(1) There is created within the General Fund a restricted account known as the "Sovereign Lands Management Account." (2) The Sovereign Lands Management Account shall consist of the following: (a) the revenues derived from sovereign lands, except for revenues deposited into the Great Salt Lake Account under Section 73-32-304; (b) that portion of the revenues derived from mineral leases on other lands managed by the division necessary to recover management costs; (c) revenues derived from the Great Salt Lake Preservation support special group license plate created in accordance with Title 41, Chapter 1a, Part 16, Sponsored Special Group License Plates; (d) fees deposited by the division; (e) amounts deposited into the account in accordance with Section 59-23-4; (f) amounts deposited into the account in accordance with Section 59-5-202; and (g) money received by the Department of Natural Resources or the division as a result of any judgment, settlement, or compromise of claims pertaining to ownership of sovereign lands in proximity to the Great Salt Lake. (3) (a) The expenditures of the division relating directly to the management of sovereign lands shall be funded by appropriation by the Legislature from the Sovereign Lands Management Account or other sources. (b) Money in the Sovereign Lands Management Account may be used only for the direct benefit of sovereign lands, including the management of sovereign lands. (c) In appropriating money from the Sovereign Lands Management Account, the Legislature shall prefer appropriations that benefit the sovereign land from which the money is derived unless compelling circumstances require that money be appropriated for sovereign land other than the sovereign land from which the money is derived. (d) The proceeds described in Subsection (2)(g) shall be spent in accordance with the terms of the judgment, settlement, or compromise entered into by the state. (4) (a) On or before June 30, 2026, the division shall use the amount deposited into the Sovereign Lands Management Account under Subsection (2)(e) for the Great Salt Lake as described in Section 65A-17-201 as directed by the Great Salt Lake Advisory Council created in Section 73-32-302. (b) On or after July 1, 2026, the division shall use the amount deposited into the Sovereign Lands Management Account under Subsection (2)(e) as follows: (i) the division shall expend $125,000 as directed by the Great Salt Lake Advisory Council created in Section 73-32-302 for the benefit of the Great Salt Lake; and (ii) the division shall expend the remainder of the amount deposited under Subsection (2)(e) to benefit the Great Salt Lake by: (A) leasing a water right for water to be deposited into the Great Salt Lake; or (B) funding a project that directly benefits or maintains the health of the Great Salt Lake brine shrimp population.
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