(a) There is established an endangered species, natural area preserves and watchable wildlife account which shall be a separate, nonlapsing account within the General Fund. Any moneys collected under the contribution system established under § 12-743 shall be deposited by the Commissioner of Revenue Services into the account. This account may also receive moneys from public and private sources or from the federal government. All moneys deposited in the account shall be used by the Department of Energy and Environmental Protection, or persons acting under a contract with the department, for (1) the identification, protection, conservation or management of, or the development and production of materials or facilities providing information or education concerning, endangered species, natural area preserves or nonharvested wildlife; or (2) the promotion of the income tax contribution system and the endangered species, natural area preserves and watchable wildlife account. Expenditures from the account in any fiscal year for the promotion of the contribution system or the account shall not exceed ten per cent of the amount of moneys raised during the previous fiscal year provided such limitation shall not apply to an expenditure of not more than fifteen thousand dollars from the account on or before July 1, 1994, to reimburse expenditures made on or before said date, with prior written authorization of the Commissioner of Energy and Environmental Protection, by private organizations to promote the contribution system and the endangered species, natural area preserves and watchable wildlife account.

(b) The Commissioner of Energy and Environmental Protection shall adopt regulations, in accordance with the provisions of chapter 54, to provide for distribution of funds available pursuant to this section and § 12-743.