Senate Study Bill 1017 SENATE/HOUSE FILE BY (PROPOSED DEPARTMENT OF CULTURAL AFFAIRS BILL) Passed Senate, Date Passed House, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to the use of moneys in the Iowa cultural trust 2 grant account by the board of trustees of the Iowa cultural 3 trust. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 1210XD 82 6 kh/sh/8 PAG LIN 1 1 Section 1. Section 303A.7, subsection 3, Code 2007, is 1 2 amended to read as follows: 1 3 3.For the fiscal period beginning July 1, 2003, and 1 4 ending June 30, 2005At any time when the principal balance in 1 5 the trust fund equals or exceeds three million dollars, the 1 6 board may use moneys in the grant account for a statewide 1 7 educational program to promote participation in, expanded 1 8 support of, and local endowment building for, Iowa nonprofit 1 9 arts, history, and sciences and humanities organizations. 1 10 EXPLANATION 1 11 This bill makes changes to the authority once given to the 1 12 board of trustees of the Iowa cultural trust over the use of 1 13 moneys deposited in the Iowa cultural trust grant account. 1 14 The Iowa cultural trust grant account was created in the 1 15 Code to receive interest attributable to the investment of the 1 16 trust fund moneys. From July 1, 2003, through June 30, 2005, 1 17 the Code authorized the board to use moneys in the grant 1 18 account for a statewide educational program to promote 1 19 participation in, expanded support of, and local endowment 1 20 building for, Iowa nonprofit arts, history, and sciences and 1 21 humanities organizations. The bill reauthorizes the board to 1 22 use the grant account moneys for those purposes, but only when 1 23 the principal balance in the Iowa cultural trust fund equals 1 24 or exceeds $3 million. 1 25 LSB 1210XD 82 1 26 kh:rj/sh/8