(a) All revenues deposited to the trust fund pursuant to § 11-14-305, other than investment income, shall constitute the corpus of the trust fund. The corpus of the trust fund shall not be expended for any purpose.

(b)

(1) The balance of the yearly interest and earnings of the trust fund shall be separately accounted for but may be appropriated for any of the following public purposes:

(A) The acquisition of lands, waters, or interests in lands and waters;

(B) Development of outdoor recreation facilities to serve the general public;

(C) Other capital projects for the conservation of air, land and water resources;

(D) The acquisition or preservation of historic or archaeological properties which are significant to the cultural history of the state;

(E) Grants or other financial assistance to any county or municipal government for any of the above purposes; provided, that such county or municipal government provides an equal amount for any given project; or

(F) Reimbursement of greenbelt rollback taxes assessed against a county or municipal government as the result of acquisition of land for a park; provided, however, that if the land is not used as a park for ten (10) years or more, the county or municipality shall repay the amount of the reimbursement to the fund.

(2) Any unencumbered and unexpended balance of such interest and earnings remaining at the end of any fiscal year shall not revert to the general fund but shall be carried forward until expended. All grants or other financial assistance to county or municipal governments shall be subject to the approval of the commissioner of environment and conservation.

(c) The state treasurer may deduct reasonable service charges from the interest and earnings of the trust fund pursuant to procedures established by the state treasurer and the commissioner of finance and administration.