Text: HF02570 Text: HF02572 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 HOUSE FILE 2571 1 2 1 3 AN ACT 1 4 RELATING TO THE ESTABLISHMENT OF AN IOWA CULTURAL TRUST, AN 1 5 IOWA CULTURAL TRUST FUND, AND AN IOWA CULTURAL TRUST GRANT 1 6 ACCOUNT, PROVIDING FOR THE ISSUANCE OF TRUST FUND CREDITS, 1 7 AND PROVIDING FOR RELATED MATTERS. 1 8 1 9 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 10 1 11 Section 1. Section 303.1A, Code 2001, is amended by adding 1 12 the following new subsection: 1 13 NEW SUBSECTION. 6. Administer the Iowa cultural trust as 1 14 provided in chapter 303A and do all of the following: 1 15 a. Develop and adopt by rule criteria for the issuance of 1 16 trust fund credits by measuring the efforts of qualified 1 17 organizations, as defined in section 303A.3, to increase their 1 18 endowment or other resources for the promotion of the arts, 1 19 history, or the sciences and humanities in Iowa. If the 1 20 director determines that the organizations have increased the 1 21 amount of their endowment and other resources, the director 1 22 shall certify the amount of increase in the form of trust fund 1 23 credits to the treasurer, who shall deposit in the Iowa 1 24 cultural trust fund, from moneys received for purposes of the 1 25 trust fund as provided in section 303A.4, subsection 2, an 1 26 amount equal to the trust fund credits. If the amount of the 1 27 trust fund credits issued by the director exceeds the amount 1 28 of moneys available to be deposited in the trust fund as 1 29 provided in section 303A.4, subsection 2, the outstanding 1 30 trust fund credits shall not expire but shall be available to 1 31 draw down additional moneys which become available to be 1 32 deposited in the trust fund as provided in section 303A.4, 1 33 subsection 2. 1 34 b. Develop and implement, in accordance with chapter 303A, 1 35 a grant application process for grants issued to qualified 2 1 organizations as defined in section 303A.3. 2 2 c. Develop and adopt by rule criteria for the approval of 2 3 Iowa cultural trust grants. The criteria shall include, but 2 4 shall not be limited to, the future stability and 2 5 sustainability of a qualified organization. 2 6 d. Compile, in consultation with the Iowa arts council and 2 7 the state historical society of Iowa, a list of grant 2 8 applications recommended for funding in accordance with the 2 9 amount available for distribution as provided in section 2 10 303A.6, subsection 3. The list of recommended grant 2 11 applications shall be submitted to the Iowa cultural trust 2 12 board of trustees for approval. 2 13 e. Monitor the allocation and use of grant moneys by 2 14 qualified organizations to determine whether moneys are used 2 15 in accordance with the provisions of this subsection and 2 16 chapter 303A. The director shall annually submit the 2 17 director's findings and recommendations in a report to the 2 18 Iowa cultural trust board of trustees prior to final board 2 19 action in approving grants for the next succeeding fiscal 2 20 year. 2 21 Sec. 2. NEW SECTION. 303A.1 SHORT TITLE. 2 22 This chapter shall be known and may be cited as the "Iowa 2 23 Cultural Trust Act". 2 24 Sec. 3. NEW SECTION. 303A.2 LEGISLATIVE FINDINGS. 2 25 The general assembly finds and declares that cultural 2 26 organizations generate millions of dollars in economic 2 27 activity in Iowa; attract people to live and work in Iowa's 2 28 communities, contribute to a revitalization of those 2 29 communities; are a magnet for tourists; train minds for the 2 30 creative economy jobs of the future; and build social capital. 2 31 However, these organizations are often undercapitalized. 2 32 Therefore, to bring financial stability to these organizations 2 33 through fluctuating economic conditions, it is the intent of 2 34 the general assembly that a public trust be established the 2 35 income from which may be made available to supplement the 3 1 operating budgets of nonprofit cultural organizations that 3 2 meet certain criteria, including a commitment to strategies to 3 3 attain long-term financial stability and sustainability. It 3 4 is further the intent of the general assembly that income from 3 5 the public trust may be used initially for a statewide 3 6 educational program to assist cultural organizations in 3 7 endowment development. 3 8 Sec. 4. NEW SECTION. 303A.3 DEFINITIONS. 3 9 For purposes of this chapter, unless the context otherwise 3 10 requires: 3 11 1. "Board" means the board of trustees of the Iowa 3 12 cultural trust created in section 303A.5. 3 13 2. "Department" means the department of cultural affairs 3 14 created in section 303.1. 3 15 3. "Director" means the director of the department of 3 16 cultural affairs. 3 17 4. "Grant account" means the Iowa cultural trust grant 3 18 account created in section 303A.7. 3 19 5. "Qualified organization" means a tax-exempt, nonprofit 3 20 organization whose primary mission is to promote the arts, 3 21 history, or the sciences and humanities in Iowa. 3 22 6. "Trust fund" means the Iowa cultural trust fund created 3 23 in section 303A.4. 3 24 Sec. 5. NEW SECTION. 303A.4 IOWA CULTURAL TRUST AND 3 25 TRUST FUND. 3 26 1. The Iowa cultural trust is created as a public body 3 27 corporate organized for the purposes, with the powers, and 3 28 subject to the restrictions, set forth in this chapter. 3 29 2. An Iowa cultural trust fund is created in the office of 3 30 the treasurer of state for the purpose of receiving moneys 3 31 appropriated by the general assembly and any other moneys 3 32 available to the trust fund due to the issuance of trust fund 3 33 credits by the director as provided in section 303.1A, 3 34 subsection 6. 3 35 3. The trust fund may also receive any devise, gift, 4 1 bequest, donation, or federal or other grant from any person, 4 2 firm, partnership, or corporation. Any assets received by the 4 3 trust fund from federal or private sources shall at all times 4 4 be preserved, invested, and expended solely for the purposes 4 5 of the trust fund and shall be held in trust as provided for 4 6 in this section. No property rights in the assets received by 4 7 the trust fund from federal or private sources shall exist in 4 8 favor of the state. 4 9 4. The treasurer of state shall act as custodian of the 4 10 fund, shall invest moneys in the trust fund, and shall 4 11 transfer the interest attributable to the investment of trust 4 12 fund moneys to the grant account created in section 303A.7. 4 13 The trust fund's principal shall not be used or accessed by 4 14 the department or the board for any purpose. 4 15 5. Notwithstanding section 8.33, moneys remaining in the 4 16 trust fund at the end of the fiscal year shall be retained in 4 17 the trust fund. Notwithstanding section 12C.7, subsection 2, 4 18 interest or earnings on investments or time deposits of the 4 19 moneys in the trust fund shall be credited to the trust fund. 4 20 Sec. 6. NEW SECTION. 303A.5 BOARD OF TRUSTEES. 4 21 1. A board of trustees of the Iowa cultural trust is 4 22 created. The general responsibility for the proper operation 4 23 of the trust is vested in the board of trustees, which shall 4 24 consist of thirteen members as follows: 4 25 a. Nine public members, five of whom shall be appointed by 4 26 the governor, subject to confirmation by the senate. The 4 27 majority leader of the senate, the minority leader of the 4 28 senate, the speaker of the house, and the minority leader of 4 29 the house of representatives shall each appoint one public 4 30 member. A public member of the board appointed in accordance 4 31 with this section shall not also serve concurrently as a 4 32 member of the state historical society board of trustees or 4 33 the Iowa state arts council. 4 34 b. Four ex officio, nonvoting members, consisting of the 4 35 treasurer of state or the treasurer's designee, the director 5 1 of the department of cultural affairs or the director's 5 2 designee, the chairperson of the state historical society 5 3 board of trustees elected pursuant to section 303.6, and the 5 4 chairperson of the Iowa state arts council designated pursuant 5 5 to section 303.86. 5 6 2. Members appointed by the general assembly shall be 5 7 appointed to two-year terms. The public members appointed by 5 8 the governor shall serve five-year staggered terms beginning 5 9 and ending as provided in section 69.19. Vacancies on the 5 10 board shall be filled for the unexpired portion of the term in 5 11 the same manner as the original appointments. 5 12 3. Members appointed by the governor are subject to the 5 13 requirements of sections 69.16, 69.16A, and 69.19. 5 14 4. Public members shall serve without compensation, but 5 15 shall be reimbursed for all actual and necessary expenses they 5 16 incur through service on the board. 5 17 5. The board shall elect a chairperson and vice 5 18 chairperson from among its membership. The board shall meet 5 19 at the call of its chairperson or upon written request of a 5 20 majority of its voting members. Five voting members 5 21 constitute a quorum. The concurrence of a majority of the 5 22 voting members of a board is required to take any action 5 23 relating to its duties. 5 24 6. The board shall be located for administrative purposes 5 25 within the department. The department, subject to approval by 5 26 the board, shall adopt administrative rules pursuant to 5 27 chapter 17A necessary to administer the income derived from 5 28 the Iowa cultural trust fund and to perform specific powers 5 29 and duties as provided in section 303A.6. The director shall 5 30 budget funds to pay the expenses of the board and administer 5 31 this chapter. 5 32 Sec. 7. NEW SECTION. 303A.6 BOARD OF TRUSTEES POWERS 5 33 AND DUTIES. 5 34 The board shall do any or all of the following: 5 35 1. Enter into agreements with any qualified organization, 6 1 the state, or any federal or other state agency, or other 6 2 entity as required to administer this chapter. 6 3 2. Approve or disapprove the grants recommended for 6 4 approval by the director, in consultation with the Iowa arts 6 5 council and the state historical society of Iowa, in 6 6 accordance with section 303.1A, subsection 6, paragraph "c". 6 7 The board may delete any recommendation, but shall not add to 6 8 or otherwise amend the list of recommended grants. 6 9 3. Upon approving a grant, the board shall certify to the 6 10 treasurer of state the amount of financial assistance payable 6 11 from the trust account to the qualified organization whose 6 12 grant application is approved. 6 13 4. Determine, in consultation with the treasurer of state, 6 14 the amount of investment income attributable to the trust fund 6 15 that will be available for distribution as grants to qualified 6 16 organizations. 6 17 5. Accept any devise, gift, bequest, donation, or federal 6 18 or other grant from any person, firm, partnership, or 6 19 corporation, which the treasurer of state shall deposit into 6 20 the trust fund. 6 21 Sec. 8. NEW SECTION. 303A.7 IOWA CULTURAL TRUST ACCOUNT. 6 22 1. An Iowa cultural trust grant account is created in the 6 23 office of the treasurer under the control of the board to 6 24 receive interest attributable to the investment of trust fund 6 25 moneys as required by section 303A.4, subsection 4. The 6 26 moneys in the grant account are appropriated to the board for 6 27 purposes of the Iowa cultural trust created in section 303A.4. 6 28 Moneys in the grant account shall not be subject to 6 29 appropriation for any other purpose by the general assembly, 6 30 but shall be used only for the purposes of the Iowa cultural 6 31 trust. The treasurer of state shall act as custodian of the 6 32 grant account and disburse moneys contained in the grant 6 33 account as directed by the board. The board shall make 6 34 expenditures from the grant account consistent with the 6 35 purposes of the Iowa cultural trust. 7 1 2. Moneys in the grant account are not subject to section 7 2 8.33. Notwithstanding section 12C.7, subsection 2, interest 7 3 or earnings on moneys in the grant account shall be credited 7 4 to the grant account. 7 5 3. For the fiscal period beginning July 1, 2003, and 7 6 ending June 30, 2005, the board may use moneys in the grant 7 7 account for a statewide educational program to promote 7 8 participation in, expanded support of, and local endowment 7 9 building for, Iowa nonprofit arts, history, and sciences and 7 10 humanities organizations. 7 11 Sec. 9. INITIAL APPOINTMENTS. The governor's initial 7 12 public appointments to the board of trustees of the Iowa 7 13 cultural trust created in section 303A.5, as enacted in this 7 14 Act, shall be made as follows: 7 15 1. One member to a one-year term. 7 16 2. Two members to three-year terms. 7 17 3. Two members to five-year terms. 7 18 7 19 7 20 7 21 BRENT SIEGRIST 7 22 Speaker of the House 7 23 7 24 7 25 7 26 MARY E. KRAMER 7 27 President of the Senate 7 28 7 29 I hereby certify that this bill originated in the House and 7 30 is known as House File 2571, Seventy-ninth General Assembly. 7 31 7 32 7 33 7 34 MARGARET THOMSON 7 35 Chief Clerk of the House 8 1 Approved , 2002 8 2 8 3 8 4 8 5 THOMAS J. VILSACK 8 6 Governor
Text: HF02570 Text: HF02572 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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