76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 2094

                         House Bill 2744

Sponsored by Representative BOONE (Presession filed.)

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Provides that all assets of Trust for Cultural Development
Account are held in trust for exclusive benefit of Arts Program.
Provides that State of Oregon has no proprietary interest in
assets of Trust for Cultural Development Account and may not
reclaim payments made to account.

                        A BILL FOR AN ACT
Relating to the Trust for Cultural Development Account; amending
  ORS 359.405.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 359.405 is amended to read:
  359.405. (1) The Trust for Cultural Development Account is
established in the State Treasury, separate and distinct from the
General Fund. Interest earned by the Trust for Cultural
Development Account shall be credited to the account. The primary
purpose of the account is to serve as a repository for both
public and private moneys designated to fund specific arts,
heritage and humanities programs.
  (2) All moneys in the Trust for Cultural Development Account
are appropriated continuously to the Oregon Business Development
Department for the Arts Program for the purposes of ORS 359.400
to 359.444.
   { +  (3) All assets of the Trust for Cultural Development
Account are held in trust for the exclusive benefit of the Arts
Program for the purposes of ORS 359.400 to 359.444.
  (4) The State of Oregon has no proprietary interest in the
assets of the Trust for Cultural Development Account or in
payments made to the account and may not reclaim payments made to
the account. + }
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