Iowa Code 15.481 – Board of trustees — powers and duties
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The board shall do any or all of the following:
1. Enter into agreements with any qualified organization, the state, or any federal or other state agency, or other entity as required to administer this part.
Terms Used In Iowa Code 15.481
- Bequest: Property gifted by will.
- 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
- Devise: To gift property by will.
- Director: means the director of the authority, appointed pursuant to section 15. See Iowa Code 15.102
- Financial assistance: means assistance provided only from the funds, rights, and assets legally available to the authority and includes but is not limited to assistance in the form of grants, loans, forgivable loans, and royalty payments. See Iowa Code 15.102
- 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
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
- 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. Approve or disapprove the grants recommended for approval by the director, in consultation with the Iowa arts council and the state historical society of Iowa, in accordance with section 15.108, subsection 8, paragraph “b”. The board may remove any recommendation from the list, but shall not add to or otherwise amend the list of recommended grants.
3. Upon approving a grant, the board shall certify to the treasurer of state the amount of financial assistance payable from the grant account to the qualified organization whose grant application is approved.
4. Determine, in consultation with the treasurer of state, the amount of investment income attributable to the trust fund that will be available for distribution as grants to qualified organizations.
5. Accept any devise, gift, bequest, donation, or federal or other grant from any person, firm, partnership, or corporation, which the treasurer of state shall deposit into the trust fund.