(1) The commission is hereby authorized to establish a fund to be known as the Wildlife Endowment Fund to be deposited in an approved state depository and expended by appropriation approved by the Legislature as provided by law. The department shall deposit all proceeds from the sale of lifetime licenses into such fund. The interest obtained from any investment or deposit of monies in such fund shall be deposited by the commission into such fund. The commission shall invest the assets of the fund as provided by law.
(2) The assets of the Wildlife Endowment Fund shall be derived from the proceeds of the sale of lifetime licenses authorized under Sections 49-7-151 through 49-7-155. The following limitations are placed on expenditures from the fund:
(a) No expenditure shall be made from the principal of the Wildlife Endowment Fund;
(b) The income earned and accruing from the investment of the Wildlife Endowment Fund shall be spent only in furthering the conservation of wildlife resources and the operations of the department in accomplishing the purposes of the department.
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