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

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

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

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

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

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

(1)  Planning, design, improvement, construction, landacquisition, and equipment necessary for the development, operation, ormaintenance of an irrigation project;

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

(3)  Reimbursement of the general fund for debtservice on general obligation bonds issued to finance irrigation projects wherethe bonds are designated to be reimbursable out of the irrigation waterdevelopment special fund; and

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