§ 19-5-1125 - Arkansas Capitol Grounds Monument and Memorial Preservation Fund. - Arkansas Statutes

19-5-1125. Arkansas Capitol Grounds Monument and Memorial Preservation Fund.

(a) (1) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "Arkansas Capitol Grounds Monument and Memorial Preservation Fund".

(2) The fund shall consist of funds made available from private donations received by the Capitol Arts and Grounds Commission or the Secretary of State, fees paid by sponsors of the monuments and memorials, and any additional moneys appropriated to the fund by the General Assembly.

(b) (1) Following the enactment of an act authorizing the memorial or monument and before beginning construction, improvement, or placement, any group or organization that sponsors and pays the cost of the construction, improvement, or placement of a memorial or monument on the State Capitol grounds shall pay into the fund a fee of ten percent (10%) of the cost of the construction, improvement, or placement of the monument or memorial.

(2) The amount of the fee shall be determined by the commission, and the initial basis of the fee shall be determined by the group or organization sponsoring the monument or memorial and paying the cost of construction, improvement, or placement.

(3) After the construction, improvement, or placement is complete, the sponsor shall submit to the commission an affidavit stating the actual cost of the construction, improvement, or placement, and if the commission determines that the actual cost is higher or lower than the estimate, the commission shall adjust the fee.

(4) The sponsor may donate or request a refund of any amount paid in excess of the fee.

(5) If the initial fee paid into the fund is insufficient, the sponsor shall pay to the commission the additional fee.

(c) (1) All moneys deposited into the fund and any accrued interest shall remain in the fund for the purpose of maintaining, restoring, and preserving all monuments and memorials on the State Capitol grounds.

(2) The fund shall be administered by the commission.

(3) The commission may determine the amount of funds to allocate from the fund to maintain, preserve, and restore the monuments and memorials on the State Capitol grounds.

(4) The accrued interest from the fund shall be appropriated to the fund.

(d) (1) The commission and the Secretary of State may receive gifts, grants, and donations from private or public sources for the fund.

(2) In addition to any other moneys appropriated or transferred by the General Assembly, the gifts, grants, and donations shall be transmitted to the Treasurer of State, who shall credit the amount to the fund.