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House OKs arts endowment bill to create state matching fund and perpetual interest support
Summary
House Bill 265, creating an endowment for Utah arts organizations with tiered matching and limits on principal spending, passed the House and will go to the Senate. Backers said the fund will provide stability; some fiscal details remain tied to supplemental appropriation.
Supporters on the House floor described House Bill 265 as a mechanism to create long‑term stability for nonprofit arts organizations statewide by putting appropriated money into an endowment whose principal is preserved while interest funds programs.
The sponsor explained the bill’s distribution and matching framework: an allocation formula…
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