81-1-111. Livestock loss reduction and mitigation trust fund.
81-1-111. Livestock loss reduction and mitigation trust fund. (1) The legislature shall provide for a fund, to be known as the livestock loss reduction and mitigation trust fund, to be funded with gifts, grants, reimbursements, appropriations, or allocations from any source.
(2) The principal of the livestock loss reduction and mitigation trust fund shall forever remain inviolate in an amount of $5 million unless appropriated by a vote of three-fourths of the members of each house of the legislature.
(3) The interest and income generated from the livestock loss reduction and mitigation trust fund must be deposited in the livestock loss reduction and mitigation state special revenue account provided for in 81-1-110. The interest and income may be appropriated by a majority vote of each house of the legislature and may be used only to fund the livestock loss reduction program and the livestock loss mitigation program as provided in 2-15-3111 and 2-15-3112.
(4) (a) Until the principal of the fund reaches $5 million, at the end of each biennium, any amount of interest and income from the trust fund that is not used for the livestock loss reduction program or the livestock loss mitigation program must be used to reimburse the state general fund up to $120,000. Any remaining interest and income must be deposited in the trust fund as principal.
(b) After the principal of the trust fund reaches $5 million, at the end of each biennium, any amount of interest and income that is not used for the livestock loss reduction program or the livestock loss mitigation program must be deposited in the general fund.
History: En. Sec. 6, Ch. 261, L. 2007.