As Amended
SEC. 29-15-9. Public Trust Tidelands Fund; distribution of funds derived from lease rentals of tidelands and submerged lands.
There is hereby created in the State Treasury a special fund to be known as the "Public Trust Tidelands Fund." The fund shall be administered by the Secretary of State as trustee.
Any funds derived from lease rentals of tidelands and submerged lands, except those funds derived from mineral leases, or funds heretofore specifically designated to be applied to other agencies, shall be transferred to the special fund. However, funds derived from lease rentals may be used to cover the administrative cost incurred by the Secretary of State. Any remaining funds derived from lease rentals shall be disbursed pro rata to the local taxing authorities for the replacement of lost ad valorem taxes, if any. Then, any remaining funds shall be disbursed to the commission for new and extra programs of tidelands management, such as conservation, reclamation, preservation, acquisition, education or the enhancement of public access to the public trust tidelands or public improvement projects as they relate to such lands.
SOURCES: Laws, 1989, ch. 495, Sec. 6, eff from and after passage (approved March 31, 1989). Laws, 1994, ch. 578, Sec. 53, eff from and after July 1, 1994