Except for natural resource damage assessment costs recovered by the state that are required by section 3734.28 of the Revised Code to be credited to the hazardous waste clean-up fund created in that section, all money collected by the state for natural resources damages under the “Comprehensive Environmental Response, Compensation, and Liability Act of 1980,” 94 Stat. 2767, 42 U.S.C. § 9601 et seq., as amended, the “Oil Pollution Act of 1990,” 104 Stat. 484, 33 U.S.C. § 2701 et seq., as amended, the Federal Water Pollution Control Act as defined in section 6111.01 of the Revised Code, or any other applicable federal or state law shall be paid into the state treasury to the credit of the natural resource damages fund, which is hereby created. The director of environmental protection shall use money in the fund only in accordance with the purposes of and the limitations on natural resources damages set forth in the “Comprehensive Environmental Response, Compensation, and Liability Act of 1980,” as amended, the “Oil Pollution Act of 1990,” as amended, the Federal Water Pollution Control Act, or another applicable federal or state law. All investment earnings of the fund shall be credited to the fund.

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The director of environmental protection may enter into contracts and grant agreements with federal, state, or local government agencies, nonprofit organizations, and colleges and universities for the purpose of carrying out the director’s responsibilities for which money may be expended from the fund.