15G.115 - APPLICATIONS -- ADVISORY BODY RECOMMENDATIONS -- FINAL BOARD ACTIONS. - Iowa Statutes

15G.115 APPLICATIONS -- ADVISORY BODY RECOMMENDATIONS -- FINAL BOARD ACTIONS. 1. The department shall accept and process applications for financial assistance under the grow Iowa values financial assistance program. After processing the applications, the department shall prepare them for review by advisory committees and for final action by the board as described in this section. 2. a. Each application from a business for financial assistance under the grow Iowa values financial assistance program shall be reviewed by the due diligence committee established by the board pursuant to section 15.103, subsection 6. The due diligence committee shall make a recommendation on each application to the board. b. Each application from a business for financial assistance under the value-added agriculture component of the grow Iowa values financial assistance program shall be reviewed by the agricultural products advisory council established in section 15.203, which shall make a recommendation on each application to the board. c. Each application for financial assistance from funds allocated by the department for deposit in the innovation and commercialization development fund pursuant to section 15G.111, subsection 10, shall be reviewed by the technology commercialization committee established in section 15.116, which shall make a recommendation on each application to the board. 3. In overseeing the administration of the grow Iowa values fund and grow Iowa values financial assistance program pursuant to this chapter, the board shall do all of the following: a. At the first scheduled meeting of the board after the start of a new fiscal year, take final action on all of the following: (1) The department's recommendations for the annual fiscal year allocation of moneys in the fund, as provided in section 15G.111, subsection 4. The board may adjust the allocation of moneys during the fiscal year as necessary. (2) The department's recommendations for the allocation of moneys among the program components referred to in section 15G.112, subsection 1, paragraph "b". The board may adjust the allocation of moneys during the fiscal year as necessary. b. Consider the recommendation of the due diligence committee and the agricultural products advisory council on each application for financial assistance, as described in subsection 2, and take final action on each application. c. Take final action on the required plans for proposed expenditures submitted by the entities receiving moneys allocated under section 15G.111, subsections 5 through 8. d. Take final action on any rules recommended by the department for the implementation of the provisions of this chapter.          Section History: Recent Form 2009 Acts, ch 123, §6, 33