Moneys in the Georgia Greenspace Trust Fund other than moneys appropriated to the fund by the General Assembly shall be made available to all cities and counties in the state for discretionary grants for preservation of greenspace. The commission is authorized and directed to accept and review applications for such grants, under terms, conditions, and procedures to be established by regulation of the Department of Natural Resources and is authorized to make such grants in such amounts as it deems appropriate from time to time. Any such grant shall be deposited into a Community Greenspace Trust Fund which shall be established by a city or county as a condition of receipt of such grant unless otherwise previously established, and such trust fund and such grant shall be administered in a manner consistent with purposes of this chapter and any regulations promulgated by the Department of Natural Resources applicable to such trust funds and grants, together with the terms and conditions of any such grant.