(a) There is hereby created as a separate fund within the treasury the "natural heritage preservation revolving fund" which shall be administered by the general treasurer in accordance with the same laws and fiscal procedures as the general funds of the state. The fund shall consist of such sums as the state may from time to time appropriate, as well as monies received from the federal government, gifts, bequests, donations, or otherwise from any public or private source, which monies are intended to implement and encourage preservation of properties which possess scenic, natural, and ecological value.
(b) All monies placed in the natural heritage revolving fund shall be made available for the following purposes:
(1) To make loans to nonprofit conservation foundations, cities, towns, or public or private land trusts for the purpose of acquiring property worthy of preservation.
(2) To make loans or otherwise provide a source of equity capital for preservation of open land resources consistent with the purposes of this chapter.
(c) Loans made under the provisions of this section may be made directly, or in cooperation with other lenders or any agency, department, or bureau of the federal government or state of Rhode Island. The proceeds received from the repayment of any loans made from this fund shall be deposited in and returned to the natural heritage revolving fund, to constitute a continuing revolving fund for the purposes listed above.
History of Section.
P.L. 1984, ch. 155, art. III, § 1.