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Chapter 348

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  348.409.  Agricultural product utilization and business loan guarantee fund established. — 1.  There is hereby established in the state treasury the "Agricultural Product Utilization and Business Development Loan Guarantee Fund".  The fund shall consist of money appropriated to it by the general assembly, charges, gifts, grants, bequests from federal, private or other sources, and investment income on the fund.  Notwithstanding the provisions of section 33.080, no portion of the fund shall be transferred to the general revenue fund.

  2.  All moneys received by the authority for payments made on previously defaulted guaranteed loans shall be paid promptly into the state treasury and deposited in the fund.

  3.  The fund shall be administered by the authority.

  4.  Beginning with fiscal year 1997-98, the general assembly may appropriate moneys not to exceed two and one-half million dollars for the establishment and initial funding of the fund.

  5.  Moneys in the fund, both unobligated and obligated as a reserve, which in the judgment of the authority are not currently needed for payments of defaults of guaranteed loans, may be invested by the state treasurer, and any income therefrom shall be deposited to the credit of the fund.


(L. 1997 H.B. 557)

---- end of effective   28 Aug 1997 ----

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