253.090. State park earnings fund created, how used--transfer of funds remaining in state park revolving fund, when.
State park earnings fund created, how used--transfer of fundsremaining in state park revolving fund, when.
253.090. 1. All revenue derived from privileges, conveniences,contracts or otherwise, all moneys received by gifts, bequests orcontributions or from county or municipal sources and all moneys receivedfrom the operation of concessions, projects or facilities and from resaleitems shall be paid into the state treasury to the credit of the "StatePark Earnings Fund", which is hereby created. In the event any state parkor any part thereof is taken under the power of eminent domain by thefederal government the moneys paid for the taking shall be deposited in thestate park earnings fund. The fund shall be used solely for the payment ofthe expenditures of the department of natural resources in theadministration of this law, except that in any fiscal year the departmentmay expend a sum not to exceed fifty percent of the preceding fiscal year'sdeposits to the state park earnings fund for the purpose of:
(1) Paying the principal and interest of revenue bonds issued;
(2) Providing an interest and sinking fund;
(3) Providing a reasonable reserve fund;
(4) Providing a reasonable fund for depreciation; and
(5) Paying for feasibility reports necessary for the issuing ofrevenue bonds.
2. A good and sufficient bond conditioned upon the faithfulperformance of the contract and compliance with this law shall be requiredof all contractors.
3. Any person who contracts pursuant to this section with the stateshall keep true and accurate records of his or her receipts anddisbursements arising out of the performance of the contract and shallpermit the department of natural resources and the state auditor to auditsuch records.
4. All moneys remaining in the state park revolving fund on July 1,2000, shall be transferred to the state park earnings fund.
(L. 1953 p. 317 § 6, A.L. 1961 p. 231, A.L. 1967 p. 362, A.L. 1969 H.B. 191, A.L. 1982 S.B. 696, A.L. 1999 H.B. 791)Effective 7-1-00