[§167-22.5]  Irrigation water
development special fund.  (a)  There is established in the state treasury
the irrigation water development special fund, into which shall be deposited:



(1)  Appropriations by the legislature to the
irrigation water development special fund;



(2)  All receipts and revenues derived from irrigation
projects financed through the issuance of revenue bonds;



(3)  All or any portion of the receipts and revenues
collected under this chapter, as determined by the board, whether or not receipts
or revenues are derived from irrigation projects financed through the issuance
of revenue bonds; and



(4)  Interest earned or accrued on moneys in the
irrigation water development special fund.



(b)  Moneys in the irrigation water development
special fund shall be used by the board for the following purposes:



(1)  Planning, design, improvement, construction, land
acquisition, and equipment necessary for the development, operation, or
maintenance of an irrigation project;



(2)  Payment of debt service on revenue bonds issued
by the department for irrigation project purposes, and the establishment of
debt service and other revenues deemed necessary by the board;



(3)  Reimbursement of the general fund for debt
service on general obligation bonds issued to finance irrigation projects where
the bonds are designated to be reimbursable out of the irrigation water
development special fund; and



(4)  Any other purpose deemed necessary by the board
for the purpose of planning, designing, improving, constructing, developing,
operating, and maintaining irrigation projects. [L 1995, c 139, §1]