(A) There is hereby created in the state treasury the geological mapping fund, to be administered by the chief of the division of geological survey. Except as provided in division (C) of this section, the fund shall be used for any of the following purposes:

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(1) Performing the necessary field, laboratory, and administrative tasks to map and make public reports on the geology, geologic hazards, and energy and mineral resources of the state;

(2) The administration of the oil and gas land management commission created in section 155.31 of the Revised Code;

(3) To award grants to geology departments at state colleges and universities for undergraduate or graduate level research conducted at locations of geological interest in the state. The chief shall award grants at least annually, but at the chief’s discretion, may award grants more frequently;

(4) To provide materials such as rock and mineral kits to state elementary and secondary schools to assist students in the study of geology.

(B) The sources of money for the fund shall include all of the following:

(1) The mineral severance tax as specified in section 5749.02 of the Revised Code;

(2) Transfers made to the fund in accordance with section 6111.046 of the Revised Code;

(3) The fees collected under rules adopted under section 1505.05 of the Revised Code.

The chief may seek federal or other money in addition to the mineral severance tax and fees to carry out the purposes of this section. If the chief receives federal money for the purposes of this section, the chief shall deposit that money into the state treasury to the credit of a fund created by the controlling board to carry out those purposes.

Other money received by the chief for the purposes of this section in addition to the mineral severance tax, fees, and federal money shall be credited to the geological mapping fund.

(C) Any money transferred to the geological mapping fund in accordance with section 6111.046 of the Revised Code shall be used by the chiefs of the divisions of mineral resources management, oil and gas resources management, geological survey, and water resources in the department of natural resources for the purpose of executing their duties under sections 6111.043 to 6111.047 of the Revised Code.