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Iowa Code (Last Updated: December 05, 2016) |
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Title VII. EDUCATION AND CULTURAL AFFAIRS |
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Chapter 303A. IOWA CULTURAL TRUST |
Section 303A.4. Iowa cultural trust and trust fund.
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1. The Iowa cultural trust is created as a public body corporate organized for the purposes, with the powers, and subject to the restrictions, set forth in this chapter.
2. An Iowa cultural trust fund is created in the office of the treasurer of state for the purpose of receiving moneys appropriated by the general assembly and any other moneys available to the trust fund due to the issuance of trust fund credits by the director as provided in section 303.1A, subsection 1, paragraph “f”.
3. The trust fund may also receive any devise, gift, bequest, donation, or federal or other grant from any person, firm, partnership, or corporation. Any assets received by the trust fund from federal or private sources shall at all times be preserved, invested, and expended solely for the purposes of the trust fund and shall be held in trust as provided for in this section. No property rights in the assets received by the trust fund from federal or private sources shall exist in favor of the state.
4. a. The treasurer of state shall act as custodian of the fund, shall invest moneys in the trust fund, and shall transfer the interest attributable to the investment of trust fund moneys to the grant account created in section 303A.7. The trust fund’s principal shall not be used or accessed by the department or the board for any purpose.
b. Notwithstanding paragraph “a”, for each of the following fiscal years, the treasurer of state shall transfer the following amounts from the principal of the trust fund to the grant account created in section 303A.7:
(1) For the fiscal year beginning July 1, 2013, and ending June 30, 2014, fifty thousand dollars.
(2) For the fiscal year beginning July 1, 2014, and ending June 30, 2015, fifty thousand dollars.
5. Notwithstanding section 8.33, moneys remaining in the trust fund at the end of the fiscal year shall be retained in the trust fund. Notwithstanding section 12C.7, subsection 2, interest or earnings on investments or time deposits of the moneys in the trust fund shall be credited to the trust fund.