§ 2807. Lands and Facilities Trust Fund
(a) Legislative purpose. The General Assembly finds and determines:
(1) The public lands, facilities, and recreational assets of Vermont represent both a
priceless inheritance from the past and an enduring legacy for future generations.
(2) The lands, facilities, and recreational assets owned or managed by the Department
of Forests, Parks and Recreation are held as public assets for the citizens of Vermont,
and require proper management to ensure that these natural resources and facilities
remain viable and available for this and all future generations.
(b) Definitions. As used in this section:
(1) “Commissioner” means the Commissioner of Forests, Parks and Recreation or the Commissioner’s
designee.
(2) “Eligible activity” means any activity undertaken, initiated, or supported by the
Department of Forests, Parks and Recreation that provides for the management of State
lands, facilities, and recreational assets. “Eligible activity” includes: repair and
maintenance of State parks; contract surveys and mapping; maintenance of State lands,
including boundaries, roads, trails, and facilities; contract inventories of State
land natural resources; repair of State-owned dams; repair, replacement, and maintenance
of conservation camps; and timber management in accordance with U.S.D.A. silvicultural
guidelines. “Eligible activity” does not include the acquisition of land.
(3) “Fund” means the Lands and Facilities Trust Fund.
(c) Creation and use of Fund.
(1) There is established in the State Treasury an income-producing fund to be known as
the Lands and Facilities Trust Fund, to be managed by the State Treasurer, and from
which expenditures shall be made by the Commissioner in accordance with appropriations
by the General Assembly for the benefit of lands, facilities, and recreational assets
owned or managed by the Agency. Payments from the Fund may be made to meet costs for
eligible activities that are not covered in operating budgets for management of Agency
lands, facilities, and recreational assets.
(2) The Fund shall be administered as part of the trust investment account established
in 32 V.S.A. § 434. After the first three years of the Fund’s existence, on July 1 of each year, the
Treasurer shall distribute from the Fund five percent of the moving average of the
market value of the Fund over the prior 12 quarters with the approval of the House
and Senate. Notwithstanding the foregoing, during the first three years of the Fund’s
existence, expenditures for immediate needs, not to exceed five percent of the principal,
may be authorized by the Commissioner, provided that such expenditures are consistent
with the priorities established by the Commissioner, pursuant to this section, and
shall be subject to the approval of the General Assembly.
(3) Annual expenditures from the Fund shall be limited to projects approved by the Commissioner
and shall be in accordance with appropriations of the General Assembly. Project priorities
shall be determined in accordance with criteria established by the Commissioner and
shall include consideration of at least the following: cost; availability of funds;
condition of the resource, facility, or infrastructure; level of use; level of public
need; the stated intent of the donor, when donated property is involved; and the ability
to protect or enhance a public investment or public resource.
(4) There shall be deposited in the Fund monies received by the Agency that are related
to management of Agency lands, facilities, and recreational assets and that are received
from a variety of public and private sources pertinent to the purposes of the Fund,
including donations; grants; special use permits; federal funds specifically designated
for uses compatible with the intent of the fund; timber sale receipts received after
June 30, 2001 from State forestland and all Agency lands otherwise not restricted;
and such sums as may be appropriated to the Fund by the General Assembly. The Agency
may solicit and accept aid or contributions consistent with the stated intent of the
donor and deposited with the State Treasurer. Income earned by the Fund shall be deposited
into the Fund, and all balances in the Fund at the end of any fiscal year shall be
carried forward and remain part of the Fund.
(d) [Repealed.] (Added 2001, No. 61, § 53, eff. June 16, 2001; amended 2013, No. 142 (Adj. Sess.), § 82.)