(a) All revenues deposited to the trust fund pursuant to § 11-14-305, other than investment income, shall constitute the corpus of the trust fund. The corpus of the trust fund shall not be expended for any purpose.
Terms Used In Tennessee Code 11-14-307
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Lands: includes lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
Trust fund: means the natural resources trust fund created by this part. See Tennessee Code 11-14-302
(b)(1) The balance of the yearly interest and earnings of the trust fund shall be separately accounted for but may be appropriated for any of the following public purposes:
(A) The acquisition of lands, waters, or interests in lands and waters;(B) Development of outdoor recreation facilities to serve the general public;(C) Other capital projects for the conservation of air, land and water resources;(D) The acquisition or preservation of historic or archaeological properties which are significant to the cultural history of the state;(E) Grants or other financial assistance to any county or municipal government for any of the above purposes; provided, that such county or municipal government provides an equal amount for any given project; or(F) Reimbursement of greenbelt rollback taxes assessed against a county or municipal government as the result of acquisition of land for a park; provided, however, that if the land is not used as a park for ten (10) years or more, the county or municipality shall repay the amount of the reimbursement to the fund.(2) Any unencumbered and unexpended balance of such interest and earnings remaining at the end of any fiscal year shall not revert to the general fund but shall be carried forward until expended. All grants or other financial assistance to county or municipal governments shall be subject to the approval of the commissioner of environment and conservation.(c) The state treasurer may deduct reasonable service charges from the interest and earnings of the trust fund pursuant to procedures established by the state treasurer and the commissioner of finance and administration.
