A. The game and fish in-lieu fee program restoration endowment trust fund is established to be used to fulfill the department‘s obligations as an in-lieu fee sponsor pursuant to sections 401 and 404 of the clean water act or pursuant to Title 49, Chapter 2, Article 3.2. The commission shall administer the trust fund as trustee.

B. The trust fund is a permanent endowment fund that consists of monies deposited from proceeds received by the department as an in-lieu fee sponsor pursuant to sections 401 and 404 of the clean water act or pursuant to Title 49, Chapter 2, Article 3.2, and interest and investment income earned on those monies, including:

1. Compensatory mitigation monies received from in-lieu fee permittees through the purchase of in-lieu fee mitigation credits.

2. Monies received from the United States army corps of engineers for other approved in-lieu fee programs.

3. Monies received from the United States army corps of engineers as a resolution of unauthorized activities under a completed federal enforcement action that does not involve department personnel pursuant to sections 401 and 404 of the clean water act.

C. Monies in the trust fund are continuously appropriated. Monies in the trust fund do not revert to the state general fund and are exempt from the provisions of section 35-190 relating to lapsing of appropriations.

D. The state treasurer shall accept, separately account for and hold in trust any trust fund monies deposited pursuant to this section in the state treasury, which are considered to be trust monies as defined in section 35-310 and which may not be commingled with any other monies in the state treasury except for investment purposes. On notice from the commission, the state treasurer shall invest and divest, as provided by section 35-313, 35-314 or 35-314.03, any trust fund monies deposited in the state treasury, and monies earned from interest and investment income shall be credited to the trust fund.

E. The beneficiaries of the trust are the in-lieu fee projects sponsored by the department pursuant to sections 401 and 404 of the clean water act or pursuant to Title 49, Chapter 2, Article 3.2.

F. Monies in the trust fund shall be spent by the commission solely for the following:

1. The purposes authorized under any enabling instrument between the commission, the United States army corps of engineers and the United States environmental protection agency or pursuant to an enabling instrument executed under Title 49, Chapter 2, Article 3.2.

2. Site selection, design, implementation, monitoring, management and administrative costs related to the department’s responsibilities as an in-lieu fee sponsor pursuant to sections 401 and 404 of the clean water act or pursuant to Title 49, Chapter 2, Article 3.2.

G. For the purposes of this section, "clean water act" has the same meaning prescribed in section 49-201.