Sec. 10-406. (Formerly Sec. 10-373o). Connecticut Arts Endowment Fund.

There is created a “Connecticut Arts Endowment Fund”. The proceeds of any bonds issued for the purposes of sections 10-405 to 10-408, inclusive, shall be deposited in said fund. The State Treasurer shall invest the proceeds of the fund and the investment earnings shall be credited to and become part of the fund. Annually, on or before September first, the Treasurer shall notify the department and the Connecticut Arts Council of the total amount available to the department for payments pursuant to sections 10-407 and 10-408. Such amount shall be four per cent of the average market value of said fund on the last day of the most recent and the three prior fiscal years. Any balance remaining in the fund at the end of each fiscal year shall be carried forward in the fund for the succeeding fiscal year.

(P.A. 88-355, S. 2, 8; P.A. 93-353, S. 41, 52; 93-435, S. 22, 95; P.A. 11-48, S. 111; P.A. 13-247, S. 247; May Sp. Sess. P.A. 16-3, S. 34; P.A. 17-213, S. 1.)

History: P.A. 93-353 substituted reference to Sec. 10-373q for reference to Sec. 10-373r and added provision requiring the treasurer to notify the commission of the total amount of investment earnings of the fund for the prior fiscal year and specifying that such amount be available for payments, effective July 1, 1993; P.A. 93-435 duplicated section reference change made in P.A. 93-353, effective June 28, 1993; Sec. 10-373o transferred to Sec. 10-406 in 2005; P.A. 11-48 changed “commission” to “department”, effective July 1, 2011; P.A. 13-247 added provision requiring Connecticut Arts Council to be notified of investment earnings; May Sp. Sess. P.A. 16-3 added provisions re Treasurer to notify department and Connecticut Arts Council of increase in market value of fund and amount available to department for payments, effective July 1, 2016; P.A. 17-213 replaced provision re amount available to department for payments and made conforming changes, effective July 1, 2017.