§ 11-14-305. Source of Revenue
Except as otherwise provided in subsection (b), the state treasurer shall deposit and hold all revenues from the following sources in the trust fund: Royalties, lease payments, or other revenues collected under leases or other agreements for the extraction of, or right to extract, any state-owned minerals from the land, and the proceeds from the […]
§ 11-14-306. Investments — Separate Account — Protection of Fund
Funds in the natural resources trust fund established by this part shall be invested by the state treasurer pursuant to policy guidelines, established by resolution of the funding board, created by § 9-9-101. The funding board shall establish the policy guidelines for investment of the natural resources trust fund in any manner which is lawful […]
§ 11-14-307. Use of the Fund
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. The balance of the yearly interest and earnings of the trust fund shall be separately accounted for but may […]
§ 11-14-308. Reviewing and Evaluating Projects for Possible Funding — Development of Procedures
The commissioner of environment and conservation, in consultation with the commissioner of finance and administration, shall develop procedures for the purpose of reviewing and evaluating projects for possible funding, pursuant to § 11-14-307(b)(1) of the natural resources trust fund. Prior to implementing the procedures, the commissioner of environment and conservation shall forward the procedures to […]
§ 11-14-303. Purpose
The general assembly recognizes the need to protect the endowment represented by the land and minerals owned by the state. These nonrenewable resources are held by the state in trust for the benefit of future generations. In recognition of the responsibilities of this stewardship, the general assembly is creating the natural resources trust fund. The […]
§ 11-14-304. Creation of Trust Fund
The state treasurer is authorized and directed to establish the natural resources trust fund, as a restricted account in the state treasury.
§ 11-14-301. Short Title
This part shall be known and may be cited as the “Natural Resources Trust Fund Act of 1985.”
§ 11-14-302. Part Definitions
As used in this part, unless the context otherwise requires: “Mineral” means all forms of minerals including, but not limited to, oil, gas, and coal; and “Trust fund” means the natural resources trust fund created by this part.