90-9-301. Agriculture seed capital account -- matching funds. (1) There is an agriculture seed capital account administered by the council.
     (2) The council may loan or invest money from the agriculture seed capital account to support agricultural development projects and research relating to innovative organizational improvements in agricultural businesses and to the commercialization and marketing of new agricultural products or agricultural production processes.
     (3) The council may not make a loan or investment to an agricultural development project unless the recipient provides matching funds. Matching funds are required prior to any expenditure of state funds. The council may accept as matching funds those funds received by the loan recipient within 1 year prior to the execution of the loan agreement.

     History: En. Sec. 7, Ch. 665, L. 1987; amd. Sec. 12, Ch. 284, L. 1989; amd. Sec. 5, Ch. 171, L. 2001.