173.22 - IOWA STATE FAIR FOUNDATION.

        173.22  IOWA STATE FAIR FOUNDATION.
         An Iowa state fair foundation is established under the authority
      of the Iowa state fair board.  A foundation fund is created within
      the state treasury composed of moneys appropriated or available to
      and obtained or accepted by the foundation.  The foundation fund
      shall include moneys credited to the fund as provided in section
      422.12D.  The foundation may solicit or accept gifts, including
      donations and bequests.  A gift, to the greatest extent possible,
      shall be used according to the expressed desires of the person
      providing the gift.
         Assets of the foundation shall be used to support foundation
      activities, including foundation administration, or capital projects
      or major maintenance improvements at the Iowa state fairgrounds or to
      property under the control of the board.  Foundation moneys may be
      expended on a matching basis with public moneys or Iowa state fair
      authority receipts.  All interest earned on moneys in the foundation
      fund or through other foundation assets shall be credited to and
      remain in the fund.  Section 8.33 does not apply to moneys in the
      fund.
         The auditor of state shall conduct regular audits of the
      foundation and shall make a certified report relating to the
      condition of the foundation and the foundation fund to the treasurer
      of the state, and to the treasurer and secretary of the state fair
      board.  
         Section History: Recent Form
         91 Acts, ch 132, § 3; 93 Acts, ch 144, § 1, 6; 94 Acts, ch 1199,
      §3--6
         Referred to in § 173.14, 422.12D