(a) There is created and established on the books of the Treasurer of State, the Auditor of State, and the Department of Finance and Administration the “Rural Fire Protection Revolving Fund”, into which shall be transferred or deposited the moneys to be provided by law for the fund, to be used as a revolving fund by the Arkansas Forestry Commission for:
(1) The acquisition by the Arkansas Forestry Commission of vehicles and for the payment of charges for labor, equipment, and materials necessary to convert the vehicles into firefighting vehicles suitable for rural fire protection service, and to make reimbursement to the fund upon making the vehicles available to rural fire protection districts, as provided by law; and
(2)
(A) Making loans to rural fire protection districts which apply therefor and which are qualified under rules promulgated by the Arkansas Forestry Commission as qualified rural fire protection districts.
(B) The loans shall be used by qualified rural fire protection districts to provide moneys required to pay not more than seventy-five percent (75%) of the cost of acquiring, repairing, renovating, or equipping firefighting vehicles which have been converted and adapted by the Arkansas Forestry Commission for rural fire protection use.
(C) However, the moneys loaned to a rural fire protection district from the fund shall be used exclusively to defray a portion of the cost of acquiring the firefighting equipment from the Arkansas Forestry Commission.
(D) The Arkansas Forestry Commission may establish a reasonable rate of interest to be charged on loans made from the revolving fund.
(b) All revenues received by the Arkansas Forestry Commission from the furnishing of firefighting vehicles or equipment to rural fire protection districts, or to other eligible nonprofit organizations which are eligible to purchase the equipment from the Arkansas Forestry Commission, and all moneys received by the Arkansas Forestry Commission upon repayment of loans made from the fund shall be deposited into the State Treasury as nonrevenue receipts and shall be credited by the Treasurer of State to the fund, to be used for the purposes of the fund as set forth by law.