Creative industries fund; created.

A. The "creative industries fund" is created in the state treasury. The fund consists of appropriations, gifts, grants, donations, income from investment of the fund and money otherwise accruing to the fund. Money in the fund at the end of a fiscal year shall not revert to any other fund. The fund shall be administered by the department, and expenditures from the fund shall be by warrants signed by the secretary of finance and administration pursuant to vouchers signed by the secretary of economic development. B. Money in the creative industries fund is appropriated to the department for administration by the creative industries division to provide for grants for projects or programs that promote the growth of creative industries pursuant to the criteria listed in Subsection C of this section; provided that fifty percent of the money from the fund shall be awarded to projects or programs in rural or underserved communities as defined by the division by rule. C. Grants from the creative industries fund shall be awarded through a competitive process in which the project or program demonstrates the potential to stimulate community or economic development through creative industries and demonstrates or supports one or more of the following: (1) broad local support, including in-kind or financial support from local governments and surrounding communities or neighborhoods; (2) assistance to small businesses with fewer than ten employees; (3) expansion of existing creative industries; or (4) the promotion of inclusion and diversity. D. Grants may be awarded to a county, municipality or other political subdivision of the state; an Indian nation, tribe or pueblo; and for-profit and nonprofit organizations.