Bill Text: CT HB05422 | 2016 | General Assembly | Introduced
Bill Title: An Act Concerning Awards From The Connecticut Arts Endowment Fund.
Spectrum: Committee Bill
Status: (Engrossed - Dead) 2016-04-29 - Senate Calendar Number 550 [HB05422 Detail]
Download: Connecticut-2016-HB05422-Introduced.html
General Assembly |
Raised Bill No. 5422 | ||
February Session, 2016 |
LCO No. 1004 | ||
*01004_______CE_* | |||
Referred to Committee on COMMERCE |
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Introduced by: |
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(CE) |
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AN ACT CONCERNING AWARDS FROM THE CONNECTICUT ARTS ENDOWMENT FUND.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 10-406 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2016):
There is created a "Connecticut Arts Endowment Fund". The proceeds of any bonds issued for the purposes of sections 10-405 to 10-408, inclusive, shall be deposited in said fund. The State Treasurer shall invest the proceeds of the fund and the investment earnings shall be credited to and become part of the fund. Annually, on or before September first, the Treasurer shall (1) notify the department and the Connecticut Arts Council of the total amount of investment earnings of the fund for the prior fiscal year, and [such] (2) disburse to the department an amount not to exceed five per cent of the market value of said fund as of the last day of the prior fiscal year, provided such amount shall be determined by the department. Such amount shall be available to the department for payments pursuant to sections 10-407, as amended by this act, and 10-408. Any balance remaining in the fund at the end of each fiscal year shall be carried forward in the fund for the succeeding fiscal year.
Sec. 2. Section 10-407 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2016):
(a) To be eligible for a matching grant for a fiscal year pursuant to this section and section 10-408, total donor contributions for the fiscal year for which such amount is calculated shall be not less than [twenty-five] fifteen thousand dollars.
(b) For the portion of total donor contributions for the fiscal year which is equal to [twenty-five] fifteen thousand dollars or more but does not exceed the total donor contributions for the prior fiscal year, there shall be a match of twenty-five per cent of such amount, provided no match pursuant to this subsection shall exceed two hundred fifty thousand dollars.
(c) For the portion of total donor contributions for the fiscal year which exceeds the total donor contributions for the prior fiscal year, there shall be a match of one hundred per cent of such amount, provided no match pursuant to this subsection shall exceed one million dollars.
(d) If in any fiscal year the total amount of matching grants to be paid pursuant to the provisions of this section and section 10-408, exceed the investment earnings of the Arts Endowment Fund which are available for payments to arts organizations pursuant to section 10-406, as amended by this act, all such matching grants shall be reduced on a pro rata basis, provided the department shall not issue any grant in an amount less than five hundred dollars.
(e) No arts organization shall be eligible for a matching grant pursuant to this section and section 10-408 if it received or is designated to receive funding pursuant to a line item within the budget of the Department of Economic and Community Development for the fiscal year in which such grant would be awarded.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
July 1, 2016 |
10-406 |
Sec. 2 |
July 1, 2016 |
10-407 |
Statement of Purpose:
To reduce the donor contribution requirement for matching-grant eligibility, institute a minimum grant amount and limit eligibility to those arts organizations that do not receive line-item funding from the state.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]