§155-14 Funds; application of payments. (a) There is created a special fund to be known as the agricultural loan revolving fund, from which moneys shall be loaned by the department of agriculture under this chapter. The department, by its board of agriculture, may transfer moneys from the agricultural loan revolving fund to the aquaculture loan revolving fund, from which moneys shall be disbursed by the department pursuant to chapter 219, and may transfer moneys from that revolving fund to the agricultural loan revolving fund for disbursement pursuant to this chapter; provided that:
(1) The amount of moneys transferred shall not exceed $1,000,000 for each revolving fund within the calendar year; and
(2) Twenty days prior to the convening of each regular session of the legislature, the department shall report to the legislature all transfers that were made between the agricultural loan revolving fund and the aquaculture loan revolving fund during the preceding calendar year and the balance of each revolving fund as of December 31 of each year.
(b) All interest and fees collected by the department shall be deposited in the agricultural loan reserve fund to the extent needed to carry on the operations of the department including payments for consultative services that would strengthen the agriculture loan program; any moneys surplus to these needs shall be transferred to the agricultural loan revolving fund at the discretion of the department. All payments received on account of principal shall be credited to the agricultural loan revolving fund.
(c) A proper reserve shall be maintained in the agricultural loan revolving fund to guarantee payment of loans under section 155-5.
(d) All funds of the department shall be paid out on warrants signed by the chairperson of the board of agriculture. [L 1959, c 278, pt of §1; am L Sp 1959 2d, c 1, §25; am L 1961, c 132, §2; am L 1963, c 206, §2; Supp, §102-14; HRS §155-14; am L 1979, c 222, §8; am L 1987, c 110, §1; am L 1989, c 347, §2; am L 1992, c 69, §2; gen ch 1993; am L 1995, c 11, §2; am L 1996, c 253, §3; am L 1997, c 2, §3]
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