Bill > S0582

This bill establishes a new Land Acquisition Trust Fund within the Department of Transportation, which will serve as a repository for funds originating from the Land Acquisition Trust Fund managed by the Department of Environmental Protection. These funds are intended for purposes outlined in a specific section of the State Constitution (s. 28, Art. X), which generally relates to the acquisition and management of lands for conservation and public use. The bill mandates that any land or property interests acquired using these funds must have their title vested in the state, and the Department of Transportation, or whomever it designates, will be responsible for managing these properties according to the constitutional purposes. It also includes provisions for returning unused funds to the Department of Environmental Protection and specifies how any interest earned on the trust fund's investments will be handled, directing it to the General Revenue Fund. Importantly, the bill sets a termination date for this new trust fund on July 1, 2019, unless it is terminated sooner, and requires a review before that date, as mandated by the State Constitution.