Bill > S0580

This bill establishes a new Land Acquisition Trust Fund within the Department of State, which will serve as a holding place for funds originating from the Land Acquisition Trust Fund within the Department of Environmental Protection, and these funds are intended for purposes outlined in Section 28 of Article X of the State Constitution, which generally relates to the acquisition of lands for conservation and recreation. The Department of State is tasked with safeguarding these transferred funds, and any money that becomes available due to budget reductions must be returned to the original trust fund within 15 days. If the acquired land or property interests are to be owned by the state, the title will be held by the Board of Trustees of the Internal Improvement Trust Fund, and acquisitions must be voluntary and follow specific procedures, with acquisition costs including purchase price, title work, surveys, and appraisals. The Department of State will manage these lands according to the constitutional purposes, and other authorized uses that do not conflict with these purposes may be permitted. Importantly, funds in this new trust fund will not be invested as typically allowed by state law but will remain in the fund, with any interest earned being directed to the General Revenue Fund. In accordance with constitutional provisions for reviewing and terminating trust funds, this new fund is scheduled to end on July 1, 2019, unless it is terminated sooner, and it will undergo a review process before that date. This act is set to become effective on July 1, 2015.