New Hampshire § 162-C-8 - Section 162-C:8 Monitoring Endowment.

§ 162-C-8. Section 162-C:8 Monitoring Endowment.

I. The monitoring endowment established by the board of directors pursuant to former RSA 221-A:5, III shall be maintained in perpetuity and shall be utilized by the council only for the purposes of monitoring and enforcing the property rights of persons with ownership interests in property acquired through the former land conservation investment program. Additional contributions to the endowment pursuant to RSA 227-M:12, I shall be accounted for separately and shall be utilized only for the purposes of RSA 227-M:12, II. Additional gifts, donations, and grants to the endowment may be utilized for monitoring and enforcing other land conservation interests that may be acquired by the state of New Hampshire. II. The principal of the endowment shall be managed by the state treasurer for the sole purpose of providing a perpetual source of income, as defined by the state treasurer, for the purposes set forth in this subdivision and RSA 227-M:12. III. Any income earned on the endowment principal which is not used for the purposes set forth in this subdivision and RSA 227-M:12 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 council shall, pursuant to the monitoring endowment established under former RSA 221-A:5, III, and the provisions of RSA 162-C:8, I, 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 lands and interests in lands subject to the monitoring provisions of RSA 162-C:7, I 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 monitoring activities and findings for each property, as conducted in the most recent full fiscal year.