(a) There is hereby created within the general fund a special account to be known as the “state parks hospitality maintenance and improvement fund.” The commissioner must deposit revenue generated by the revenue-generating facilities enumerated in § 11-3-305 into the fund in such a manner that the total amount of revenue deposited each fiscal year, at a minimum, is equal to two percent (2%) of the annual gross revenue generated by the facilities.
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Terms Used In Tennessee Code 11-3-306

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b)

(1) Any unencumbered funds and any unexpended balance of the state parks hospitality maintenance and improvement fund remaining at the end of a fiscal year shall not revert to the general fund, but instead must be carried forward until expended in accordance with this part.
(2) Interest accruing on investments and deposits of the state parks hospitality maintenance and improvement fund must be returned to that fund and remain a part of that fund.
(3) Moneys in the state parks hospitality maintenance and improvement fund must be invested by the state treasurer for the benefit of the state parks hospitality maintenance and improvement fund pursuant to § 9-4-603. The commissioner of environment and conservation shall administer the state parks hospitality maintenance and improvement fund.
(4) The state parks hospitality maintenance and improvement fund may provide for:

(A) Routine maintenance on the revenue-generating facilities enumerated in § 11-3-305;
(B) Major maintenance and renovation projects for the revenue-generating facilities enumerated in § 11-3-305;
(C) Capital improvements to the revenue-generating facilities enumerated in § 11-3-305; and
(D) Maintenance to or improvements of the accommodations of the revenue-generating facilities enumerated in § 11-3-305, including, but not limited to, acquiring, maintaining, repairing, or upgrading the furniture, fixtures, carpet, equipment, or decor.
(c) If net revenue generated by the revenue-generating facilities enumerated in § 11-3-305 exceeds the need for self-sufficiency of the revenue-generating facilities, then the net revenue does not revert to the general fund and may be applied to state parks in an appropriate manner as determined by the commissioner of environment and conservation.
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