Cultural trust fund endowment.

WORKING DRAFT
2005
STATE OF WYOMING
05LSO-0639

SENATE FILE
NO.
SF0152

Cultural trust fund endowment.

Sponsored by:
Senator(s) Nicholas, Anderson, J., Hines and Job and Representative(s) Berger, Jorgensen and Simpson

A BILL

for

AN ACT relating to the Wyoming cultural trust fund; establishing the cultural trust fund challenge account to be used for funding grants; defining terms and specifying conditions; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.
W.S. 9
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2303(a)(iii) and by creating new paragraphs (iv) through (vi), 9
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2304(b) and by creating a new subsection (c), 9
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2307(a), (b) by creating a new paragraph (iii) and by creating a new subsection (c) and 9
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2308(a) and (b)(i) are amended to read:

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2303.

Definitions.

(a)

As used in this article:

(iii)

"Trust fund" means the Wyoming cultural trust fund created by W.S.
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2304.
9
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2304(a);

(iv)

"Challenge account" means the Wyoming trust fund challenge account created by W.S. 9
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2304(c);

(v)

"Qualifying contribution" means a transfer of money or other property of a value of not less than ten thousand dollars ($10,000.00) to the board to be expended as provided in this act;

(vi)

"This article" means W.S. 9
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2301 through 9
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2307.

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2304.

Wyoming cultural trust fund established; corpus inviolate; investment by state treasurer; Wyoming trust fund challenge account created.

(b)

The monies deposited into the Wyoming cultural resources trust fund established pursuant to this section are inviolate and constitute a permanent or perpetual trust fund. The monies shall be transmitted to the state treasurer for credit to the trust fund and shall be invested by the state treasurer as authorized under W.S. 9
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711 in a manner to obtain the highest return possible consistent with the preservation of the corpus.

(c)

The cultural trust fund challenge account is created.

Any interest earned from investment of the corpus of the trust fund shall be credited by the state treasurer into
a separate account within the trust and agency fund
the challenge account in accordance with W.S. 9
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2307(c)

and distributed in accordance with W.S.
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2307
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2307(a)
.
The state treasurer shall invest amounts deposited within the account in accordance with law. All investment earnings shall be credited to the account.

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2307.

Disbursement of grants from trust fund investment earnings.

(a)

Subject to approval of applications from nonprofit and governmental cultural, historical and arts organizations, the board may award grants
from the challenge account created pursuant to W.S. 9
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2304(c)

to promote, preserve and enhance the unique cultural heritage of Wyoming and its people.

(b)

The board shall have the discretion in determining the amount of money under each grant, except that no grant shall be awarded until:

(iii)

Qualifying contributions are received by the board pursuant to subsection (c) of this section.

(c)

The state treasurer shall administer the challenge account established under this article. The following shall apply:

(i)

To the extent that funds are available in the challenge account, the state treasurer shall match each qualifying contribution actually received by the board by transferring from the challenge account to the board an amount equal to the amount of the qualifying contribution. The board shall expend both the qualifying contributions and the matching funds from the challenge account solely as provided in subsection (a) of this section;

(ii)

The state treasurer shall make transfers to the board under this section not later than the end of the calendar quarter following the quarter during which the qualifying contribution is received. If a qualifying contribution is made through a series of payments or transfers, no matching funds from the challenge account shall be transferred by the state treasurer until the total value of all payments or transfers actually received toward the contribution totals at least ten thousand dollars ($10,000.00). Thereafter, matching funds from the challenge account shall be transferred as payments or transfers toward that qualifying contribution are received by the board;

(iii)

The state treasurer shall distribute funds or encumber funds for future distribution in the case of a written commitment, to match a qualifying contribution based on the order in which each qualifying contribution is actually received or in which a written commitment to make a qualifying contribution is received by the board. Matching funds shall not be distributed or encumbered in excess of the amount within the challenge account. No matching funds shall be transferred to the board except to match qualifying contributions actually received. The state treasurer shall rescind an encumbrance if the board notifies him that a donor who made a commitment will not make a qualifying contribution that is eligible for matching funds under this section;

(iv)

For the purpose of calculating the matching amount only, the state treasurer shall use the value of a qualifying contribution based on its fair market value at the time the contribution is received by the board. The board shall provide evidence of fair market value as the state treasurer requires for each qualifying contribution. The state treasurer's office shall not bear any costs associated with providing evidence;

(v)

The board shall on or before October 1 of each calendar year submit a report to the state treasurer regarding the cultural trust fund grant program established under this act for the preceding fiscal year. The report shall include a financial summary and a review of the accomplishments resulting from challenge account expenditures. The state treasurer shall distribute the report to the governor and the legislature.

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2308.

Biennial audit; report by board.

(a)

The director of the department of audit or his designee shall audit the trust fund
and the challenge account
created by W.S. 9
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2304 biennially. Copies of the audit shall be provided to the governor and the joint travel, recreation, wildlife and cultural resources interim committee.

(b)

The board shall annually report to the governor, the joint appropriations interim committee and the joint travel, recreation, wildlife and cultural resources interim committee no later than October 1 with respect to all:

(i)

Federal grants, state appropriations and other contributions, grants, gifts, bequests and donations received and credited to the Wyoming cultural trust fund
and the challenge account
during the preceding fiscal year; and

Section 2.
W.S. 9
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2307(b)(ii) is repealed.

Section 3.
This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

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SF0152