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PAG LIN
1 1 Section 1. Section 303.1A, Code 2001, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 6. Administer the Iowa cultural trust as
1 4 provided in chapter 303A and do all of the following:
1 5 a. Develop and implement, in accordance with chapter 303A,
1 6 a grant application process for grants issued to qualified
1 7 organizations as defined in section 303A.3.
1 8 b. Develop and adopt by rule criteria for the approval of
1 9 Iowa cultural trust grants. The criteria shall include, but
1 10 shall not be limited to, a commitment of at least a one-
1 11 dollar-per-dollar match of grant assistance, assurance of the
1 12 qualified organization's future stability and sustainability,
1 13 and a requirement that the qualified organization employ at
1 14 least one full-time, paid staff member.
1 15 c. Compile a prioritized list of approved grant
1 16 applications, which shall be submitted to the Iowa cultural
1 17 trust board of trustees for approval.
1 18 d. Monitor the allocation and use of grant moneys by
1 19 qualified organizations to determine whether moneys are held
1 20 and used in accordance with the provisions of this subsection
1 21 and chapter 303A. A qualified organization receiving grant
1 22 moneys that does not submit to the department a report
1 23 describing its grant activities, financial status, and use of
1 24 the grant moneys it received shall be ineligible for grant
1 25 moneys in succeeding years. The director shall annually
1 26 compile and submit a summary of the reports to the Iowa
1 27 cultural trust board of trustees prior to final board action
1 28 in issuing grants for the next succeeding fiscal year.
1 29 Sec. 2. NEW SECTION. 303A.1 SHORT TITLE.
1 30 This chapter shall be known and may be cited as the "Iowa
1 31 Cultural Trust Act".
1 32 Sec. 3. NEW SECTION. 303A.2 LEGISLATIVE INTENT.
1 33 The general assembly finds and declares that cultural
1 34 organizations generate billions of dollars nationwide in
1 35 economic activity; attract people to live and work in Iowa's
2 1 communities, leading to a revitalization of those communities;
2 2 are a magnet for tourists; train minds for the creative
2 3 economy jobs of the future; and build social capital.
2 4 However, in Iowa these organizations are often
2 5 undercapitalized. Therefore, to bring financial stability to
2 6 these organizations through fluctuating economic conditions,
2 7 it is necessary that a public trust be established in which
2 8 moneys may be invested for future cultural use. It is also
2 9 necessary to establish an endowment, to be funded with public
2 10 funds, the income from which will be made available to
2 11 nonprofit arts and history organizations in this state. It is
2 12 the purpose of the trust to supplement the operating budgets
2 13 of nonprofit arts and history organizations that demonstrate
2 14 work on strategies to secure long-term financial stability and
2 15 sustainability.
2 16 Sec. 4. NEW SECTION. 303A.3 DEFINITIONS.
2 17 For purposes of this chapter, unless the context otherwise
2 18 requires:
2 19 1. "Board" means the board of trustees of the Iowa
2 20 cultural trust created in section 303A.5.
2 21 2. "Department" means the department of cultural affairs
2 22 created in section 303.1.
2 23 3. "Director" means the director of the department of
2 24 cultural affairs.
2 25 4. "Qualified organization" means a tax-exempt, nonprofit
2 26 organization whose primary mission is to promote the
2 27 performing, visual, or creative arts in Iowa or to promote or
2 28 preserve history and humanities in Iowa. "Qualified
2 29 organization" does not include private, state, or community
2 30 colleges or universities, or state, county, or local
2 31 governmental units, authorities, or corporations created by
2 32 such units.
2 33 Sec. 5. NEW SECTION. 303A.4 IOWA CULTURAL TRUST AND
2 34 ENDOWMENT FUND – APPROPRIATION.
2 35 1. The Iowa cultural trust is created as a public body
3 1 corporate organized for the purposes, with the powers, and
3 2 subject to the restrictions set forth in this chapter.
3 3 2. An endowment fund is created in the office of the
3 4 treasurer of state to assist in the financing of the
3 5 activities of the Iowa cultural trust. The treasurer of state
3 6 shall invest moneys in the endowment fund and shall transfer
3 7 the interest attributable to investment of the endowment fund
3 8 moneys to the trust fund created pursuant to section 303A.7.
3 9 3. There is appropriated from the general fund of the
3 10 state to the Iowa cultural trust for each fiscal year of the
3 11 fiscal period beginning July 1, 2002, and ending June 30,
3 12 2012, the sum of one million dollars for deposit in the
3 13 endowment fund created pursuant to this section.
3 14 Sec. 6. NEW SECTION. 303A.5 BOARD OF TRUSTEES.
3 15 1. A board of trustees of the Iowa cultural trust is
3 16 created. The general responsibility for the proper operation
3 17 of the trust is vested in the board of trustees, which shall
3 18 consist of thirteen members as follows:
3 19 a. Nine public members, five of whom shall be appointed by
3 20 the governor, subject to confirmation by the senate. The
3 21 majority leader of the senate, the minority leader of the
3 22 senate, the speaker of the house, and the minority leader of
3 23 the house of representatives shall each appoint one public
3 24 member. A public member of the board appointed in accordance
3 25 with this section shall not also serve concurrently as a
3 26 member of the state historical society board of trustees or
3 27 the Iowa state arts council.
3 28 b. Four ex officio, nonvoting members, consisting of the
3 29 treasurer of state or the treasurer's designee, the director
3 30 of the department of cultural affairs or the director's
3 31 designee, the chairperson of the state historical society
3 32 board of trustees elected pursuant to section 303.6, and the
3 33 chairperson of the Iowa state arts council designated pursuant
3 34 to section 303.86.
3 35 2. Members appointed by the senate leaders shall be
4 1 appointed to four-year terms. Members appointed by the house
4 2 of representatives leaders shall be appointed to two-year
4 3 terms. The public members appointed by the governor shall
4 4 serve five-year staggered terms beginning and ending as
4 5 provided by section 69.19. Vacancies on the board shall be
4 6 filled for the unexpired portion of the term in the same
4 7 manner as the original appointments.
4 8 3. Members appointed by the governor are subject to the
4 9 requirements of sections 69.16, 69.16A, and 69.19.
4 10 4. Public members shall serve without compensation, but
4 11 shall be reimbursed for all actual and necessary expenses they
4 12 incur through service on the board.
4 13 5. The board shall elect a chairperson and vice
4 14 chairperson from among its membership. The board shall meet
4 15 at the call of its chairperson or upon written request of a
4 16 majority of its voting members. Five voting members
4 17 constitute a quorum. The concurrence of a majority of the
4 18 voting members of a board is required to determine any matter
4 19 relating to its duties.
4 20 6. The board shall be located for administrative purposes
4 21 within the department. The department, subject to approval by
4 22 the board, shall adopt administrative rules pursuant to
4 23 chapter 17A necessary to administer the Iowa cultural trust.
4 24 The director of the department shall provide office space,
4 25 staff assistance, and necessary supplies and equipment for the
4 26 board. The director shall budget funds to pay the expenses of
4 27 the board and administer this chapter. The director shall
4 28 keep in convenient form the data necessary for actuarial
4 29 valuation of the Iowa cultural trust fund, created pursuant to
4 30 section 303A.7, and for monitoring the expenses of the Iowa
4 31 cultural trust.
4 32 Sec. 7. NEW SECTION. 303A.6 BOARD OF TRUSTEES – POWERS
4 33 AND DUTIES.
4 34 The board shall do any or all of the following:
4 35 1. Enter into agreements with any qualified organization,
5 1 the state, or any federal or other state agency, or other
5 2 entity as required to administer this chapter.
5 3 2. Evaluate applications for financial grants of
5 4 assistance from the Iowa cultural trust submitted by qualified
5 5 organizations. Upon approving an application, the board shall
5 6 certify to the treasurer of state the amount of financial
5 7 assistance payable from the trust fund to the qualified
5 8 organization whose application is approved.
5 9 3. Approve any recommendation on a grantee list submitted
5 10 by the director and prepared in consultation with the Iowa
5 11 arts council and the state historical society. However, the
5 12 board shall not add to or otherwise amend the list. Approval
5 13 shall be consistent with the intent of this chapter to
5 14 encourage endowments and otherwise contribute to the
5 15 institutional and financial stability of qualified
5 16 organizations.
5 17 4. Determine, in consultation with the treasurer of state,
5 18 the amount of the interest generated by moneys in the
5 19 endowment fund that will be available for distribution from
5 20 the Iowa cultural trust fund, created pursuant to section
5 21 303A.7, to qualified organizations.
5 22 5. Accept any grants, gifts, legislative appropriations,
5 23 and other moneys from the state, any unit of federal, state,
5 24 or local government, or any other person, firm, partnership,
5 25 or corporation which the treasurer of state shall deposit into
5 26 the endowment fund, created pursuant to section 303A.4, or the
5 27 Iowa cultural trust fund, created pursuant to section 303A.7.
5 28 6. Administer the interest generated by moneys in the
5 29 endowment fund and any moneys other than appropriations made
5 30 to the endowment fund in accordance with section 303A.4.
5 31 Sec. 8. NEW SECTION. 303A.7 IOWA CULTURAL TRUST FUND.
5 32 1. An Iowa cultural trust fund is created in the office of
5 33 the treasurer under the control of the board. The moneys in
5 34 the trust fund are appropriated to the board for purposes of
5 35 the Iowa cultural trust created in section 303A.4. Moneys in
6 1 the trust fund shall not be subject to appropriation for any
6 2 other purpose by the general assembly, but shall be used only
6 3 for the purposes of the Iowa cultural trust. The treasurer of
6 4 state shall act as custodian of the trust fund and disburse
6 5 moneys contained in the trust fund as directed by the board.
6 6 The trust fund shall be administered by the board, which shall
6 7 make expenditures from the trust fund consistent with the
6 8 purposes of the Iowa cultural trust without further
6 9 appropriation.
6 10 2. Revenue for the trust fund shall include, but is not
6 11 limited to, the following:
6 12 a. Interest attributable to investment of money in the
6 13 endowment fund created pursuant to section 303A.4.
6 14 b. Moneys in the form of a devise, gift, bequest,
6 15 donation, federal or other grant.
6 16 3. Moneys in the trust fund are not subject to section
6 17 8.33. Notwithstanding section 12C.7, subsection 2, interest
6 18 or earnings on moneys in the trust fund shall be credited to
6 19 the trust fund.
6 20 4. For the fiscal period beginning July 1, 2003, and
6 21 ending June 30, 2005, the board shall use moneys in the trust
6 22 fund only for a statewide educational program to promote
6 23 support of the endowment and encourage continuing financial
6 24 support for qualified organizations.
6 25 Sec. 9. INITIAL APPOINTMENTS. The governor's initial
6 26 public appointments to the board of trustees of the Iowa
6 27 cultural trust created in section 303A.5, as enacted in this
6 28 Act, shall be made as follows:
6 29 1. One member to a one-year term.
6 30 2. Two members to a two-year term.
6 31 3. Two members to a three-year term.
6 32 EXPLANATION
6 33 This bill creates an Iowa cultural trust and fund, and
6 34 appropriates moneys from the general fund of the state to an
6 35 endowment fund, the interest from which will be used for an
7 1 educational program to promote support of the endowment and
7 2 encourage continuing financial support for qualified
7 3 organizations in the first two years of the trust's existence,
7 4 and which thereafter must be used to issue grant moneys to
7 5 qualified cultural organizations in the state.
7 6 As provided in the bill, the general assembly finds that a
7 7 public trust and an endowment must be established to provide
7 8 cultural organizations with financial stability. The intent
7 9 language provides that organizations must demonstrate
7 10 strategies to secure long-term financial stability and
7 11 sustainability.
7 12 The bill establishes the Iowa cultural trust as a public
7 13 body corporate and directs its board of trustees to establish
7 14 an endowment fund in the office of the state treasurer. The
7 15 bill appropriates a total of $10 million from the general fund
7 16 of the state over the next 10 years for deposit in the
7 17 endowment fund. Moneys in the endowment fund cannot be
7 18 accessed by the board, but the bill directs the treasurer of
7 19 state to transfer the interest accrued on moneys in the fund
7 20 to the Iowa cultural trust fund, which is under the control of
7 21 the board of trustees of the Iowa cultural trust.
7 22 The bill creates the board of trustees of the Iowa cultural
7 23 trust and gives it general responsibility for the proper
7 24 operation of the trust. The board consists of nine voting and
7 25 four ex officio, nonvoting members. Five of the voting
7 26 members are public members appointed by the governor, subject
7 27 to confirmation by the senate. The remaining four public
7 28 members shall be appointed by senate and house of
7 29 representatives leaders. Public members will be reimbursed
7 30 for their expenses, but they must serve without compensation.
7 31 The bill provides for their initial, staggered appointments.
7 32 The bill directs the board to enter into any necessary
7 33 agreements and to evaluate grant applications. The bill
7 34 permits the board to approve any recommendation on a grantee
7 35 list submitted by the director of the department of cultural
8 1 affairs, but prohibits the board from adding to or otherwise
8 2 amending the list.
8 3 The board shall be located for administrative purposes
8 4 within the department of cultural affairs. The director of
8 5 the department must budget funds to pay the expenses of the
8 6 board and to administer the trust. The director is also
8 7 required to develop and implement a grant application process;
8 8 develop and adopt by rule criteria for grant approval; compile
8 9 a prioritized list of approved grant applications to be
8 10 submitted to the Iowa cultural trust board of trustees for
8 11 approval; and monitor the allocation and use of grant moneys
8 12 by qualified organizations. The organizations are directed to
8 13 submit a report to the department describing their grant
8 14 activities, financial status, and use of the grant moneys.
8 15 During the first two years, the board is restricted to
8 16 using interest moneys in the cultural trust fund only for a
8 17 statewide educational program to promote support of the
8 18 endowment and encourage continuing financial support for
8 19 qualified organizations.
8 20 LSB 5286XS 79
8 21 kh/cls/14
Text: SF02015 Text: SF02017 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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