A. There is hereby created in the State Treasury a revolving fund for the Small Business Surety Bond Guaranty Program to be designated the "Small Business Surety Bond Guaranty Fund". The fund shall be a continuing fund, not subject to fiscal year limitations and shall consist of:
1. Premiums, fees, and any other amounts received with respect to bonding assistance provided under this program;
2. Proceeds from the sale, lease, or other disposition of property or contracts held or acquired by the Office of Management and Enterprise Services pursuant to this program;
3. Income from investments that the State Treasurer makes from monies in the fund; and
4. Any other monies made available under this program.
B. The fund shall be used:
1. For the purposes provided for in this program; and
2. To pay part or all of the expenses of administering the program.
C. All monies accruing to the credit of the fund shall be deposited with the State Treasurer and invested and reinvested in the same manner as other state funds, and any investment earnings shall be paid into the fund. All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended for the purposes provided in subsection B of this section. Expenditures from said fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.
Added by Laws 1990, c. 236, § 4, eff. July 1, 1991. Amended by Laws 2012, c. 304, § 770.