82-331 Nebraska Cultural Preservation Endowment Fund; created; use; investment. - Nebraska Statutes

82-331. Nebraska CulturalPreservation Endowment Fund; created; use; investment.(1)There is hereby established in the state treasury a trust fund to be knownas the Nebraska Cultural Preservation Endowment Fund. The fund shall consistof funds appropriated or transferred by the Legislature, and only the earningsof the fund may be used as provided in this section.(2) On August 1, 1998, the State Treasurer shall transferfive million dollars from the General Fund to the Nebraska Cultural PreservationEndowment Fund.(3) Except as provided in subsection (4) of this section,it is the intent of the Legislature that the State Treasurer shall transfer(a) an amount not to exceed five hundred thousand dollars from the GeneralFund to the Nebraska Cultural Preservation Endowment Fund on December 31 of2009 and 2010 and (b) an amount not to exceed five hundred thousand dollars fromthe General Fund to the Nebraska Cultural Preservation Endowment Fund on December31 of 2011, 2012, 2013, 2014, 2015, and 2016.(4) Prior to the transfer of funds from any state accountinto the Nebraska Cultural Preservation Endowment Fund, the Nebraska ArtsCouncil shall provide documentation to the budget division of the Departmentof Administrative Services that qualified endowments have generated a dollar-for-dollarmatch of new money, up to the amount of state funds authorized by the Legislatureto be transferred to the Nebraska Cultural Preservation Endowment Fund. Thebudget division of the Department of Administrative Services shall notifythe State Treasurer to execute a transfer of state funds up to the amountspecified by the Legislature, but only to the extent that the Nebraska ArtsCouncil has provided documentation of a dollar-for-dollar match. Funds nottransferred shall be carried forward to the succeeding year and be added tothe funds authorized for a dollar-for-dollar match during that year.(5) The Legislature shall not appropriate or transfer moneyfrom the Nebraska Cultural Preservation Endowment Fund for any purpose otherthan the purposes stated in sections 82-330 to 82-333, except that the Legislaturemay appropriate or transfer money from the fund upon a finding that the purposesof such sections are not being accomplished by the fund.(6) Any money in the Nebraska Cultural Preservation EndowmentFund available for investment shall be invested by the state investment officerpursuant to the Nebraska Capital Expansion Act and the Nebraska State FundsInvestment Act.(7) All investment earnings from the Nebraska Cultural PreservationEndowment Fund shall be credited to the Nebraska Arts and Humanities CashFund. SourceLaws 1998, LB 799, § 2; Laws 2008, LB1165, § 1; Laws 2009, LB316, § 23; Laws 2010, LB1063, § 3.Effective Date: July 15, 2010 Cross ReferencesNebraska Capital Expansion Act, see section 72-1269.Nebraska State Funds Investment Act, see section 72-1260.