Hint: To avoid truncation when printing, be sure your software is set to print in Landscape Orientation. Adjust font size as needed.

Indicates Matter Stricken
Indicates New Matter

PART II                                                                            PAGE 564

 1                       SECTION 43
 2
 3     TO AMEND SECTION 50-3-180 OF THE 1976 CODE, RELATING TO THE MITIGATION TRUST FUND OF SOUTH
 4     CAROLINA, SO AS TO PROVIDE THAT FUNDS RECOVERED FOR LOSSES OR DAMAGES TO NATURAL RESOURCES
 5     MUST BE DEPOSITED IN THE FUND AND USED FIRST FOR RESTORATION IN THE AFFECTED AREAS AND THEN
 6     GENERALLY FOR SUCH RESTORATION.
 7
 8     A.  Section 50-3-180 of the 1976 Code, as added by Act 458 of 1996, is amended to read:
 9
10           "(A)      The grants, contributions, and other proceeds for mitigation projects in the State. The Board of Trustees for the Mitigation Trust
11     Fund is the chairman and the members of the South Carolina Department of Natural Resources Board with full authority over the administration
12     of the funds deposited in the fund. The State Treasurer is the custodian of the fund and shall invest its assets in an interest-bearing account
13     pursuant to South Carolina law.
14            (B) The Mitigation Trust Fund may receive appropriations of state general funds, federal funds, donations, gifts, bond issue receipts,
15     securities, and other monetary instruments of value. Reimbursement for monies expended from this fund must be deposited in this fund. Funds
16     received through sale, exchange, or otherwise, of products of the property including, but not limited to, timber and utility easement rights, accrue
17     to the Mitigation Trust Fund.  Funds recovered for losses or damages to natural resources must be deposited to the Mitigation Trust Fund to
18     be used first for restoration in the areas affected and then as provided in subsection (C) of this section.
19           (C) The income received and accruing from the fund must be spent only for the acquisition, restoration, enhancement, or management of
20     property for mitigation for adverse impacts to natural resources.
21           (D) The proceeds from this fund may be carried forward from year to year and do not revert to the general fund of the State."
22
23     B.   This section takes effect July 1, 1998.
24