Page:United States Statutes at Large Volume 106 Part 6.djvu/143

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PUBLIC LAW 102-575 —OCT. 30, 1992 106 STAT. 4701 natural ecosystems in accordance with its corporate purpose; and (2) the Trust is managed in a fiscally responsible fashion Securities. by investing in private and public financial vehicles with the goal of producing income and preserving principal. The principal will be inviolate, but income will be used to accomplish the goals of the trust. (3) Proceeds from the Trust are used for the following purposes: (A) $10,000 per year or 5 percent of the total funds expended by the Trust (whichever is larger) will be provided to the South Dakota Natural Heritage Program (currently as part of the South Dakota Game, Fish, and Parks Departments), in order to do the foUovdng: (i) maintain and update the South Deikota Biodiversity Priority Site List; (ii) conduct inventory to discover and survey new sites for the Priority Site List; and (iii) manage data to maintain the Natural Heritage Databases needed to produce and document the Priority Site List. (B) Up to 5 percent of the costs of each project are used for preserve design or site planning to ensure that sites are selected for funding which are well-designed to maintain the long-term viability of the significant species and communities found at the site. (C) Proceeds from the Trust may be used to complete land protection projects designed to protect biological diversity. (D) Projects may include acquisition of land, water rights or other partial interests from willing sellers only, or arranging management agreements, registry and other techniques to protect significant sites. (E) Ownership of land acquired with Trust proceeds will be held by the public agency or private non-profit organization which proposed and completed the project, or another conservation owner with the approval of the Board. The land will be managed and used for the protection of biological diversity. If the property is used or managed otherwise, title will revert to the Trust for disposition. (F) Projects eligible for funding must be included on the South Dakota Biodiversity Priority List and located within the borders of South Dsikota. (G) At the discretion of the Board, Trust proceeds may be used for direct project costs including direct expenses incurred during project completion. Lana project funding may also include the creation of a stewardship endowment subject to the following terms: (i) Up to 25 percent of the total fair market value of the project may be placed in a separate endowment. (ii) The proceeds from the endowment will be used for the ongoing management costs of maintaining the biological integrity and viability of the significant biolo^cal features of the site. (lii) Endowment funds may not be used for activities which primarily promote recreational or economic useof the site.