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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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