§ 11-7-101. Short Title
This chapter shall be known and may be cited as the “Tennessee Heritage Conservation Trust Fund Act of 2005.”
§ 11-7-102. Chapter Definitions
As used in this chapter, unless the context requires otherwise: “Board” means the governing body of the Tennessee heritage conservation trust fund; “Nonprofit organization” means an entity that is exempt from federal income taxation under § 501(a) of the Internal Revenue Code (26 U.S.C. § 501(a)), as an organization described in § 501(c)(3) of the […]
§ 11-7-103. Establishment — Purpose — Fund Moneys — Carry Forward of Fund Balance and Earnings — Solicitation and Receipt of Gifts, Contributions, Bequests, Donations and Grants — Authority to Establish Nonprofit Organization
The Tennessee heritage conservation trust fund is hereby established as a special agency account in the state general fund. The purpose of this trust fund is to assist the state in permanently conserving and preserving tracts of land within this state for the purposes of promoting tourism and recreation, including outdoor activities, such as hunting, […]
§ 11-7-104. Board of Trustees — Annual Report — Audit
There is hereby established the Tennessee heritage conservation trust fund board of trustees. The board shall be attached to the department of environment and conservation for administrative purposes, but shall be independent of the department. Expenditures from the trust fund shall be made only upon authorization of the board. The board shall consist of eleven […]
§ 11-7-105. Authority of Board
In carrying out the purposes of the trust fund, the board is authorized to do the following: Acquire for the state, by purchase or by donation, and convey, sell, exchange, lease or otherwise transfer any interest in real property; the board, however, does not have the power of eminent domain; Make grants or loans to […]
§ 11-7-106. Loans and Grants — Repayment — Proceeds — Application Requirements — Financial Statements of Applicant — Terms of Agreements With Board
The board shall make grants or loans pursuant to § 11-7-105, only after the recipient entity has entered into an agreement with the trust fund, on the terms and conditions specified by the board. After approving a grant or loan, the board may assist the grantee in carrying out the purposes of the grant. When […]
§ 11-7-107. Acquisitions and Disposals of Interests in Real Property
Acquisitions and disposals of any interest in real property, other than the acquisition of conservation easements and reversionary interests, acquired for the state by the trust fund, or the nonprofit organization created under § 11-7-103(f), shall be subject to the requirements of § 4-15-102(d) and § 12-2-112. Notwithstanding any other law to the contrary, the […]
§ 11-7-108. Exemption From Taxes
Real property in which the trust fund acquires a fee simple interest for the state shall be exempt from all state and local property taxes.
§ 11-7-109. Conservation Compensation Fund — Determination of Tax Ramifications — Reimbursement for Lost Taxes
There is hereby created a special agency account in the state general fund to be known as the conservation compensation fund. Expenditures from such fund shall only be made to implement and effectuate the purposes of this chapter. Funds deposited in such fund shall not revert at the end of any fiscal year, and all […]
§ 11-7-110. Executive Director
In carrying out the purposes of the trust fund, the commissioner of environment and conservation is authorized to appoint an executive director to carry out this chapter. The commissioner of environment and conservation shall set the salary for the executive director. The executive director may hire other staff necessary to carry out this chapter.