22-4721 TEMPORARY LINE OF CREDIT FOR START-UP COSTS. - Idaho Statutes

TITLE 22

AGRICULTURE AND HORTICULTURE

CHAPTER 47

IDAHO OILSEED RESEARCH AND DEVELOPMENT ACT

22-4721. Temporary line of credit for start-up costs. There is hereby established a temporary line of credit to be drawn from the state general fund to the commission in the amount of ten thousand dollars ($10,000). This sum is continuously appropriated for carrying out the purposes of this act. The temporary line of credit may be drawn upon by the commission only during the first eighteen (18) months after the effective date of this act and only for the purpose of financing the initial start-up of the commission. The commission may draw upon all or part of this temporary line of credit, as may be required. The money advanced from the state general fund shall be repaid with interest to the general fund within two (2) years from the date the commission first draws upon the temporary line of credit. The interest of ten percent (10%) per annum shall be calculated upon the principal amount outstanding each month until repaid.