§219-4  Funds; application of payments. (a)  There is established a special fund to be known as the aquaculture 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 aquaculture loan revolving fund to theagricultural loan revolving fund, from which moneys shall be disbursed by thedepartment pursuant to chapter 155, and may transfer moneys from that revolvingfund to the aquaculture 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 aquaculture loan revolving fund and theagricultural loan revolving fund during the preceding calendar year and thebalance of each revolving fund as of December 31 of each year.

(b)  All interests and fees collected by thedepartment shall be deposited in a loan reserve fund to the extent needed tocarry on the operations of this program; any moneys surplus to these needsshall be transferred to the aquaculture loan revolving fund at the discretionof the department.  All payments received on account of principal shall becredited to the loan revolving fund. [L 1971, c 181, pt of §1; ree L 1977, c212, pt of §2; am L 1978, c 88, §1; am L 1979, c 137, §4; am L 1987, c 110, §2;am L 1989, c 347, §3; am L 1992, c 69, §3; am L 1995, c 11, §14; am L 1996, c253, §4]