary
by
aligning
local
technologies,
assets,
and
resources
to
work
together
on
advancing
innovation
and
the
bioscience
development
platforms
.
Sec.
10.
Section
15.107C,
subsection
2,
paragraph
b,
Code
2019,
is
amended
to
read
as
follows:
b.
The
report
shall
describe
how
the
operations
and
activities
serve
the
interests
of
the
state
,
enhance
bioscience-based
economic
development
in
the
state,
and
further
economic
development.
Sec.
11.
Section
15.117A,
subsection
2,
paragraph
a,
subparagraphs
(1)
and
(2),
Code
2019,
are
amended
to
read
as
follows:
(1)
Twenty
members
selected
by
the
board
to
serve
staggered,
two-year
terms
beginning
and
ending
as
provided
in
section
69.19
.
Of
the
members
selected
by
the
board,
seven
fourteen
shall
be
representatives
from
businesses
in
the
targeted
industries
and
thirteen
six
shall
be
individuals
who
serve
on
the
technology
commercialization
committee
created
in
section
15.116
,
or
other
committees
of
the
board,
and
who
have
expertise
with
the
targeted
industries.
At
least
ten
of
the
members
selected
pursuant
to
this
subparagraph
shall
be
executives
actively
engaged
in
the
management
of
a
business
in
a
targeted
industry.
The
members
selected
pursuant
to
this
paragraph
shall
reflect
the
size
and
diversity
of
businesses
in
the
targeted
industries
and
of
the
various
geographic
areas
of
the
state.
(2)
One
member,
selected
by
the
governor
board
,
who
also
Senate
File
228,
p.
6
serves
on
the
Iowa
capital
investment
board
created
in
section
15E.63
has
experience
supporting
businesses
in
the
targeted
industries
.
Sec.
12.
TRANSITION
——
APPOINTMENT
AND
TERMS
OF
IOWA
INNOVATION
COUNCIL
MEMBERS.
This
Act
shall
not
affect
the
appointment
or
term
of
a
member
serving
on
the
Iowa
innovation
council
immediately
prior
to
the
effective
date
of
this
Act.
______________________________
CHARLES
SCHNEIDER
President
of
the
Senate
______________________________
LINDA
UPMEYER
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
228,
Eighty-eighth
General
Assembly.
______________________________
W.
CHARLES
SMITHSON
Secretary
of
the
Senate
Approved
_______________,
2019
______________________________
KIM
REYNOLDS
Governor
