1. (A) The bank is established and authorized to:

   1. (1) award grants to eligible trust fund recipients for the purchase of interests in land, so long as the grants advance the purposes of this chapter and meet criteria contained in Section 48-59-60;
   2. (2) make loans to eligible trust fund recipients for the purchase of interests in land, at no interest or at an interest rate determined by the board, and under terms determined by the board, so long as the loans advance the purposes of this chapter and meet criteria contained in Section 48-59-60;
   3. (3) apply for and receive additional funding for the trust fund from federal, private, and other sources, to be used as provided in this chapter;
   4. (4) receive charitable contributions and donations to the trust fund, to be used as provided in this chapter; and
   5. (5) receive contributions to the trust fund in satisfaction of any public or private obligation for environmental mitigation or habitat conservation, whether such obligation arises out of law, equity, contract, regulation, administrative proceeding, or judicial proceeding. Such contributions must be used as provided for in this chapter.
   6. (6) exercise its discretion in determining what portion of trust funds shall be expended, awarded, or loaned in any particular year, and what portion of trust funds shall remain in the trust fund from one fiscal year to the next. Funds within the trust fund shall be invested or deposited into interest-bearing instruments or accounts, with the interest accruing and credited to the fund.

2. (B) To carry out its functions, the bank shall:

   1. (1) operate a program in order to implement the purposes of this chapter;
   2. (2) develop additional guidelines and prescribe procedures, consistent with the criteria and purposes of this chapter, as necessary to implement this chapter;

   3. (3) submit an annual report to the Governor, Lieutenant Governor, and General Assembly that:

      1. (a) accounts for trust fund receipts and dispersals;
      2. (b) briefly describes applications submitted to the bank, and in greater detail describes grants and loans that were approved or funded during the current year, and the public benefits, including public access, resulting from such grants and loans;
      3. (c) describes recipients of trust fund grants and loans; and
      4. (d) sets forth a list and description of all grants and loans approved, and all acquisitions of land or interests in land obtained with trust funds since the bank's inception. The report shall include a map setting forth the location and size of all such protected lands.
   4. (4) have an annual audit of the Conservation Bank and Conservation Bank Trust Fund conducted by outside independent certified public accountants and submitted to the Governor, Lieutenant Governor, and General Assembly. The accounting of trust fund receipts and expenditures required above shall be part of this annual audit.
3. (C) To operate the bank and carry out the purposes of this chapter the board shall hire an executive director, and may hire staff, contract for services, and enter into cooperative agreements with other state agencies. However, the bank may not contract for services that include land management or the enforcement of conservation easements, nor may the bank contract for services with an eligible trust fund recipient or nonprofit organization. Enforcement of conservation easements and management of interest in land acquired with trust funds are the sole responsibility of the owner or eligible trust fund recipient.
4. (D) Operating expenses of the bank must be paid out of the trust fund.

HISTORY: 2002 Act No. 200, Section 1.