There is created the Heritage Land Trust Fund, which must be kept separate from other funds of the State. The fund must be administered by the board of the department for the purpose of acquiring fee simple or lesser interest in priority areas, legal fees, appraisals, surveys, or other costs involved in the acquisition of interest in priority areas, and for the development of minimal facilities and management necessary for the protection of the essential character of priority areas.

Unexpended balances, including interest derived from the fund, must be carried forward each year and used only for the purposes provided in this chapter.

No fund money may be expended to acquire interest in property by eminent domain nor may the funds be expended to acquire interest in property without a recommendation of the Heritage Trust Advisory Board and the approval of the State Fiscal Accountability Authority or Department of Administration, as applicable.

The board of the department shall report by letter to the presiding officers of the General Assembly not later than January fifteenth each year all funds expended pursuant to this chapter for the previous year, including the amount of funds expended and the uses to which the expenditures were applied.

The fund is eligible to receive appropriations of state general funds, federal funds, donations, gifts, bond issue receipts, securities, and other monetary instruments of value. Reimbursement for monies expended from this fund must be deposited in this fund. Funds received through sale, exchange, or otherwise of any Heritage Preserve acquired under this section, or products of the Preserve such as timber, utility easement rights, and the like, accrue to the fund.