85-1-603. Renewable resource loan debt service fund created -- coal severance tax allocated -- renewable resource loan loss reserve fund created. (1) (a) There is created a renewable resource loan debt service fund within the debt service fund type established in 17-2-102.
(b) The state pledges and allocates and directs to be credited to the renewable resource loan debt service fund, as received:
(i) 0.95% of all money from time to time received from the coal severance tax collected under Title 15, chapter 35;
(ii) any principal and accrued interest under 85-1-613(5)(a) received in repayment of a loan made from the proceeds of bonds issued under 85-1-617;
(iii) all interest income earned on proceeds of renewable resource grant and loan program bonds;
(iv) revenue or money otherwise required to be paid into the natural resources projects state special revenue account pursuant to 15-38-302, as determined by the board of examiners in connection with the issuance of bonds pursuant to 85-1-617; and
(v) money received from the renewable resource loan loss reserve fund as the result of a loan loss.
(2) (a) There is a renewable resource loan loss reserve fund within the debt service fund type established in 17-2-102.
(b) The state pledges and allocates and directs to be credited to the renewable resource loan loss reserve fund all accrued interest under 85-1-613(5)(b) received in repayment of a loan made from the proceeds of bonds issued under 85-1-617.
(c) If the department determines that a loan loss has occurred on a loan made pursuant to this part, funds from the renewable resource loan loss reserve fund must be transferred to the renewable resource loan debt service fund in an amount equal to the amount that would otherwise be available for debt service under subsection (1)(b) as a result of the loan loss.
History: En. Sec. 4, Ch. 505, L. 1981; amd. Sec. 35, Ch. 298, L. 1983; amd. Sec. 1, Ch. 6, Sp. L. March 1986; amd. Sec. 2, Ch. 2, L. 1987; amd. Sec. 2, Ch. 491, L. 1989; amd. Sec. 11, Ch. 478, L. 1993; amd. Sec. 6, Ch. 442, L. 1995; amd. Sec. 1, Ch. 332, L. 1997; amd. Sec. 15, Ch. 432, L. 2007.