Text: SF02302 Text: SF02304 Text: SF02300 - SF02399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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 adopt by rule criteria for the issuance of 1 6 trust fund credits by measuring the efforts of qualified 1 7 organizations, as defined in section 303A.3, to increase their 1 8 endowment or other resources for the promotion of the arts, 1 9 history, or the sciences and humanities in Iowa. If the 1 10 director determines that the organizations have increased the 1 11 amount of their endowment and other resources, the director 1 12 shall certify the amount of increase in the form of trust fund 1 13 credits to the treasurer, who shall deposit in the Iowa 1 14 cultural trust fund, from moneys received for purposes of the 1 15 trust fund as provided in section 303A.4, subsection 2, an 1 16 amount equal to the trust fund credits. If the amount of the 1 17 trust fund credits issued by the director exceeds the amount 1 18 of moneys available to be deposited in the trust fund as 1 19 provided in section 303A.4, subsection 2, the outstanding 1 20 trust fund credits shall not expire but shall be available to 1 21 draw down additional moneys which become available to be 1 22 deposited in the trust fund as provided in section 303A.4, 1 23 subsection 2. 1 24 b. Develop and implement, in accordance with chapter 303A, 1 25 a grant application process for grants issued to qualified 1 26 organizations as defined in section 303A.3. 1 27 c. Develop and adopt by rule criteria for the approval of 1 28 Iowa cultural trust grants. The criteria shall include, but 1 29 shall not be limited to, the future stability and 1 30 sustainability of a qualified organization and a requirement 1 31 that the qualified organization employ at least one paid staff 1 32 member. 1 33 d. Compile, in consultation with the Iowa arts council and 1 34 the state historical society of Iowa, a list of grant 1 35 applications recommended for funding in accordance with the 2 1 amount available for distribution as provided in section 2 2 303A.6, subsection 3. The list of recommended grant 2 3 applications shall be submitted to the Iowa cultural trust 2 4 board of trustees for approval. 2 5 e. Monitor the allocation and use of grant moneys by 2 6 qualified organizations to determine whether moneys are used 2 7 in accordance with the provisions of this subsection and 2 8 chapter 303A. The director shall annually submit the 2 9 director's findings and recommendations in a report to the 2 10 Iowa cultural trust board of trustees prior to final board 2 11 action in approving grants for the next succeeding fiscal 2 12 year. 2 13 Sec. 2. NEW SECTION. 303A.1 SHORT TITLE. 2 14 This chapter shall be known and may be cited as the "Iowa 2 15 Cultural Trust Act". 2 16 Sec. 3. NEW SECTION. 303A.2 LEGISLATIVE FINDINGS. 2 17 The general assembly finds and declares that cultural 2 18 organizations generate millions of dollars in economic 2 19 activity in Iowa; attract people to live and work in Iowa's 2 20 communities, contribute to a revitalization of those 2 21 communities; are a magnet for tourists; train minds for the 2 22 creative economy jobs of the future; and build social capital. 2 23 However, these organizations are often undercapitalized. 2 24 Therefore, to bring financial stability to these organizations 2 25 through fluctuating economic conditions, it is the intent of 2 26 the general assembly that a public trust be established the 2 27 income from which shall be made available to supplement the 2 28 operating budgets of nonprofit cultural organizations that 2 29 meet certain criteria, including a commitment to strategies to 2 30 attain long-term financial stability and sustainability. 2 31 Sec. 4. NEW SECTION. 303A.3 DEFINITIONS. 2 32 For purposes of this chapter, unless the context otherwise 2 33 requires: 2 34 1. "Board" means the board of trustees of the Iowa 2 35 cultural trust created in section 303A.5. 3 1 2. "Department" means the department of cultural affairs 3 2 created in section 303.1. 3 3 3. "Director" means the director of the department of 3 4 cultural affairs. 3 5 4. "Grant account" means the Iowa cultural trust grant 3 6 account created in section 303A.7. 3 7 5. "Qualified organization" means a tax-exempt, nonprofit 3 8 organization whose primary mission is to promote the arts, 3 9 history, or the sciences and humanities in Iowa. 3 10 6. "Trust fund" means the Iowa cultural trust fund created 3 11 in section 303A.4. 3 12 Sec. 5. NEW SECTION. 303A.4 IOWA CULTURAL TRUST AND 3 13 TRUST FUND. 3 14 1. The Iowa cultural trust is created as a public body 3 15 corporate organized for the purposes, with the powers, and 3 16 subject to the restrictions, set forth in this chapter. 3 17 2. An Iowa cultural trust fund is created in the office of 3 18 the treasurer of state for the purpose of receiving moneys 3 19 appropriated by the general assembly and any other moneys 3 20 available to the trust fund due to the issuance of trust fund 3 21 credits by the director as provided in section 303.1A, 3 22 subsection 6. 3 23 3. The trust fund may also receive any devise, gift, 3 24 bequest, donation, or federal or other grant from any person, 3 25 firm, partnership, or corporation. 3 26 4. The treasurer of state shall act as custodian of the 3 27 fund, shall invest moneys in the trust fund, and shall 3 28 transfer the interest attributable to the investment of trust 3 29 fund moneys to the grant account created in section 303A.7. 3 30 The trust fund's principal shall not be used or accessed by 3 31 the department or the board for any purpose. 3 32 5. Notwithstanding section 8.33, moneys remaining in the 3 33 trust fund at the end of the fiscal year shall be retained in 3 34 the trust fund. Notwithstanding section 12C.7, subsection 2, 3 35 interest or earnings on investments or time deposits of the 4 1 moneys in the trust fund shall be credited to the trust fund. 4 2 Sec. 6. NEW SECTION. 303A.5 BOARD OF TRUSTEES. 4 3 1. A board of trustees of the Iowa cultural trust is 4 4 created. The general responsibility for the proper operation 4 5 of the trust is vested in the board of trustees, which shall 4 6 consist of thirteen members as follows: 4 7 a. Nine public members, five of whom shall be appointed by 4 8 the governor, subject to confirmation by the senate. The 4 9 majority leader of the senate, the minority leader of the 4 10 senate, the speaker of the house, and the minority leader of 4 11 the house of representatives shall each appoint one public 4 12 member. A public member of the board appointed in accordance 4 13 with this section shall not also serve concurrently as a 4 14 member of the state historical society board of trustees or 4 15 the Iowa state arts council. 4 16 b. Four ex officio, nonvoting members, consisting of the 4 17 treasurer of state or the treasurer's designee, the director 4 18 of the department of cultural affairs or the director's 4 19 designee, the chairperson of the state historical society 4 20 board of trustees elected pursuant to section 303.6, and the 4 21 chairperson of the Iowa state arts council designated pursuant 4 22 to section 303.86. 4 23 2. Members appointed by the general assembly shall be 4 24 appointed to two-year terms. The public members appointed by 4 25 the governor shall serve five-year staggered terms beginning 4 26 and ending as provided in section 69.19. Vacancies on the 4 27 board shall be filled for the unexpired portion of the term in 4 28 the same manner as the original appointments. 4 29 3. Members appointed by the governor are subject to the 4 30 requirements of sections 69.16, 69.16A, and 69.19. 4 31 4. Public members shall serve without compensation, but 4 32 shall be reimbursed for all actual and necessary expenses they 4 33 incur through service on the board. 4 34 5. The board shall elect a chairperson and vice 4 35 chairperson from among its membership. The board shall meet 5 1 at the call of its chairperson or upon written request of a 5 2 majority of its voting members. Five voting members 5 3 constitute a quorum. The concurrence of a majority of the 5 4 voting members of a board is required to take any action 5 5 relating to its duties. 5 6 6. The board shall be located for administrative purposes 5 7 within the department. The department, subject to approval by 5 8 the board, shall adopt administrative rules pursuant to 5 9 chapter 17A necessary to administer the income derived from 5 10 the Iowa cultural trust fund and to perform specific powers 5 11 and duties as provided in section 303A.6. The director shall 5 12 budget funds to pay the expenses of the board and administer 5 13 this chapter. 5 14 Sec. 7. NEW SECTION. 303A.6 BOARD OF TRUSTEES POWERS 5 15 AND DUTIES. 5 16 The board shall do any or all of the following: 5 17 1. Enter into agreements with any qualified organization, 5 18 the state, or any federal or other state agency, or other 5 19 entity as required to administer this chapter. 5 20 2. Approve or disapprove the grants recommended for 5 21 approval by the director, in consultation with the Iowa arts 5 22 council and the state historical society of Iowa, in 5 23 accordance with section 303.1A, subsection 6, paragraph "c". 5 24 The board may delete any recommendation, but shall not add to 5 25 or otherwise amend the list of recommended grants. 5 26 3. Upon approving a grant, the board shall certify to the 5 27 treasurer of state the amount of financial assistance payable 5 28 from the trust account to the qualified organization whose 5 29 grant application is approved. 5 30 4. Determine, in consultation with the treasurer of state, 5 31 the amount of investment income attributable to the trust fund 5 32 that will be available for distribution as grants to qualified 5 33 organizations. 5 34 5. Accept any devise, gift, bequest, donation, or federal 5 35 or other grant from any person, firm, partnership, or 6 1 corporation, which the treasurer of state shall deposit into 6 2 the trust fund. 6 3 Sec. 8. NEW SECTION. 303A.7 IOWA CULTURAL TRUST ACCOUNT. 6 4 1. An Iowa cultural trust grant account is created in the 6 5 office of the treasurer under the control of the board to 6 6 receive interest attributable to the investment of trust fund 6 7 moneys as required by section 303A.4, subsection 4. The 6 8 moneys in the grant account are appropriated to the board for 6 9 purposes of the Iowa cultural trust created in section 303A.4. 6 10 Moneys in the grant account shall not be subject to 6 11 appropriation for any other purpose by the general assembly, 6 12 but shall be used only for the purposes of the Iowa cultural 6 13 trust. The treasurer of state shall act as custodian of the 6 14 grant account and disburse moneys contained in the grant 6 15 account as directed by the board. The board shall make 6 16 expenditures from the grant account consistent with the 6 17 purposes of the Iowa cultural trust. 6 18 2. Moneys in the grant account are not subject to section 6 19 8.33. Notwithstanding section 12C.7, subsection 2, interest 6 20 or earnings on moneys in the grant account shall be credited 6 21 to the grant account. 6 22 3. For the fiscal period beginning July 1, 2003, and 6 23 ending June 30, 2005, the board shall use moneys in the grant 6 24 account for a statewide educational program to promote 6 25 participation in, expanded support of, and local endowment 6 26 building for, Iowa nonprofit arts, history, and sciences and 6 27 humanities organizations. 6 28 Sec. 9. INITIAL APPOINTMENTS. The governor's initial 6 29 public appointments to the board of trustees of the Iowa 6 30 cultural trust created in section 303A.5, as enacted in this 6 31 Act, shall be made as follows: 6 32 1. One member to a one-year term. 6 33 2. Two members to three-year terms. 6 34 3. Two members to five-year terms. 6 35 EXPLANATION 7 1 This bill creates an Iowa cultural trust, a trust fund, and 7 2 a grant account. Interest from any moneys in the Iowa 7 3 cultural trust fund will be used for an educational program to 7 4 promote support of local endowment building and to encourage 7 5 continuing support for qualified organizations in the first 7 6 two years of the trust's existence, and thereafter must be 7 7 used to issue grant moneys to qualified organizations in the 7 8 state. 7 9 As provided in the bill, it is the intent of the general 7 10 assembly to establish a public trust, the income from which 7 11 shall be used to supplement the operating budgets of nonprofit 7 12 cultural organizations. The intent language provides that 7 13 organizations must demonstrate a commitment to strategies to 7 14 attain long-term financial stability and sustainability. 7 15 The bill establishes the Iowa cultural trust as a public 7 16 body corporate and creates a trust fund in the office of the 7 17 state treasurer. Moneys shall not be deposited by the 7 18 treasurer of state into the trust fund until the director of 7 19 the department of cultural affairs determines that qualified 7 20 cultural organizations have demonstrated the required increase 7 21 in local endowment and resource efforts and notifies the 7 22 treasurer of that fact. The sum of moneys deposited 7 23 correlates to the increase in local effort demonstrated. The 7 24 bill directs the treasurer of state to transfer only the 7 25 interest accrued on moneys in the trust fund to the Iowa 7 26 cultural trust grant account, which is under the control of 7 27 the board of trustees of the Iowa cultural trust. 7 28 The bill creates the board of trustees of the Iowa cultural 7 29 trust and gives it general responsibility for the proper 7 30 operation of the trust. The board consists of nine public 7 31 voting and four ex officio, nonvoting members. Five of the 7 32 voting members are public members appointed by the governor, 7 33 subject to confirmation by the senate. The remaining four 7 34 voting members shall be appointed by senate and house of 7 35 representatives leaders. Public members will be reimbursed 8 1 for their expenses, but they must serve without compensation. 8 2 The bill provides for their initial, staggered appointments. 8 3 The bill directs the board to enter into any necessary 8 4 agreements and to approve or disapprove the grantee list 8 5 recommended by the director of the department of cultural 8 6 affairs, but prohibits the board from adding to the list. The 8 7 director must compile the grantee list in consultation with 8 8 the Iowa arts council and the state historical society of 8 9 Iowa. 8 10 The board shall be located for administrative purposes 8 11 within the department of cultural affairs. The director of 8 12 the department must budget funds to pay the expenses of the 8 13 board and to administer the chapter. The director is also 8 14 required to develop and implement a grant application process, 8 15 develop and adopt by rule criteria for grant approval, and 8 16 monitor the allocation and use of grant moneys by qualified 8 17 organizations. 8 18 LSB 5737XS 79 8 19 kh/cls/14
Text: SF02302 Text: SF02304 Text: SF02300 - SF02399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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