House
Study
Bill
84
-
Introduced
HOUSE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
APPROPRIATIONS
BILL
BY
CHAIRPERSON
RAECKER)
A
BILL
FOR
An
Act
requiring
the
state
board
of
regents
to
sell
a
work
of
1
art
and
providing
for
the
earnings
from
the
proceeds
to
be
2
used
for
scholarship
assistance
and
including
effective
date
3
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
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H.F.
_____
Section
1.
SALE
OF
WORK
OF
ART.
The
state
board
of
regents
1
shall
provide
for
the
sale
of
the
Jackson
Pollock
painting,
2
“Mural”,
held
by
the
state
university
of
Iowa.
The
proceeds
3
from
the
sale
shall
be
credited
to
a
trust
fund.
Usage
of
4
the
moneys
in
the
trust
fund
shall
be
limited
to
providing
5
scholarship
assistance
to
undergraduate
students
at
the
6
university
who
are
residents
of
this
state
and
majoring
in
7
art.
If
sufficient
funds
are
available,
scholarship
assistance
8
shall
also
be
provided
for
such
undergraduate
students
with
9
liberal
arts
majors
other
than
art.
In
any
fiscal
year,
the
10
amount
of
such
scholarship
assistance
provided
shall
not
exceed
11
the
amount
of
interest
or
earnings
on
the
moneys
in
the
trust
12
fund
in
the
preceding
fiscal
year.
The
conditions
for
the
13
sale
shall
provide
for
the
painting
to
be
on
loan
to
the
state
14
university
of
Iowa
at
least
once
every
four
years
for
a
period
15
of
three
months
or
longer.
16
Sec.
2.
EFFECTIVE
UPON
ENACTMENT.
This
Act,
being
deemed
of
17
immediate
importance,
takes
effect
upon
enactment.
18
EXPLANATION
19
This
bill
requires
the
state
board
of
regents
to
provide
for
20
the
sale
of
the
Jackson
Pollock
painting,
“Mural”,
held
by
the
21
state
university
of
Iowa.
The
proceeds
from
the
sale
shall
be
22
credited
to
a
trust
fund.
Usage
of
the
moneys
in
the
trust
fund
23
is
limited
to
providing
scholarship
assistance
to
undergraduate
24
students
at
the
university
who
are
residents
of
this
state
25
and
majoring
in
art.
If
sufficient
funds
are
available,
26
scholarship
assistance
is
also
required
to
be
provided
for
such
27
undergraduate
students
with
liberal
arts
majors
other
than
art.
28
In
any
fiscal
year,
the
amount
of
the
assistance
provided
is
29
limited
to
the
amount
of
interest
or
earnings
on
the
moneys
in
30
the
trust
fund
in
the
preceding
fiscal
year.
31
The
conditions
for
the
sale
shall
provide
for
the
painting
to
32
be
on
loan
to
the
state
university
of
Iowa
at
least
once
every
33
four
years
for
a
period
of
three
months
or
longer.
34
The
bill
takes
effect
upon
enactment.
35
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