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House sponsor proposes arts endowment funded by rainy-day interest; rules committee to review fiscal impact
Summary
Representative Norm Nielsen moved amendments to create a Cultural Arts Endowment funded by Rainy Day Fund interest; members questioned fiscal effects and a motion for an amended fiscal note carried, sending the bill back to the Rules Committee for further analysis.
Representative Norm Nielsen asked the House to uncircle House Bill 46 and proposed an amendment establishing a cultural arts endowment funded by interest on the Rainy Day Fund and a restricted reserve account. Nielsen described the amendment as a funding mechanism that "basically provides that the interest only from the rainy day fund and the interest from a restricted fund be used as the endowment fund" and said the structure was designed to keep the Rainy Day…
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