New Jersey § 13:17-92

§ 13:17-92.

a. There is established in the Meadowlands Conservation Trust a trust fund, to be

known as the “Meadowlands Conservation Trust Fund,” and the moneys therein are to

be held in those depositories as the State Treasurer may select. The State Treasurer shall deposit into the trust fund all moneys: (1) received

as a grant or other form of aid by the trust or by the State and designated for the

trust; (2) given, donated, bequeathed, or endowed to the trust from public or private

sources; (3) received as rent or as a royalty by the trust or by the State on behalf

of the trust; (4) received as net revenues from the Division of Motor Vehicles in

the Department of Transportation in connection with the issuance of Meadowlands conservation

license plates as provided pursuant to sections 9 through 14 of P.L.1999, c. 31 ( C.39:3-27.100 C.39:3-27.105 ); and (5) appropriated or otherwise made available to the trust by the State. The moneys in the trust fund are specifically dedicated and shall be utilized only

for the purposes of the trust as set forth in this act. Such grants, contributions, donations, and reimbursements from federal aid programs

as may be lawfully used for the purposes of the trust as set forth in this act shall

also be held in the trust fund. Moneys in the trust fund shall not be expended except in accordance with appropriations

from the trust fund made by law. Any act appropriating moneys from the trust fund to acquire land shall identify

the particular project or projects to be funded by the moneys, and any expenditure

for a land acquisition project for which the location is not identified by municipality

and county in the appropriation shall require the approval of the Joint Budget Oversight

Committee or its successor. Pending their application to the purposes set forth in this act, the moneys in

the trust fund shall be invested and reinvested as are trust funds in the custody

of the State Treasurer, in the manner provided by law. Net earnings received from the investment or deposit of moneys in the trust fund

shall be redeposited therein and become part of the trust fund to be used only for

the purposes of the trust. b. (1) No moneys in the Meadowlands Conservation Trust Fund shall be utilized for

the development of any land for any purpose or for the acquisition of land that will

not remain in a natural or largely natural or undeveloped state, except that up to

5% of the moneys annually received and deposited into the trust fund may be utilized

to pay for development of sites to allow for public access and environmental education

and interpretation and for the development of trails, and up to 2% of the moneys annually

received and deposited into the trust fund may be utilized to pay for promotional

and program awareness efforts. (2) No moneys in the trust fund shall be utilized to pay or discharge the principal

of or interest on any indebtedness incurred for any purpose by the trust or any other

governmental entity. c. Notwithstanding any law, rule, or regulation to the contrary, any proceeds returned

to the trust or the State from the conveyance of lands acquired by the trust with

moneys from the “Meadowlands Conservation Trust Fund” or from other sources shall

be redeposited therein and become part of the trust fund to be used only for the purposes

of the trust.