69-27-343 - Revolving fund.
§ 69-27-343. Revolving fund.
There is created in the State Treasury a revolving fund which shall be comprised of any monies appropriated thereto by the Legislature, the proceeds from any bonds issued under Sections 69-27-345 through 69-27-365, and payments made by districts to the commission for amortization purposes. The costs of all machinery and equipment acquired by the commission for soil and water conservation districts under Sections 69-27-331 through 69-27-341 shall be paid from the revolving fund. The monies in the revolving fund shall not be used for any purpose other than to make available to soil and water conservation districts the machinery and equipment of the type referred to in Section 69-27-331 or to make principal and interest payments on the bond issue as required by Section 69-27-347. The monies in the revolving fund shall not lapse to the General Fund at the end of the fiscal year.
Sources: Laws, 1990, ch. 499, § 7, eff from and after July 1, 1990.