1.  Fund established.  There is established the Conservation Land Management Fund that is administered by the board. The Conservation Land Management Fund consists of the proceeds from the sale of bonds authorized for the purposes set forth in subsection 3 and funds received as contributions from private and public sources for those purposes. The Conservation Land Management Fund must be held separate and apart from all other money, funds and accounts, except that eligible investment earnings credited to the assets of the Conservation Land Management Fund become part of the assets of the Land for Maine's Future Trust Fund. Any balance remaining in the Conservation Land Management Fund at the end of a fiscal year must be carried forward for the next fiscal year.  

2.  Grants; matching funds.  The board may make grants to state agencies and designated cooperating entities for the purposes identified in subsection 3. For each grant made under this subsection, the board shall require the grant recipient to provide matching funds at least equal to the amount of the grant. Grants must be made according to rules adopted by the board. Rules adopted pursuant to this subsection are routine technical rules as defined in chapter 375, subchapter 2‑A.  

3.  Fund proceeds.  The proceeds of the Conservation Land Management Fund may be applied and expended to: