§219-4 Funds; application of payments. (a) There is established a special fund to be known as the aquaculture loan revolving fund from which moneys shall be loaned by the department of agriculture under this chapter. The department, by its board of agriculture, may transfer moneys from the aquaculture loan revolving fund to the agricultural loan revolving fund, from which moneys shall be disbursed by the department pursuant to chapter 155, and may transfer moneys from that revolving fund to the aquaculture loan revolving fund for disbursement pursuant to this chapter; 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 regular session of the legislature, the department shall report to the legislature all transfers that were made between the aquaculture loan revolving fund and the agricultural loan revolving fund during the preceding calendar year and the balance of each revolving fund as of December 31 of each year.

(b) All interests and fees collected by the department shall be deposited in a loan reserve fund to the extent needed to carry on the operations of this program; any moneys surplus to these needs shall be transferred to the aquaculture loan revolving fund at the discretion of the department. All payments received on account of principal shall be credited to the loan revolving fund. [L 1971, c 181, pt of §1; ree L 1977, c 212, 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, c 253, §4]