§155-14  Funds; application of payments. (a)  There is created a special fund to be known as the agricultural loanrevolving fund, from which moneys shall be loaned by the department ofagriculture under this chapter.  The department, by its board of agriculture,may transfer moneys from the agricultural loan revolving fund to theaquaculture loan revolving fund, from which moneys shall be disbursed by thedepartment pursuant to chapter 219, and may transfer moneys from that revolvingfund to the agricultural loan revolving fund for disbursement pursuant to thischapter; 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 regularsession of the legislature, the department shall report to the legislature alltransfers that were made between the agricultural loan revolving fund and theaquaculture loan revolving fund during the preceding calendar year and thebalance of each revolving fund as of December 31 of each year.

(b)  All interest and fees collected by thedepartment shall be deposited in the agricultural loan reserve fund to theextent needed to carry on the operations of the department including paymentsfor consultative services that would strengthen the agriculture loan program;any moneys surplus to these needs shall be transferred to the agricultural loanrevolving fund at the discretion of the department.  All payments received onaccount of principal shall be credited to the agricultural loan revolving fund.

(c)  A proper reserve shall be maintained inthe agricultural loan revolving fund to guarantee payment of loans undersection 155-5.

(d)  All funds of the department shall be paidout 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, c206, §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]