1. 1. All revenue derived from privileges, conveniences, contracts or otherwise, all moneys received by gifts, bequests or contributions or from county or municipal sources and all moneys received from the operation of concessions, projects or facilities and from resale items shall be paid into the state treasury to the credit of the "State Park Earnings Fund", which is hereby created. The state treasurer shall invest moneys in the fund in the same manner as other funds are invested. All interest and moneys earned on such investments shall be credited to the fund. In the event any state park or any part thereof is taken under the power of eminent domain by the federal government the moneys paid for the taking shall be deposited in the state park earnings fund. The fund shall be used solely for the payment of the expenditures of the department of natural resources in the administration of this law, except that in any fiscal year the department may expend a sum not to exceed fifty percent of the preceding fiscal year's deposits to the state park earnings fund for the purpose of:

   1. (1) Paying the principal and interest of revenue bonds issued;
   2. (2) Providing an interest and sinking fund;
   3. (3) Providing a reasonable reserve fund;
   4. (4) Providing a reasonable fund for depreciation; and
   5. (5) Paying for feasibility reports necessary for the issuing of revenue bonds.
2. 2. Notwithstanding the provisions of section 33.080 to the contrary, any moneys remaining in the fund at the end of the biennium shall not revert to the credit of the general revenue fund.
3. 3. A good and sufficient bond conditioned upon the faithful performance of the contract and compliance with this law shall be required of all contractors.
4. 4. Any person who contracts pursuant to this section with the state shall keep true and accurate records of his or her receipts and disbursements arising out of the performance of the contract and shall permit the department of natural resources and the state auditor to audit such records.

(L. 1953 p. 317 § 6, A.L. 1961 p. 231, A.L. 1967 p. 362, A.L. 1969 H.B. 191, A.L. 1982 S.B. 696, A.L. 1999 H.B. 791, A.L. 2011 H.B. 89 merged with S.B. 135, A.L. 2013 H.B. 28 merged with H.B. 650)

Effective 8-28-13 (H.B. 28); 10-11-13 (H.B. 650)

*H.B. 650 effective 10-11-13, see § 21.250. H.B. 650 was vetoed July 12, 2013. The veto was overridden on September 11, 2013.

CROSS REFERENCE:

Nonseverability clause, 640.099