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, 2005 At 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