Bill Text: IA SF2085 | 2015-2016 | 86th General Assembly | Introduced
Bill Title: A bill for an act related to the Iowa cultural trust fund and board of trustees by requiring the board to spend down the balance of the trust fund and by subsequently eliminating the trust fund, related accounts, and the board, and including effective date provisions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-02-09 - Subcommittee, Mathis, Chapman, and Danielson. S.J. 191. [SF2085 Detail]
Download: Iowa-2015-SF2085-Introduced.html
Senate File 2085 - Introduced SENATE FILE BY DOTZLER A BILL FOR 1 An Act related to the Iowa cultural trust fund and board of 2 trustees by requiring the board to spend down the balance 3 of the trust fund and by subsequently eliminating the 4 trust fund, related accounts, and the board, and including 5 effective date provisions. 6 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 5926XS (2) 86 aw/sc PAG LIN 1 1 DIVISION I 1 2 IOWA CULTURAL TRUST FUND 1 3 Section 1. Section 303A.4, subsection 4, paragraph b, 1 4 subparagraphs (1) and (2), Code 2016, are amended by striking 1 5 the subparagraphs and inserting in lieu thereof the following: 1 6 (1) For the fiscal year beginning July 1, 2016, and ending 1 7 June 30, 2017, six hundred thousand dollars. 1 8 (2) For the fiscal year beginning July 1, 2017, and ending 1 9 June 30, 2018, six hundred thousand dollars. 1 10 (3) For the fiscal year beginning July 1, 2018, and ending 1 11 June 30, 2019, six hundred thousand dollars. 1 12 (4) For the fiscal year beginning July 1, 2019, and ending 1 13 June 30, 2020, six hundred thousand dollars. 1 14 (5) For the fiscal year beginning July 1, 2020, and ending 1 15 June 30, 2021, six hundred thousand dollars. 1 16 (6) For the fiscal year beginning July 1, 2021, and ending 1 17 June 30, 2022, six hundred thousand dollars. 1 18 (7) For the fiscal year beginning July 1, 2022, and ending 1 19 June 30, 2023, six hundred thousand dollars. 1 20 (8) For the fiscal year beginning July 1, 2023, and ending 1 21 June 30, 2024, six hundred thousand dollars. 1 22 (9) For the fiscal year beginning July 1, 2024, and ending 1 23 June 30, 2025, six hundred thousand dollars. 1 24 (10) For the fiscal year beginning July 1, 2025, and ending 1 25 June 30, 2026, an amount equal to the remaining balance of the 1 26 trust fund on June 30, 2025. 1 27 Sec. 2. Section 303A.7, subsection 1, Code 2016, is amended 1 28 to read as follows: 1 29 1. a. An Iowa cultural trust grant account is created in 1 30 the office of the treasurer of state under the control of the 1 31 board to receive interest attributable to the investment of 1 32 trust fund moneys as required by section 303A.4, subsection 4, 1 33 paragraph "a", and moneys transferred to the account pursuant 1 34 to section 303A.4, subsection 4, paragraph "b".TheExcept as 1 35 otherwise provided in this section, the moneys in the grant 2 1 account are appropriated to the board for purposes of the 2 2 Iowa cultural trust created in section 303A.4. Moneys in the 2 3 grant account shall not be subject to appropriation for any 2 4 other purpose by the general assembly, but shall be used only 2 5 for the purposes of the Iowa cultural trust or as otherwise 2 6 provided in this section. The treasurer of state shall act as 2 7 custodian of the grant account and disburse moneys contained 2 8 in the grant account as directed by the board. The board shall 2 9 make expenditures from the grant account consistent with the 2 10 purposes of the Iowa cultural trust or with paragraph "b" of 2 11 this subsection. 2 12 b. Fifty percent of the moneys transferred to the account 2 13 each year pursuant to section 303A.4, subsection 4, paragraph 2 14 "b", shall be used to provide grants to qualified organizations 2 15 to provide for exhibit development, traveling exhibits, and 2 16 operational costs. The other fifty percent of the moneys 2 17 transferred to the account each year pursuant to section 2 18 303A.4, subsection 4, paragraph "b", shall be used to provide 2 19 for statewide educational programs and exhibits and as grants 2 20 for collections processing and digitalization. 2 21 Sec. 3. NEW SECTION. 303A.8 Future repeal. 2 22 This chapter is repealed July 1, 2026. 2 23 DIVISION II 2 24 CORRESPONDING CHANGES AND TRANSFER PROVISIONS 2 25 Sec. 4. Section 303.1A, subsection 1, paragraph f, Code 2 26 2016, is amended by striking the paragraph. 2 27 Sec. 5. Section 303.3B, subsection 3, Code 2016, is amended 2 28 to read as follows: 2 29 3. The department of cultural affairs shall encourage 2 30 development projects and activities located in certified 2 31 cultural and entertainment districts through incentives under 2 32 cultural grant programs pursuant to section 303.3, chapter 2 33 303A,and any other grant programs. 2 34 Sec. 6. TRANSFERS UPON REPEAL. Any moneys in the Iowa 2 35 cultural trust fund created in Code section 303A.4 or the 3 1 Iowa cultural trust grant account created in Code section 3 2 303A.7 that remain unobligated as of June 30, 2026, or any 3 3 moneys credited to the fund or account on or after that date 3 4 shall be transferred to the rebuild Iowa infrastructure fund, 3 5 created in section 8.57, subsection 5. The authority shall 3 6 provide notification to the department of management and to the 3 7 legislative services agency at the time of any transfer under 3 8 this section. 3 9 Sec. 7. EFFECTIVE DATES. 3 10 1. The sections of this division of this Act amending 3 11 sections 303.1A and 303.3B take effect July 1, 2026. 3 12 2. The section of this division of this Act providing for 3 13 the transfer of moneys from the Iowa cultural grant account 3 14 takes effect June 30, 2026. 3 15 EXPLANATION 3 16 The inclusion of this explanation does not constitute agreement with 3 17 the explanation's substance by the members of the general assembly. 3 18 This bill relates to the Iowa cultural trust fund by 3 19 requiring the board of trustees to spend down the balance 3 20 of the trust fund over 10 fiscal years and by subsequently 3 21 eliminating the trust fund and the board. 3 22 The bill provides for annual transfers of $600,000 from the 3 23 balance of the trust fund to the Iowa cultural trust grant 3 24 account during each fiscal year in the fiscal period beginning 3 25 July 1, 2016, and ending June 30, 2025. The bill provides for 3 26 the transfer of the remaining balance of the trust fund to the 3 27 account for the 2025=2026 fiscal year. Under the bill, 50 3 28 percent of new annual transfers to the account are required to 3 29 be used to provide grants for exhibit development, traveling 3 30 exhibits, and operational costs of certain organizations. 3 31 The other 50 percent is required to be used to provide for 3 32 statewide educational programs and exhibits and as grants for 3 33 collections processing and digitalization. The bill maintains 3 34 current law related to the transfer and use of interest 3 35 attributable to the investment of moneys in the trust fund. 4 1 The bill provides for the repeal of the Iowa cultural trust, 4 2 Code chapter 303A, on July 1, 2026. Under the bill, any moneys 4 3 remaining in the fund or account on June 30, 2026, are required 4 4 to be transferred to the rebuild Iowa infrastructure fund. LSB 5926XS (2) 86 aw/sc
