A. Any alteration or modification to an existing monument or memorial that was completed pursuant to section 41-1363 must abide by the following procedures:

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1. The proponents of the monument or memorial that submitted the concept pursuant to section 41-1363 shall submit the proposed alteration or modification to the legislative council.

2. After recommendations from the historical advisory commission regarding what impact the proposed alteration or modification would have on the historical integrity of the existing monument or memorial and after any necessary negotiations with the proponents, the legislative council shall approve or reject the proposed alteration or modification.

3. If the proposed alteration or modification is approved and before the beginning of construction involved in implementing the alteration or modification to the monument or memorial, the proponents shall enter into a contract with the legislative council specifying the scope of the alteration or modification to the monument or memorial, a list of the artists, contractors and subcontractors that will be employed and a verification that all employees for the project are insured and that this state is indemnified against any liability in regard to the construction involved in implementing the alteration or modification to the monument or memorial.

4. The alteration or modification to an existing monument or memorial shall be completed and dedicated to this state within two years after the effective date of the approval of the alteration or modification by the legislative council.

B. All fundraising and the establishment and administration of a fund for deposit of monies and contracts for artistic design and construction of the alteration or modification to the existing monument or memorial are the sole responsibility of the proponents.