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| | | §10251. Lifetime License Fund; establishment; management |
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| | | 1.__Fund established.__The Lifetime License Fund, referred to | | in this section as the "fund," is established in the department | | to accept all revenue derived from the sale of lifetime hunting | | and fishing licenses under section 10851.__The Treasurer of State | | shall administer the fund and shall invest the fund, subject to | | the limitations of this section, for growth and income in a | | manner consistent with the Treasurer of State's fiduciary | | responsibilities.__Money in the fund may not be expended for any | | purpose except as provided in this section. |
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| | | 2.__Treasurer of State.__The Treasurer of State shall contract | | with investment firms as necessary to manage the fund; may agree | | to the payment of reasonable management fees to those firms, | | using money in the fund; and may direct those firms to purchase | | or sell investment opportunities as necessary to prudently manage | | the fund.__The Treasurer of State annually may reimburse the | | State for costs incurred to oversee the fund from earnings of the | | fund. |
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| | | 3.__Commissioner.__The commissioner may accept donations to | | the fund but may not use any principal or earnings of the fund | | except upon the approval of the Treasurer of State and for the | | purposes set forth in this section. |
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| | | 4.__Uses of fund.__Prior to July 1, 2010, the Treasurer of | | State continuously shall reinvest all earnings of the fund and | | may not authorize any payments from the fund or use any earnings | | of the fund, except those necessary to pay the costs of | | administering the fund.__On July 1, 2010, and on July 1st of each | | year thereafter, the Treasurer of State shall transfer to the | | department an amount equal to 5% of the fund principal.__ | | Additional interest earned by the fund, if any, must be | | reinvested.__All funds received from the department under section | | 10851 and this section are subject to allocation by the | | Legislature. |
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| | | 5.__Report.__The Treasurer of State shall report quarterly to | | the commissioner and to the joint standing committee of the | | Legislature having jurisdiction over inland fisheries and | | wildlife matters on the status of the fund, including the sources | | and amount of revenue deposited into the fund, interest earnings | | and payments from the fund. |
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| | | §10252.__Fish hatchery maintenance fund |
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