261.027. Agreements to be terminated--new agreements--agriculture development fund created--investment--purposes. - Missouri Statutes

Agreements to be terminated--new agreements--agriculture developmentfund created--investment--purposes.

261.027. 1. The director of agriculture of the state of Missouri shall,as soon as possible after August 13, 1988, terminate the agreement between thedirector of agriculture and the Secretary of Agriculture of the United Statesunder which trust assets of the Missouri Rural Rehabilitation Corporation,assigned to the director of agriculture by the Secretary of Agriculture of theUnited States pursuant to Public Law 499, 81st Congress, approved May 3, 1950(40 U.S.C.A. 440-444), and sections 261.025 and 261.026, have beenadministered by the Secretary of Agriculture. The director of agricultureshall request the return to the state of Missouri of all or a part of the cashassets now under the control of the Secretary of Agriculture and the assetsconsisting of loans insured by the Secretary of Agriculture.

2. The director is also authorized to enter into new agreements with theSecretary of Agriculture pursuant to Public Law 499 and for return to thestate of Missouri, from time to time, of additional trust assets.

3. Any assets received from the Secretary of Agriculture shall betransferred to the state treasury and credited to a special fund which ishereby established and which shall be known as the "Agriculture DevelopmentFund". The agriculture development fund shall be under the control of thedirector of the department of agriculture, who shall provide for theinvestment and reinvestment of the fund in secured or insured agriculturalloans, government bonds, or other convertible securities. The fund and anyincome or interest received from the investment thereof may be released by andat the discretion of the director of agriculture for agricultural developmentand rehabilitation purposes.

(L. 1957 p. 3 §§ 261.027, 261.028, A.L. 1988 S.B. 742, A.L. 1992 H.B. 1201)