(A) The Marine Resources Deferred License Fund is created for the purpose of receiving revenue generated from the sale of three year saltwater licenses, permits, stamps, and tags.
(B) Receipts from each license year shall be transferred to the Marine Resources Fund as follows:
(1) fifty percent during the first fiscal year after receipt; and
(2) the balance during the second fiscal year after receipt. Where applicable, each transfer shall distribute the receipts based on the allocations specified in Section 50-9-920(C).
(C) Interest earned on balances in the fund shall be credited to the fund and transferred to the Marine Resources Fund in the same manner.
(D) Balances in the fund shall be retained and carried forward annually.
HISTORY: 2010 Act No. 233, Section 11, eff July 1, 2010; 2013 Act No. 94, Section 15, eff July 1, 2013.
Effect of Amendment
The 2013 amendment rewrote the section.