This section creates the farm and ranch finance program fund and lets the board manage, receive, deposit, maintain, and use money in it under the chapter’s rules.
Sec. 59.021. FUND. (a) The farm and ranch finance program fund is a fund in the state treasury. (b) At the direction of the board, money received from the state or federal government or from any other person, in addition to proceeds from bonds issued under this chapter, may be deposited to the credit of the fund. (c) The board may provide for establishing and maintaining separate accounts in the fund, including program accounts, an interest and sinking account, a reserve account, and any other accounts provided for by resolution of the board. (d) Money received as repayment of financial assistance shall be deposited first in the interest and sinking account as provided by resolution of the board authorizing its bonds until that account is fully funded as provided by resolution of the board. (e) The fund and each account in the fund shall be kept and maintained at the direction of the board and held in trust by the comptroller for and on behalf of the board and the owners of the bonds issued under this chapter. (f) The fund may be used only as provided by this chapter. (g) Pending its use, money in the fund shall be invested as provided by the resolution authorizing issuance of the bonds. (h) The board may receive, and shall deposit in the fund, appropriations, grants, donations, earned federal funds, and the proceeds of any investment pools operated by the comptroller. Text of subsec. (i) as added by Acts 1995, 74th Leg., ch. 858, Sec. 2 (i) In addition to other uses provided by this chapter, the authority may use money in the fund to pay costs and expenses of administering the program. Text of subsec. (i) as added by Acts 1995, 74th Leg., ch. 1014, Sec. 11 (i) The board may use money in the fund to pay the costs and expenses of administering the program. Added by Acts 1993, 73rd Leg., ch. 542, Sec. 1, eff. Sept. 1, 1993. Amended by Acts 1995, 74th Leg., ch. 858, Sec. 2, eff. Sept. 1, 1995; Acts 1995, 74th Leg., ch. 1014, Sec. 11, eff. Jan. 1, 1996; Acts 1997, 75th Leg., ch. 1423, Sec. 2.10, eff. Sept. 1, 1997.