37-1156. Riparian trust fund; acquisition and management of riparian lands
A. The riparian trust fund is established consisting of monies received from the sale or use of sovereign streambed lands and resources under this chapter, damages collected from the United States pursuant to section 37-1131 and any other appropriations, gifts, grants or donations designated by the donor for that purpose. The state shall maintain the fund separate and apart from all other funds. On notice from the commissioner the state treasurer shall invest and divest monies in the riparian trust fund as provided by section 35-313, and monies earned from investment shall be credited to the riparian trust fund.
B. The state land commissioner shall use the income, other proceeds and not more than seventy-five per cent of any added principal of the fund in a fiscal year pursuant to this section:
1. To acquire, from willing sellers, land or interests in land located in riparian areas in this state for public purposes consistent with conservation of wildlife and recreation.
2. For such other expenditures as promote the purposes of the public trust.
C. The state land commissioner shall consult with and receive advice from the Arizona state parks board and the Arizona game and fish department regarding the acquisition and management of land and interests in land under this section.
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