1.Fund established.
All revenues from the activities of the division under section 1862 must be deposited with the Treasurer of State to be
credited to the Submerged Lands Fund, which is established as a nonlapsing, dedicated fund and referred to in this section
as the "fund." Any interest earned on this money must be credited to the fund. The fund is administered by the division.
[
1997, c. 678, §13 (NEW);
2011, c. 657, Pt. W, §7 (REV)
.]
2.Permissible uses.
Money credited to the fund may be used to manage submerged lands pursuant to section 1862, provide grants to municipalities
pursuant to section 1863 and remove abandoned watercraft pursuant to this subchapter.
[
1997, c. 678, §13 (NEW)
.]
3.Expenditure of funds.
Money in the fund must be expended on the operating expenses of the division's submerged lands leasing program pursuant
to section 1862. Any funds available in excess of the amount needed for the division's submerged lands operating expenses
must be expended in accordance with section 1863 and this subchapter.
[
1997, c. 678, §13 (NEW);
2011, c. 657, Pt. W, §7 (REV)
.]
SECTION HISTORY
1997, c. 678, §13 (NEW).
2011, c. 657, Pt. W, §7 (REV).
Data for this page extracted on 10/16/2012 08:21:56.