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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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