§ 113‑175.5. North Carolina Marine ResourcesEndowment Fund.
(a) There is hereby established the North Carolina MarineResources Endowment Fund as a nonreverting special revenue fund in the officeof the State Treasurer. The purpose of the Endowment Fund is to provide thecitizens and residents of the State with the opportunity to invest in thefuture of the marine resources of the State. The principal of the EndowmentFund shall consist of:
(1) Endowment license revenues.
(2) Proceeds of any gifts, grants, or contributions to the Statethat are specifically designated for inclusion in the Endowment Fund.
(3) Proceeds of any gifts, grants, or contributions to theMarine Fisheries Commission or the Division of Marine Fisheries that are notspecifically designated for another purpose.
(4) Funds realized from the sale, lease, rental, or other grantof rights to real or personal property acquired or produced from endowmentinvestment income.
(5) Federal aid project reimbursements to the extent thatendowment investment income originally funded the project for which thereimbursement is made.
(6) Transfers to the Endowment Fund.
(7) Any endowment investment income or marine resources licenserevenue that is credited to the Endowment Fund for the purpose of increasingthe principal of the Endowment Fund.
(b) The State Treasurer shall hold the Endowment Fund separateand apart from all other moneys, funds, and accounts. The State Treasurer shallinvest the assets of the Endowment Fund in accordance with the provisions ofG.S. 147‑69.2 and G.S. 147‑69.3. The State Treasurer shall disbursethe endowment investment income only upon the written direction of both theMarine Fisheries Commission and the Wildlife Resources Commission.
(c) Subject to the limitations set out in subsection (d) of thissection, the Marine Fisheries Commission and the Wildlife Resources Commissionmay authorize the disbursement of endowment investment income only to manage,protect, restore, develop, cultivate, conserve, and enhance the marine resourcesof the State. The Marine Fisheries Commission and the Wildlife ResourcesCommission may not authorize the disbursement of endowment investment income toestablish positions without specific authorization from the General Assembly.All proposals to the Marine Fisheries Commission and the Wildlife ResourcesCommission for the disbursement of funds from the Endowment Fund shall be madeby and through the Fisheries Director.
(d) The Endowment Fund is declared to constitute a special trustderived from a contractual relationship between the State and the members ofthe public whose investments contribute to the Endowment Fund. In recognitionof this special trust, all of the following limitations are placed ondisbursement of funds held in the Endowment Fund:
(1) Any restrictions specified by the donors on the uses ofincome derived from gifts, grants, and voluntary contributions shall berespected but shall not be binding.
(2) No disbursements of the endowment investment income derivedfrom the endowment license revenues generated by the sale of Infant LifetimeCRFLs under G.S. 113‑174.2(c)(6)e., Youth Lifetime CRFLs under G.S. 113‑174.2(c)(6)f.,Infant Lifetime Unified Sportsman/Coastal Recreational Fishing Licenses underG.S. 113‑351(c)(3)a., or Youth Lifetime Unified Sportsman/CoastalRecreational Fishing Licenses under G.S. 113‑351(c)(3)b. shall be madefor any purpose until the respective licensees attain the age of 16 years. TheState Treasurer shall periodically make an actuarial determination as to theamount of endowment investment income within the Endowment Fund that remainsencumbered by the restriction of this subdivision and the amount that is freeof the restriction. The Executive Director of the Wildlife Resources Commissionshall provide the State Treasurer with the information necessary to make thisdetermination.
(3) No disbursement shall be made from the principal of theEndowment Fund except as otherwise provided by law.
(e) Expenditure of the endowment investment income shall be madethrough the State budget accounts of the Division of Marine Fisheries inaccordance with the provisions of the Executive Budget Act. The Endowment Fundis subject to the oversight of the State Auditor pursuant to Article 5A ofChapter 147 of the General Statutes. (2005‑455, s.2.7.)
§ 113‑175.5. North Carolina Marine ResourcesEndowment Fund.
(a) There is hereby established the North Carolina MarineResources Endowment Fund as a nonreverting special revenue fund in the officeof the State Treasurer. The purpose of the Endowment Fund is to provide thecitizens and residents of the State with the opportunity to invest in thefuture of the marine resources of the State. The principal of the EndowmentFund shall consist of:
(1) Endowment license revenues.
(2) Proceeds of any gifts, grants, or contributions to the Statethat are specifically designated for inclusion in the Endowment Fund.
(3) Proceeds of any gifts, grants, or contributions to theMarine Fisheries Commission or the Division of Marine Fisheries that are notspecifically designated for another purpose.
(4) Funds realized from the sale, lease, rental, or other grantof rights to real or personal property acquired or produced from endowmentinvestment income.
(5) Federal aid project reimbursements to the extent thatendowment investment income originally funded the project for which thereimbursement is made.
(6) Transfers to the Endowment Fund.
(7) Any endowment investment income or marine resources licenserevenue that is credited to the Endowment Fund for the purpose of increasingthe principal of the Endowment Fund.
(b) The State Treasurer shall hold the Endowment Fund separateand apart from all other moneys, funds, and accounts. The State Treasurer shallinvest the assets of the Endowment Fund in accordance with the provisions ofG.S. 147‑69.2 and G.S. 147‑69.3. The State Treasurer shall disbursethe endowment investment income only upon the written direction of both theMarine Fisheries Commission and the Wildlife Resources Commission.
(c) Subject to the limitations set out in subsection (d) of thissection, the Marine Fisheries Commission and the Wildlife Resources Commissionmay authorize the disbursement of endowment investment income only to manage,protect, restore, develop, cultivate, conserve, and enhance the marine resourcesof the State. The Marine Fisheries Commission and the Wildlife ResourcesCommission may not authorize the disbursement of endowment investment income toestablish positions without specific authorization from the General Assembly.All proposals to the Marine Fisheries Commission and the Wildlife ResourcesCommission for the disbursement of funds from the Endowment Fund shall be madeby and through the Fisheries Director.
(d) The Endowment Fund is declared to constitute a special trustderived from a contractual relationship between the State and the members ofthe public whose investments contribute to the Endowment Fund. In recognitionof this special trust, all of the following limitations are placed ondisbursement of funds held in the Endowment Fund:
(1) Any restrictions specified by the donors on the uses ofincome derived from gifts, grants, and voluntary contributions shall berespected but shall not be binding.
(2) No disbursements of the endowment investment income derivedfrom the endowment license revenues generated by the sale of Infant LifetimeCRFLs under G.S. 113‑174.2(c)(6)e., Youth Lifetime CRFLs under G.S. 113‑174.2(c)(6)f.,Infant Lifetime Unified Sportsman/Coastal Recreational Fishing Licenses underG.S. 113‑351(c)(3)a., or Youth Lifetime Unified Sportsman/CoastalRecreational Fishing Licenses under G.S. 113‑351(c)(3)b. shall be madefor any purpose until the respective licensees attain the age of 16 years. TheState Treasurer shall periodically make an actuarial determination as to theamount of endowment investment income within the Endowment Fund that remainsencumbered by the restriction of this subdivision and the amount that is freeof the restriction. The Executive Director of the Wildlife Resources Commissionshall provide the State Treasurer with the information necessary to make thisdetermination.
(3) No disbursement shall be made from the principal of theEndowment Fund except as otherwise provided by law.
(e) Expenditure of the endowment investment income shall be madethrough the State budget accounts of the Division of Marine Fisheries inaccordance with the provisions of the Executive Budget Act. The Endowment Fundis subject to the oversight of the State Auditor pursuant to Article 5A ofChapter 147 of the General Statutes. (2005‑455, s.2.7.)
§ 113‑175.5. North Carolina Marine ResourcesEndowment Fund.
(a) There is hereby established the North Carolina MarineResources Endowment Fund as a nonreverting special revenue fund in the officeof the State Treasurer. The purpose of the Endowment Fund is to provide thecitizens and residents of the State with the opportunity to invest in thefuture of the marine resources of the State. The principal of the EndowmentFund shall consist of:
(1) Endowment license revenues.
(2) Proceeds of any gifts, grants, or contributions to the Statethat are specifically designated for inclusion in the Endowment Fund.
(3) Proceeds of any gifts, grants, or contributions to theMarine Fisheries Commission or the Division of Marine Fisheries that are notspecifically designated for another purpose.
(4) Funds realized from the sale, lease, rental, or other grantof rights to real or personal property acquired or produced from endowmentinvestment income.
(5) Federal aid project reimbursements to the extent thatendowment investment income originally funded the project for which thereimbursement is made.
(6) Transfers to the Endowment Fund.
(7) Any endowment investment income or marine resources licenserevenue that is credited to the Endowment Fund for the purpose of increasingthe principal of the Endowment Fund.
(b) The State Treasurer shall hold the Endowment Fund separateand apart from all other moneys, funds, and accounts. The State Treasurer shallinvest the assets of the Endowment Fund in accordance with the provisions ofG.S. 147‑69.2 and G.S. 147‑69.3. The State Treasurer shall disbursethe endowment investment income only upon the written direction of both theMarine Fisheries Commission and the Wildlife Resources Commission.
(c) Subject to the limitations set out in subsection (d) of thissection, the Marine Fisheries Commission and the Wildlife Resources Commissionmay authorize the disbursement of endowment investment income only to manage,protect, restore, develop, cultivate, conserve, and enhance the marine resourcesof the State. The Marine Fisheries Commission and the Wildlife ResourcesCommission may not authorize the disbursement of endowment investment income toestablish positions without specific authorization from the General Assembly.All proposals to the Marine Fisheries Commission and the Wildlife ResourcesCommission for the disbursement of funds from the Endowment Fund shall be madeby and through the Fisheries Director.
(d) The Endowment Fund is declared to constitute a special trustderived from a contractual relationship between the State and the members ofthe public whose investments contribute to the Endowment Fund. In recognitionof this special trust, all of the following limitations are placed ondisbursement of funds held in the Endowment Fund:
(1) Any restrictions specified by the donors on the uses ofincome derived from gifts, grants, and voluntary contributions shall berespected but shall not be binding.
(2) No disbursements of the endowment investment income derivedfrom the endowment license revenues generated by the sale of Infant LifetimeCRFLs under G.S. 113‑174.2(c)(6)e., Youth Lifetime CRFLs under G.S. 113‑174.2(c)(6)f.,Infant Lifetime Unified Sportsman/Coastal Recreational Fishing Licenses underG.S. 113‑351(c)(3)a., or Youth Lifetime Unified Sportsman/CoastalRecreational Fishing Licenses under G.S. 113‑351(c)(3)b. shall be madefor any purpose until the respective licensees attain the age of 16 years. TheState Treasurer shall periodically make an actuarial determination as to theamount of endowment investment income within the Endowment Fund that remainsencumbered by the restriction of this subdivision and the amount that is freeof the restriction. The Executive Director of the Wildlife Resources Commissionshall provide the State Treasurer with the information necessary to make thisdetermination.
(3) No disbursement shall be made from the principal of theEndowment Fund except as otherwise provided by law.
(e) Expenditure of the endowment investment income shall be madethrough the State budget accounts of the Division of Marine Fisheries inaccordance with the provisions of the Executive Budget Act. The Endowment Fundis subject to the oversight of the State Auditor pursuant to Article 5A ofChapter 147 of the General Statutes. (2005‑455, s.2.7.)
