Bill No.: SF0029                  Drafter:  DRN

LSO No.:  08LSO-0128              Effective Date:  7/1/2008

Enrolled Act No.:  SEA0040

Chapter No.:

Prime Sponsor:     Senator Coe

Catch Title:       Public library endowment challenge program.

Subject:  Funding of the county library system.

Summary/Major Elements:

· Creates a state endowment program administered by state treasurer for the county public libraries by providing funds to each library upon accumulation of a total of $10,000 in gifts and donations to each library's foundation;

· A separate challenge fund account is created for each county library, from which the state match is transferred to the public library's foundation, to be managed by the foundation as an inviolate fund, the earnings of which are available for expenditure for purposes of the foundation;

· State match amounts are computed based upon the amount raised by the library's foundation such that counties with less assessed property valuations compared to the state average assessed valuation receive more than counties with higher assessed valuations.  The match ranges from counties receiving three times the amount raised by its foundation to counties receiving an amount equal to the amount raised by its foundation;

· Each county library is required to report annually on or before October 1 on prior year endowment funds raised, endowment earnings and expenditure of earnings;

· In addition to endowment match, upon reaching a $2.3 million cumulative contribution level in all county library foundations, each county library foundation receives the lesser of $100,000 or the amount remaining in its challenge fund;

· A $7.3 million general fund appropriation is appropriated for equal distribution to each county library's separate challenge fund account (any unexpended funds existing on July 1, 2015 revert to budget reserve account).