Page:United States Statutes at Large Volume 106 Part 6.djvu/146

 106 STAT. 4704 PUBLIC LAW 102-575 —OCT. 30, 1992 appointed by the Governor of the State of South Dakota; and (7) the wetland trust is empowered to accept non-Federal donations, gifts, and grants. (c) OPERATION OF WETLAND TRUST.—The wetland trust shall be considered to be operated in accordance with this subsection if— (1) the wetland trust is operated to preserve, enhance, restore, and manage wetlands and associated wildlife habitat in the State of South Dakota; (2) under the corporate charter of the Foundation, the Board of Directors, acting on behalf of the Foundation, is empowered to— (A) acquire lands and interests in land and power to acquire water rights (but only with the consent of the owner); (B) acquire water rights; and (C) finance wetland preservation, enhancement, and restoration programs; (3)(A) all funds provided to the wetland trust under subsection (a) are to be invested in accordance with subsection (d); (B) no part of the principal amount (including capital gains thereon) of such funds are to be expended for any purpose; (C) the income received from the investment of such funds is to be used only for purposes and operations in accordance with this subsection or, to the extent not required for current operations, reinvested in accordance with subsection (d); (D) income earned by the wetland trust (including income from investments made with funds other than those provided to the wetland trust under subsection (a)) is used to— (i) enter into joint ventures, through the Division of Wildlife of the South Dakota Department of Game, Fish and Parks, with public and private entities or with private landowners to acquire easements or leases or to purchase wetland and adjoining upland; or (ii) pay for operation and maintenance of the wetland component; (E) when it is necessary to acquire land other than wetland and adjoining upland in connection with an acquisition of wetland and adjoining upland, wetland trust funds (including funds other than those provided to the wetland trust under subsection (a) and income from investments made with such fluids) are to be used only for acquisition of the portions of land that contain wetland and adjoining upland that is beneficial to the wetland; (F) all land purchased in fee simple with wetland trust funds shall be dedicated to wetland preservation and use; and (G)(i) proceeds of the sale of land or any part thereof that was purchased with wetland trust funds are to be remitted to the wetland trust; (ii) management, operation, development, and maintenance of lands on which leases or easements are acquired; ' (iii) payment of annual lease fees, one-time easement costs, and taxes on land areas containing wetlands purchased in fee simple;

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