AI-assisted research summary: This section creates the industrial hemp trust fund and sets rules for how the director and state treasurer must handle the money.
3-315 - Industrial hemp trust fund 3-315. Industrial hemp trust fund A. The industrial hemp trust fund is established for the exclusive purpose of implementing, continuing and supporting industrial hemp licensing. The trust fund consists of monies received from legislative appropriations, licensing fees and all other sources under this article. The monies collected constitute a separate and permanent fund for use by the director in administering and enforcing this article. B. The director shall administer the trust fund as trustee. The state treasurer shall accept, separately account for and hold in trust any monies deposited in the state treasury, which are considered to be trust monies as defined in section 35-310 and may not be commingled with any other monies in the state treasury except for investment purposes. On notice from the director, the state treasurer shall invest and divest any trust fund monies deposited in the state treasury as provided by sections 35-313 and 35-314.03, and monies earned from investment shall be credited to the trust fund. C. The director may accept and spend federal monies and private grants, gifts, contributions and devises to assist in carrying out the purposes of this article. D. The beneficiary of the trust is the industrial hemp program established pursuant to this article, including salaries, fees and office, administrative, bonding and travel expenses that are incurred as a result of the industrial hemp program. E. Any monies remaining unexpended in the trust fund on June 30 of each year shall be carried forward to the following year and do not revert to the state general fund.