Section 216:11 Administration.
I. The road maintenance endowment established by RSA 216:10 shall be maintained in perpetuity and shall be utilized only for the purposes of maintaining the road system acquired through the Connecticut Lakes headwaters tract purchase.
II. The principal of the endowment shall be managed by the state treasurer for the sole purpose of providing interest earnings for the purposes set forth in this subdivision and expenditures from the endowment for these purposes shall be limited to the interest earned thereon.
III. Any interest earned on the endowment principal which is not used for the purposes set forth in this subdivision within the fiscal year in which it is earned shall be nonlapsing. The state treasurer is authorized to accept gifts, donations, and grants, including federal gifts, donations, and grants, for the purposes set forth in this chapter, and such gifts, donations, and grants shall be added to the principal amount.
IV. The executive director of the fish and game department and the commissioner of the department of resources and economic development shall, pursuant to the road maintenance endowment established under RSA 216:10, I, jointly prepare an annual report to be presented no later than December 1 of each year to the speaker of the house, the president of the senate, the governor, the house clerk, the senate clerk, and the state library. The report shall include a listing of all roads subject to the maintenance provisions of RSA 216:10 and a complete financial accounting of the funds in the monitoring endowment including expenditures for the most recent full fiscal year. The report shall also summarize maintenance activities for the road system, as conducted in the most recent full fiscal year.
Source. 2002, 148:6, eff. May 14, 2002.