(a) Subject to approval of applications from nonprofit and governmental cultural, historical and arts organizations, the board may award grants from the income account to promote, preserve and enhance the unique cultural heritage of Wyoming and its people.

(b) The board shall have the discretion in determining the amount of money under each grant, except that the total amount of grants awarded in any one (1) fiscal year shall not exceed the spending policy amount specified in subsection (c) of this section plus additional sums as allowed under paragraph (c)(ii) of this section.

(i) Repealed by Laws 2025, ch. 149, § 2.

(ii) Repealed by Laws 2025, ch. 149, § 2.

(c) The amount of monies available for making grants under this article in any one (1) fiscal year shall be an amount equal to three percent (3%) of the five (5) year average market value of the Wyoming cultural trust fund, calculated from the first day of the fiscal year. This amount shall constitute the spending policy for the trust fund and shall, subject to legislative appropriation, be annually credited from the trust fund to the income account for expenditure on grants. This subsection shall be subject to the following:

(i) For purposes of calculating the spending policy under this subsection, the five (5) year average market value of the trust fund shall be calculated as follows:

(A) For fiscal year 2026, the five (5) year average market value shall be equal to the market value of the trust fund, as calculated on the first day of the fiscal year;

(B) For fiscal year 2027, the five (5) year average market value shall be equal to the previous two (2) year average market value of the trust fund, as calculated on the first day of the fiscal year;

(C) For fiscal year 2028, the five (5) year average market value shall be equal to the previous three (3) year average market value of the trust fund, as calculated on the first day of the fiscal year;

(D) For fiscal year 2029, the five (5) year average market value shall be equal to the previous four (4) year average market value of the trust fund, as calculated on the first day of the fiscal year;

(E) For fiscal year 2030 and each fiscal year thereafter, the five (5) year average market value shall be equal to the previous five (5) year average market value of the trust fund, as calculated on the first day of the fiscal year.

(ii) Nothing in this subsection shall be construed to limit the expenditure of the following monies in the income account, which expenditures shall not be counted within the spending policy:

(A) Special appropriations, grants, transfers, bequests or donations to the income account unless the

appropriation, grant, gift, transfer, bequest or donation provides otherwise;

(B) Unobligated and unencumbered monies in the income account that were credited to the income account in a prior fiscal year as part of that year's authorized spending policy;

(C) Previously obligated or encumbered monies in the income account.