| 4 | 11 | | |
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| 5 | 12 | | AN ACT CONCERNING AWARDS FROM THE CONNECTICUT ARTS ENDOWMENT FUND. |
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| 6 | 13 | | |
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| 7 | 14 | | Be it enacted by the Senate and House of Representatives in General Assembly convened: |
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| 8 | 15 | | |
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| 9 | 16 | | Section 1. Section 10-406 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2017): |
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| 10 | 17 | | |
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| 11 | 18 | | 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, as amended by this act, 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 notify the department and the Connecticut Arts Council of the total [increase in the market value of the fund and the total amount of investment earnings of the fund for the prior fiscal year. The greater of the amount of (1) the total increase in the market value of the fund, not to exceed five per cent of the market value of the fund, or (2) the total amount of investment earnings of the fund shall be] amount available to the department for payments pursuant to sections 10-407 and 10-408, as amended by this act. Such amount shall be four per cent of the average market value of said fund on the last day of the most recent and the three prior fiscal years. 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. |
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| 12 | 19 | | |
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| 13 | 20 | | Sec. 2. Subsection (d) of section 10-407 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2017): |
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| 14 | 21 | | |
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| 15 | 22 | | (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, as amended by this act, exceed the amount 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.] |
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| 16 | 23 | | |
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| 17 | 24 | | Sec. 3. Section 10-408 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2017): |
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| 18 | 25 | | |
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| 19 | 26 | | Annually, on or before December fifteenth, an arts organization may apply to the department for a state matching grant, provided the organization includes in its application a copy of its Internal Revenue Service return of organization exempt from income tax form, or any replacement form adopted by the Internal Revenue Service, showing the total amount of contributions received from donors for the arts organization's two most recently completed fiscal years. On or before the January fifteenth next following, the Connecticut Arts Council shall notify the department of an amount equal to the total matching grants as calculated pursuant to section 10-407, as amended by this act, and the department shall certify such amount to the Treasurer. Thereafter, the Treasurer shall make available such amount to the department and the department shall, on or before April fifteenth, pay to each arts organization a grant as calculated pursuant to said section 10-407, as amended by this act, provided the department shall not pay any grant equaling less than five hundred dollars. |
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