A. There is hereby created a trust fund to be known as the "Oklahoma State Park Trust Fund". The Oklahoma Tourism and Recreation Commission shall be the trustees of the Trust Fund.

B. 1. The Commission may utilize five percent (5%) of the principal of the Trust Fund annually to:

a.protect and conserve state park lands, but shall not include routine maintenance expenses of the state parks,

b.preserve historic properties under the jurisdiction of the Commission,

c.provide for one-time capital upgrades and improvements of state park resources, and

d.pay fees and expenses associated with the services of a custodian of the Trust Fund.

2. Beginning July 1, 2012, and ending June 30, 2020, the Commission may utilize funds not to exceed Fifteen Million Dollars ($15,000,000.00) from the principal of the Trust Fund to construct and maintain a lodge and any associated facilities deemed necessary by the Commission at the Lake Murray State Park.

C. The Commission shall give priority for funding to the state park from which the revenues were initially derived.

D. The Trust Fund principal shall consist of monies from any and all mineral lease payments, seismograph fees, royalty payments, or other payments associated with oil and gas mineral operations at state parks that are managed by the Oklahoma Tourism and Recreation Department, any funds appropriated or transferred to the Trust Fund by the Legislature, and any monies or assets contributed to the Trust Fund from any other source, public or private.

E. Notwithstanding other provisions of law, income and investment return on Trust Fund principal shall accrue to the Trust Fund for use as provided by authorization of the trustees for the purposes listed in subsection B of this section. Except as provided for in subsection B of this section, no income or investment return or principal shall be used for administrative expenses of the Oklahoma Tourism and Recreation Department or expenses incurred by the Commission in the administration of the Trust Fund.

Added by Laws 2006, c. 67, § 2, emerg. eff. April 20, 2006. Amended by Laws 2007, c. 106, § 3, eff. July 1, 2007; Laws 2012, c. 178, § 1, eff. July 1, 2012.