An art restoration and preservation revolving fund is created in the state treasury. The revolving fund shall be administered by the department and shall consist of any moneys appropriated by the general assembly, the receipts from the sale of certain personal property located on the state capitol complex, and any other moneys obtained or accepted by the department for deposit in the revolving fund. The proceeds of the revolving fund shall be used as determined by the department for the restoration, preservation, rehabilitation, or enhancement of art and artifacts of historical or cultural significance or artistic value located in public areas of the state capitol building. The department shall submit an annual report not later than January 31, to the members of the general assembly and the legislative fiscal bureau, of the activities and expenditures funded from the revolving fund during the preceding fiscal year. Section 8.33 does not apply to any moneys in the revolving fund and, notwithstanding section 12C.7, subsection 2, earnings or interest on moneys deposited in the revolving fund shall be credited to the revolving fund.
98 Acts, ch 1055, §3
Referred to in §18.12
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