Section 39-11-15 - Arts Commission Challenge Initiative Fund created; use of funds to award grants to arts organizations; matching funds required(1) There is created in the State Treasury a special fund to be known as the Arts Commission Challenge Initiative Fund. The fund shall consist of legislative appropriations, federal funds, contributions, donations, gifts and monies from any other source that are made available for deposit into the fund. (2) Monies in the fund shall be used by the Arts Commission, upon appropriation by the Legislature, to award grants to arts organizations. Recipients of grants from the fund will be required to provide matching funds for the grants in an amount of not less than two (2) times the amount of the grant. (3) Monies remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on the fund shall be deposited to the credit of the fund. Added by Laws, 2024, ch. 508, HB 1705,§ 6, eff. 5/13/2024.