Bill > S0578

This bill establishes a new Land Acquisition Trust Fund within the Department of Agriculture and Consumer Services, intended to hold and manage funds specifically designated for land acquisition as outlined in Article X, Section 28 of the State Constitution. The bill specifies that money transferred from the Land Acquisition Trust Fund within the Department of Environmental Protection must be maintained separately, and any unspent funds or budget reductions must be returned to the original fund within 15 days for future appropriation. If the acquired land is to be owned by the state, 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 Agriculture and Consumer Services will manage these lands according to the constitutional purposes, and any other uses must not contradict these aims. Importantly, funds in this new trust fund will not be invested as typically allowed by law but will remain in the fund, with any interest earned being directed to the General Revenue Fund. This trust fund is set to automatically terminate on July 1, 2019, unless it is terminated earlier, and it will undergo a review process before that date, as required by the State Constitution.