CANYON FERRY-BROADWATER COUNTY TRUST.

SEC. 1008. CANYON FERRY-BROADWATER COUNTY TRUST. (a) Establishment.—The Commissioners shall establish a non-profit charitable permanent perpetual public trust to be known as the “Canyon Ferry-Broadwater County Trust” (referred to in this section as the “Trust”). (b) Priority of Trust Establishment.— (1) Condition to sale.—No sale of property under section 4 shall be made until at least $3,000,000, or a lesser amount as offset by in-kind contributions made before full funding of the trust, is deposited as the initial corpus of the Trust. (2) In-kind contributions.— (A) In general.—In-kind contributions— (i) shall be approved in advance by the Commissioners; (ii) shall be made in Broadwater County; (iii) shall be related to the improvement of access to the portions of the Reservoir lying within Broadwater County or to the creation and improvement of new and existing recreational areas within Broadwater County; and (iv) shall not include any contribution made by Broadwater County. (B) Approval.—Approval by the Commissioners of an in-kind contribution under subparagraph (A) shall include approval of the value, nature, and type of the contribution and of the entity that makes the contribution. (3) Interest.—Notwithstanding any other provision of this Act, all interest earned on the principal of the Trust shall 112 STAT. 2681–718be reinvested and considered part of its corpus until the condition stated in paragraph (1) is met. (c) Trust Management.— (1) Trust manager.—The Trust shall be managed by a nonprofit foundation or other independent trustee to be selected by the Commissioners. (2) Use.—The Trust manager shall invest the corpus of the Trust and disburse funds as follows: (A) Principal.—A sum not to exceed $500,000 may be expended from the corpus to pay for the planning and construction of a harbor at the Silo’s recreation area. (B) Interest.—The balance of the Trust shall be held and the income shall be expended annually for the improvement of access to the portions of the Reservoir lying within Broadwater County, Montana, and for the creation and improvement of new and existing recreational areas within Broadwater County. (3) Disbursement.—The Trust manager— (A) shall approve or reject any request for disbursement; and (B) shall not make any expenditure except on the recommendation of the advisory committee established under subsection (d). (d) Advisory Committee.— (1) Establishment.—The Commissioners shall appoint an advisory committee consisting of not fewer than 3 nor more than 5 persons. (2) Duties.—The advisory committee shall meet on a regular basis to establish priorities and make requests for the disbursement of funds to the Trust manager. (3) Approval by the commissioners.—The advisory committee shall recommend only such expenditures as are approved by the Commissioners. (e) No Offset.—Neither the corpus nor the income of the Trust shall be used to reduce or replace the regular operating expenses of the Secretary at the Reservoir, unless approved by the Commissioners.