CHAPTER 1
Local Farmers Revolving Fund
§ 1001. Appropriation.
§ 1002. Utilization of fund.
§ 1003. Administration of funds.
§ 1004. Dissolution.
§ 1001. Appropriation.
There is hereby appropriated the sum of three thousand and five hundred ($3,500.00) dollars out of the General Fund of the State of Chuuk Truk District Legislature, not otherwise appropriated, for the purpose of establishing a Truk District Chuuk State Local Farmers Revolving Fund.
Source: TDL 21-25, § 1, modified.
§ 1002. Utilization of
Fund.
Funds appropriated pursuant to this act Chapter shall be expended by the Truk District Chuuk State Department of Agriculture for the sole purpose of purchasing agricultural supplies, livestock, feeds, assorted tools and other materials, for the use of local farmers in Truk District Chuuk State. All such materials, tools and supplies shall be sold to District State farmers. The selling price may
include overhead costs, freight costs, handling charges and a margin of
profit not to exceed ten percent (10%) of costs.
Source: TDL 21-25, § 2, modified.
§ 1003. Administration of
Funds.
The District State
Agriculturist is authorized to administer the Local Farmers Revolving
Fund. The Department of Agriculture shall keep the Legislature
informed on the use and effectiveness of this assistance by submitting
annual reports to the Legislature on or before May 31 of each
year.
Source: TDL 21-25, § 3, modified.
§ 1004. Dissolution.
In the event this program is discontinued, the funds appropriated herein shall revert to the General Fund of the Truk District Legislature Chuuk State.
Source: TDL 21-25, § 4, modified.