1. Fund established. There is established the Public Access to Maine Waters Fund that is administered by the board. The Public Access to Maine Waters Fund consists of the proceeds from the sale of bonds authorized for the purposes set forth in subsection 3 and funds received as contributions from private and public sources for those purposes. The Public Access to Maine Waters Fund must be held separate and apart from all other money, funds and accounts, except that eligible investment earnings credited to the assets of the Public Access to Maine Waters Fund become part of the assets of the Land for Maine's Future Trust Fund. Any balance remaining in the Public Access to Maine Waters Fund at the end of a fiscal year must be carried forward for the next fiscal year. [PL 2023, c. 284, §4 (AMD).] 2. Grants; matching funds. The board may make grants to state agencies and cooperating entities for the purposes identified in subsection 3. For each grant made under this subsection, the board shall require the grant recipient to provide matching funds at least equal to the amount of the grant. Grants must be made according to rules adopted by the board. Rules adopted pursuant to this subsection are routine technical rules as defined in chapter 375, subchapter 2-A. [PL 2025, c. 471, Pt. A, §3 (AMD).] 3. Fund proceeds. The proceeds of the Public Access to Maine Waters Fund may be applied and expended to: A. Acquire property or interests in property abutting fresh or coastal waters when public access to those waters does not exist or when the board determines that existing points of public access are not sufficient; [PL 2021, c. 33, §2 (AMD).] B. Provide minor capital improvements on lands acquired by proceeds from the Public Access to Maine Waters Fund to provide public access or improve accessibility, as long as these improvements do not exceed 5% of the appraised value of the acquired property; and [PL 2021, c. 33, §2 (AMD).] C. When land or interest in land is acquired with proceeds from the Public Access to Maine Waters Fund, fund minor capital investments in the stewardship and management of that land. Stewardship and management investments under this paragraph must be held in a dedicated stewardship endowment and identified for use on the funded property. Stewardship and management investments may not exceed 5% of the appraised value of the acquired property. [PL 2021, c. 33, §2 (NEW).] [PL 2021, c. 33, §2 (AMD).]
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