§150-41 Seed distribution program; revolving fund. There is established a revolving fund, the purpose of which shall be to enable the seed distribution program to operate at a level which will adequately meet the demand for seed. The fund shall be used for the cultivation and production of seeds and for research and developmental purposes directly related to cultivation and production. The fund shall be administered by the college of tropical agriculture and human resources of the University of Hawaii. All sums withdrawn from the fund shall be reimbursed or restored from the proceeds realized through the sale of seeds. The college of tropical agriculture and human resources shall submit an annual report summarizing receipts and expenditures and the fund balance of the revolving fund to the department of budget and finance. The first annual report shall be due within six months following the initial twelve-month period that the revolving fund is in operation. Reports shall be due annually thereafter before October 1 following the end of the immediately preceding fiscal year.

The seed distribution revolving fund shall remit any moneys in excess of $70,000 to the state general fund at the end of each fiscal year. [L 1975, c 167, §§14, 15; am L 1982, c 147, §8; am L 1987, c 86, §1 and c 164, §14]