Amends TCA Title 9 and Title 70.

ON MARCH 24, 2022, THE SENATE ADOPTED AMENDMENT #1 AND PASSED SENATE BILL 2118, AS AMENDED.<br /> <br /> AMENDMENT #1 rewrites this bill to transfer all of the assets held in the wildlife management endowment fund to a newly created lifetime sportsman endowment fund, which will be an irrevocable trust for the exclusive benefit of lifetime sportsman license holders.<br /> <br /> The trust will be administered by a three-member board of trustees consisting of the commissioner of finance and administration, the state treasurer, and the executive director of TWRA, or such officials' designees. The full text of this amendment specifies various powers and duties for the trustees to exercise with regard to the trust.<br /> <br /> In addition to the initial funding, the lifetime sportsman endowment fund trust will consist of the following assets deposited to or accrued in the fund:<br /> <br /> (1) The proceeds from the sale of lifetime sportsman licenses;<br /> <br /> (2) The proceeds from cash donations or donations of property converted or to be converted to cash;<br /> <br /> (3) Such other sources as may be deemed appropriate, including sources that may be specified by law; and<br /> <br /> (4) Income derived from fund investments.<br /> <br /> Present law requires that monies in the wildlife management endowment fund are invested "pursuant to law," including present law concerning investment of state funds in obligations guaranteed by the federal government. Under this amendment, the state treasurer, subject to investment policies adopted by the trustees, will be authorized to invest monies in the trust fund in any security or investment in which TCRS is permitted to invest. <br /> <br /> As is the case with the wildlife management endowment fund, the corpus of the trust fund must not be expended for any purpose. <br /> <br /> Under present law, income from the investments of the wildlife management endowment fund may be expended for "furthering the management, protection, propagation, and conservation of wildlife to assure perpetual protection and preservation for future generations of the heritage of hunting and fishing in this state and the efficient operation of the wildlife resources agency in accomplishing these objectives." This amendment requires the income from the investments of the trust fund to be spent "only for the exclusive benefit of lifetime sportsman license holders and to pay the reasonable expenses incurred in administering and investing the trust assets."<br /> <br /> This amendment specifies that assets, income, and distributions of the trust fund must be protected against the claims of creditors of the state, plan administrators, and plan participants, and are not subject to execution, attachment, garnishment, the operation of bankruptcy, the insolvency laws or other process whatsoever, and that any assignment thereof is not enforceable in any court.<br />