1998 Regular Session
By: Senator(s) Burton, Horhn
Senate Bill 2511
AN ACT TO ESTABLISH THE CHALLENGE INITIATIVE FUND; TO PROVIDE THAT MONIES IN THE FUND SHALL BE USED BY THE MISSISSIPPI ARTS COMMISSION FOR THE PURPOSE OF PROVIDING GRANTS TO LOCAL ARTS ORGANIZATION CHALLENGE PROGRAMS; TO AUTHORIZE THE MISSISSIPPI ARTS COMMISSION TO SOLICIT GIFTS AND ACCEPT DONATIONS FOR THE FUND; AND FOR RELATED PURPOSES.
SECTION 1. There is hereby created in the State Treasury a special fund to be known as the "Challenge Initiative Fund." The Mississippi Arts Commission may solicit and accept donations, bequests, devises, gifts and grants of money from individuals, organizations, corporations and governmental entities to be deposited in the Challenge Initiative Fund. The State Treasurer shall invest all monies in the Challenge Initiative Fund as other state funds are authorized to be invested, and any interest earned shall be deposited into the fund. All funds deposited in the Challenge Initiative Fund shall be expended upon appropriation by the Legislature, solely for the purpose of the establishment of challenge programs for nonprofit arts organizations in the State of Mississippi in which grantees are required to match these funds with private funds at the rate of at least two-to-one. Funds from the Challenge Initiative Fund may be disbursed by the Mississippi Arts Commission in accordance with the purposes and policies of the commission and shall be authorized by both the Chairman and the Executive Director of the Mississippi Arts Commission as supported by official actions and votes spread upon the minutes of the commission. Unexpended amounts remaining in the special fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on the unexpended amounts in the special fund shall be deposited to the credit of the special fund. All transactions of the fund shall be reported annually to appropriate state agencies and the Legislature and shall be subject to audit by the State Auditor and by auditors of donors to the fund.
SECTION 2. This act shall take effect and be in force from and after July 1, 1998.