(A) The trust fund must be funded by annual appropriations from general tax revenues. The appropriated monies must be credited to the trust fund account and maintained separately from the general fund and other funds.

The monies credited to the account may be retained and carried forward, along with all interest earned.

(B) The trust fund must be administered by the Office of Ocean and Coastal Resource Management of the Department of Health and Environmental Control pursuant to this chapter and its regulations governing application, review, ranking, and approval procedures for grants.