3-526.06. Iceberg lettuce trust fund
A. The iceberg lettuce trust fund is established for the exclusive purpose of implementing, continuing and supporting the agricultural program established by this article. Monies collected pursuant to section 3-526.04 shall be deposited in the trust fund.
B. The council shall administer the trust fund as trustee. The state treasurer shall accept, separately account for and hold in trust any monies deposited in the state treasury, which are considered to be trust monies as defined in section 35-310 and which shall not be commingled with any other monies in the state treasury except for investment purposes. On notice from the council, the state treasurer shall invest and divest any trust fund monies deposited in the state treasury as provided by sections 35-313 and 35-314.03, and monies earned from the investment shall be credited to the trust fund.
C. The beneficiary of the trust is the agricultural program established by this article. Monies in the trust fund shall be disbursed as approved by the council exclusively for the purposes prescribed in this article.
D. Surplus monies, including any unexpended and unencumbered balance at the end of the fiscal year, do not revert to the state general fund.
E. If the council is terminated, any monies in the trust fund shall be expended to meet existing legal obligations of the council. The council shall expend any remaining monies on any program consistent with this article.Section: Previous 3-523 3-526 3-526.01 3-526.02 3-526.03 3-526.04 3-526.05 3-526.06 3-526.07 3-526.08 3-527 3-527.01 3-527.02 3-527.03 3-527.04 Next
Last modified: October 13, 2016