Pulpwood salvaged under a plan approved and implemented in accordance with the terms of this subsection is the property of the person performing the salvage.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.

FISCAL NOTE

Allowing certain companies to salvage pulpwood from submerged lands owned by the Bureau of Parks and Lands within the Department of Conservation may result in a loss of dedicated revenues usually generated by the sale of this pulpwood. The amounts can not be determined at this time. However, the bureau will be compensated for the value of any salvaged pulpwood by improvements to the property by the involved company.

SUMMARY

This bill allows companies previously chartered by the Legislature to store wood over publicly owned submerged lands to salvage the pulpwood for use in a company-owned facility. Compensation to the State for the value of the pulpwood is waived as long as the salvage operation results in substantial improvements to public trust rights.