(a) There is established the Georgia Greenspace Trust Fund to consist of any moneys appropriated to such fund, voluntary contributions to such fund, any federal moneys deposited in such fund, and other moneys acquired for the use of such fund by any fund raising or other promotional techniques deemed appropriate by the Department of Natural Resources, and all interest thereon. All balances in the fund shall be deposited in an interest-bearing account and shall be carried forward each year so that no part thereof may be deposited in the general treasury. The Department of Natural Resources shall administer the fund, shall expend moneys held in the fund in furtherance of the purposes of and pursuant to the provisions of this chapter, and shall prepare, by February 1 of each year, an accounting of the funds received and expended from the fund. The report shall be made available to the commission, to the members of the General Assembly, and to members of the public on request.

(b) Within the Georgia Greenspace Trust Fund, moneys obtained by appropriation by the General Assembly, and interest thereon, shall be segregated from all other moneys. Such appropriated funds shall be made available in each fiscal year for grants to counties having an approved greenspace program as follows:

(1) The total amount of such funds shall be divided into grant amounts derived by:

(A) Determining the amount of state funds obtained in the immediately prior fiscal year by the application of the state property tax levy on residential property in each county eligible to submit a greenspace program under Code Section 36-22-10;

(B) Dividing that number by the amount of state funds obtained in the immediately prior fiscal year by the application of the state property tax levy on residential property in all counties eligible to submit a greenspace program under Code Section 36-22-10, such that a percentage of the aggregate number is obtained applicable to each such county; and

(C) Applying the applicable percentage for each eligible county to the sum of appropriated moneys, such that a discrete amount is identified for each eligible county;

(2) Upon approval of a greenspace program in an eligible county pursuant to the terms and conditions of this chapter, there shall be disbursed from the appropriated funds a grant in the amount resulting from the calculation in paragraph (1) of this subsection, to be deposited into the county's Community Greenspace Trust Fund; and

(3) Prior to the conclusion of each fiscal year, at a time to be determined by regulation of the Department of Natural Resources, any appropriated funds not previously disbursed pursuant to this subsection shall be divided among the counties having an approved greenspace program in proportion to the ratio of each county's grant under paragraph (2) of this subsection to the total amount of grants in the fiscal year under said paragraph (2) and granted to such counties in such amounts for deposit into the counties' Community Greenspace Trust Funds. The regulations implementing this paragraph shall provide for a date certain, as close as reasonably practicable to the end of the state's fiscal year, on and after which no further approval of greenspace programs applicable to that fiscal year will be granted. Any program approval on or after such date shall be deemed applicable to any funds appropriated for the next fiscal year.

(c) Any municipality electing to cooperate in a county's greenspace program pursuant to the provisions of Code Section 36-22-6 shall establish a Community Greenspace Trust Fund subject to the same terms and conditions applicable to a county's Community Greenspace Trust Fund.

(d) Moneys deposited into a Community Greenspace Trust Fund by grant from the Georgia Greenspace Trust Fund and any matching funds deposited into such a fund pursuant to subsection (e) of this Code section, together with interest thereon, shall be expended solely to defray the costs of acquisition of greenspace as defined in this chapter, or of conservation, scenic, and other easements which contribute to the goals set out for greenspace in Code Section 36-22-2.

(e) The Department of Natural Resources is authorized to match, from funds appropriated to or otherwise available to the department, all or any part of an expenditure of moneys from a city or county's Community Greenspace Trust Fund which expenditure is made for the purpose of acquiring property adjacent to or within the watershed of the Chattahoochee River, the Flint River, the Altamaha River, or any other river which the department designates by regulation as eligible for a match pursuant to this subsection. The department may, by agreement with such city or county, accept and administer property acquired by a city or county pursuant to this chapter as a unit of the state parks system, or may make such other agreements for the ownership and operation of the property as are outlined by Code Sections 12-3-32 and 27-1-6.