(a) As used in this section:

(1) "Memorial area" means the designated area of the State Capitol grounds for use in remembrance and honoring a person or group of persons; and

(2) "Monument" means a statue, display, or other artful fixture that is constructed to be attached to a memorial area.

(b)

(1) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "Arkansas Capitol Grounds Monument and Memorial Preservation Fund".

(2) The fund shall consist of funds made available from private donations received by the Capitol Arts and Grounds Commission, fees paid by sponsors of the monuments and memorial areas, and any additional moneys appropriated to the fund by the General Assembly.

(c) (1) (A) Except as provided under subdivision (c)(1)(B) of this section, following the enactment of an act authorizing the memorial area or monument and before construction, improvement, or placement begins, a group or organization that sponsors and pays the cost of the construction, improvement, placement, or replacement of a memorial area or monument on the State Capitol grounds shall pay to the Secretary of State a fee for placement, improvements to, or replacement of the monument or memorial area of:

(i) Ten percent (10%) of the cost of the monument; and

(ii) Ten percent (10%) of the construction cost of the memorial area.

(B) The Secretary of State may allow the beginning of construction of a memorial area on State Capitol grounds if:

(i) A dedicated funding source has been established for the purpose of payment of the fees under this subsection; and

(ii) The organization demonstrates that substantial funds have been raised to complete the project.

(2) The fee collected under subdivision (c)(1) of this section:

(A) Shall be deposited into the fund; and

(B) May be used for the maintenance of any monument or memorial area on the State Capitol grounds.

(3) The amount of the fee may be reviewed by the commission as to how the fee under subsection (c) of this section was calculated by the Secretary of State.

(d)

(1) All moneys deposited into the fund and any accrued interest shall remain in the fund to maintain, restore, and preserve all monuments and memorial areas on the State Capitol grounds.

(2) The Secretary of State shall administer the fund.

(3) The accrued interest from the fund shall be appropriated to the fund.

(e)

(1) The commission may receive gifts, grants, and donations from private or public sources for the fund.

(2) In addition to any other moneys appropriated or transferred by the General Assembly, the gifts, grants, and donations shall be transmitted to the Treasurer of State, who shall credit the amount to the fund.