[§168-3]  Funds.  The board ofagriculture shall pay all receipts and revenues received by it from theoperation of an irrigation and water utilization system into the irrigationsystem revolving fund established under section 167-22.  The fund shall be usedand expended for the following purposes:

(1)  Payment of the operating and maintenance costs ofthe system;

(2)  Repairs, replacements, additions, and extensions;

(3)  Reimbursement to the State the amount of anyprincipal or interest due upon any bond issue under this chapter. [L 1987, c306, pt of §2]