There is created in the Commission the forest renewal fund for which fiscal management and responsibility is vested in the State Forester.
The fund shall be the depository for all revenue derived from the forest development assessment on primary forest product processors as authorized by the General Assembly and for any funds appropriated specifically for the forest renewal program from the general fund. State appropriated funds remaining in the forest renewal fund at the end of any fiscal year shall revert to the general fund. Revenues derived from the forest renewal assessment shall not revert but shall remain in the forest renewal fund until expended under the provisions of this chapter.
In any fiscal year, new funding agreements from the forest renewal fund are limited to five times the amount of the state appropriation for the Forest Renewal Law for that year plus the amount of any cancellation or slippage funds from previous agreements. Whenever necessary to comply with the terms of a contract, payments in a fiscal year may exceed five times the amount of the state appropriation.
In any fiscal year, expenditures from the forest renewal fund shall be limited to five times the amount of the state appropriation for the Forest Renewal Law for that year.
In any fiscal year, no more than five percent of the available funds generated by the Primary Forest Products Assessment Law, Chapter 30 of this title, shall be used for program support under the provisions of Section 48-28-40.
Funds used for the purchase of equipment under the provisions of Section 48-28-40 shall be limited to state appropriations to the forest renewal fund designated specifically for equipment purchase.
The Commission shall serve as the disbursing agency for funds expended from and deposited in the forest renewal fund.
HISTORY: 1981 Act No. 70, Section 1; 1990 Act No. 572, Section 1.