State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_143B > GS_143B-289_58

§ 143B‑289.58. Marine Fisheries Endowment Fund.

(a)        Recognizing the inestimable importance to the State and itspeople of conserving the marine and estuarine resources of the State, and forthe purpose of providing the opportunity for citizens and residents of theState to invest in the future of its marine and estuarine resources, there iscreated the North Carolina Marine Fisheries Endowment Fund, the income andprincipal of which shall be used only for the purpose of supporting marine andestuarine resource conservation programs of the State in accordance with thissection.

(b)        There is created the Board of Trustees of the MarineFisheries Endowment Fund of the Marine Fisheries Commission, with fullauthority over the administration of the Marine Fisheries Endowment Fund, whoseex officio Chair, Vice‑Chair, and members shall be the Chair, Vice‑Chair,and members of the Marine Fisheries Commission. The State Treasurer shall bethe custodian of the Marine Fisheries Endowment Fund and shall invest itsassets in accordance with the provisions of G.S. 147‑69.2 and G.S. 147‑69.3.

(c)        The assets of the Marine Fisheries Endowment Fund shall bederived from the following:

(1)        The proceeds of any gifts, grants, and contributions to theState that are specifically designated for inclusion in the Fund.

(2)        Any other sources specified by law.

(d)        The Marine Fisheries Endowment Fund is declared toconstitute a special trust derived from a contractual relationship between theState and the members of the public whose investments contribute to the Fund.In recognition of this special trust, the following limitations andrestrictions are placed on expenditures from the Fund:

(1)        Any limitations or restrictions specified by the donors onthe uses of the income derived from the gifts, grants, and voluntarycontributions shall be respected but shall not be binding.

(2)        No expenditure or disbursement shall be made from theprincipal of the Marine Fisheries Endowment Fund except as otherwise providedby law.

(3)        The income received and accruing from the investments of theMarine Fisheries Endowment Fund must be spent only to further the conservationof marine and estuarine resources.

(e)        The Board of Trustees of the Marine Fisheries Endowment Fundmay accumulate the investment income of the Fund until the income, in the solejudgment of the trustees, can provide a significant supplement to the budgetfor the conservation and management of marine and estuarine resources. Afterthat time the trustees, in their sole discretion and authority, may directexpenditures from the income of the Fund for the purposes set out insubdivision (3) of subsection (d) above.

(f)         Expenditure of the income derived from the Marine FisheriesEndowment Fund shall be made through the State budget accounts of the MarineFisheries Commission in accordance with the provisions of the Executive BudgetAct. The Marine Fisheries Endowment Fund is subject to the oversight of theState Auditor pursuant to Article 5A of Chapter 147 of the General Statutes.

(g)        The Marine Fisheries Endowment Fund and the income therefromshall not take the place of State appropriations, but any portion of the incomeof the Marine Fisheries Endowment Fund available for the purpose set out insubdivision (3) of subsection (d) above shall be used to supplement otherincome of and appropriations for the conservation and management of marine andestuarine resources to the end that the Commission may improve and increase itsservices and become more useful to a greater number of people. (1997‑400, s. 2.1.)