All habitat compensation required from applicants under section 15-396 shall be deposited in a fund to be known as the conservation trust fund. The fund
shall be used only for the purchase, improvement, creation, restoration and replacement
of natural habitat within the county. Such funds are not required to be expended for
the replacement of the identical habitat type for the loss of which compensation was
required consistent with this division. Such funds may be commingled with other funds
of the county, or state or federal funds solely for expenditure for the purposes required
under this section. All funds collected shall be expended within five (5) years for
the purposes required under this section consistent with a five-year capital improvements
program. The trust fund may be pledged to secure the issuance of bonds in anticipation
of habitat compensation, or combined with other revenue sources to secure such bonds,
provided the net proceeds of such bonds are expended for the purpose required herein.
