§ 113-175.1. North Carolina Marine Resources Fund. - North Carolina Statutes

§ 113‑175.1.  North Carolina Marine ResourcesFund.

(a)        There is hereby established the North Carolina MarineResources Fund as a nonreverting special revenue fund in the office of theState Treasurer. The purpose of the Marine Resources Fund is to enhance themarine resources of the State. The principal of the Marine Resources Fund shallconsist of:

(1)        Marine resources license revenues.

(2)        Proceeds of any gifts, grants, and contributions to theState that are specifically designated for inclusion in the Marine ResourcesFund.

(3)        Funds realized from the sale, lease, rental, or other grantof rights to real or personal property acquired or produced from fundsdisbursed from the Marine Resources Fund.

(4)        Federal aid project reimbursements to the extent that fundsdisbursed from the Marine Resources Fund originally funded the project forwhich the reimbursement is made.

(b)        The State Treasurer shall hold the Marine Resources Fundseparate and apart from all other moneys, funds, and accounts. The State Treasurershall invest the assets of the Marine Resources Fund in accordance with theprovisions of G.S. 147‑69.2 and G.S. 147‑69.3, and all marineresources investment income shall be deposited to the credit of the MarineResources Fund. The State Treasurer shall disburse the principal of the MarineResources Fund and marine resources investment income only upon the writtendirection of both the Marine Fisheries Commission and the Wildlife ResourcesCommission.

(c)        The Marine Fisheries Commission and the Wildlife ResourcesCommission may authorize the disbursement of the principal of the MarineResources Fund and marine resources investment income only to manage, protect,restore, develop, cultivate, conserve, and enhance the marine resources of theState. The Marine Fisheries Commission and the Wildlife Resources Commissionmay not authorize the disbursement of the principal of the Marine ResourcesFund and marine resources investment income to establish positions withoutspecific authorization from the General Assembly. All proposals to the MarineFisheries Commission and the Wildlife Resources Commission for the disbursementof funds from the Marine Resources Fund shall be made by and through theFisheries Director. Expenditure of the assets of the Marine Resources Fundshall be made through the State budget accounts of the Division of MarineFisheries in accordance with the provisions of the Executive Budget Act. TheMarine Resources Fund is subject to the oversight of the State Auditor pursuantto Article 5A of Chapter 147 of the General Statutes. (2004‑187, s. 1; 2005‑455, s. 2.3.)