67-7602B. FUNDING. The Idaho heritage trust shall receive funds collected in section 49-450, Idaho Code, in the amount of fifty cents (50¢) per plate for the use of the copyrighted design provided in section 49-443(10), Idaho Code. The Idaho transportation department shall collect such funds and distribute them to the Idaho heritage trust fund quarterly. The role of the heritage trust is to accept proposals from the public requesting funds for heritage preservation projects. The proposals are evaluated on established criteria, and if in the opinion of the heritage trust they qualify, a grant may be awarded subject to the availability of funds. The heritage trust shall insure that the following occurs in respect to the management of funds:
(1) Funds earned from the use of the motor vehicle license plate design shall be deposited directly into the trust fund where it will earn interest that will be used for heritage preservation projects. Contributions from private fund raising efforts may also be deposited to the trust fund.
(2) Only the interest earned from the trust fund shall be expended, and the trust fund shall remain as a permanent endowment generating income in perpetuity for heritage preservation.
(3) The Idaho heritage trust shall require project sponsors to match the funds granted for each project, so that no more than half the monetary support for any project shall come from the proceeds of the trust fund.
History:
[67-7602B, added 1992, ch. 256, sec. 3, p. 743.]
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