§ 113A-253.2. North Carolina Conservation Easement Endowment Fund. - North Carolina Statutes

§ 113A‑253.2.  NorthCarolina Conservation Easement Endowment Fund.

(a)        The North CarolinaConservation Easement Endowment Fund is established as a special fund in theOffice of the State Treasurer. The principal of the Endowment Fund shallconsist of a portion of grant funds transferred by the Trustees to theEndowment Fund from the Clean Water Management Trust Fund for stewardshipactivities related to projects for conservation easements funded from the CleanWater Management Trust Fund. The principal of the Endowment Fund may alsoconsist of any proceeds of any gifts, grants, or contributions to the Statethat are specifically designated for inclusion in the Endowment Fund and anyinvestment income that is not used in accordance with subsection (b) of thissection. The State Treasurer shall hold the Endowment Fund separate and apartfrom all other moneys, funds, and accounts. The State Treasurer shall investthe assets of the Endowment Fund in accordance with the provisions of G.S. 147‑69.2and G.S. 147‑69.3. The State Treasurer shall disburse the endowmentinvestment income only upon the written direction of the Chair of the Board ofTrustees. No expenditure or disbursement shall be made from the principal ofthe Endowment Fund.

(b)        The Trustees mayauthorize the disbursement of the endowment investment income only foractivities related to stewardship of conservation easements owned by the State. (2008‑107,s. 12.9(a).)