1. A. There is hereby created the Boll Weevil Eradication Fund. The Boll Weevil Eradication Fund shall be administered by the board of directors for the benefit of the cotton growers in this state to eradicate boll weevils. The Boll Weevil Eradication Fund shall be established and maintained in a bank or other depository approved by the Commissioner.

2. B. The Boll Weevil Eradication Fund shall consist of:

   1. 1. All monies received by the board of directors as proceeds from the assessment imposed pursuant to Section 9 of this act;
   2. 2. Interest attributable to investment of money in the Boll Weevil Eradication Fund; and
   3. 3. Monies received by the board of directors in the form of gifts, grants, reimbursements, or from any other source designated by law for deposit to the Boll Weevil Eradication Fund.

3. C.

   1. 1. Except as otherwise provided by law, the monies deposited in the Boll Weevil Eradication Fund shall at no time become monies of the state.
   2. 2. Any costs incurred by the board of directors pursuant to the provisions of the Boll Weevil Eradication Act shall not exceed the actual expenditures made by the board of directors to implement and manage the Boll Weevil Eradication Act.

4. D. Monies in the Boll Weevil Eradication Fund shall only be expended for:

   1. 1. Implementation and management of the Boll Weevil Eradication Act; and
   2. 2. Costs incurred by the board of directors and the State Board of Agriculture for the administration of the Boll Weevil Eradication Act.
5. E. Any debts or obligations of the organization shall not become or be construed to be obligations of this state.
6. F. The Organization shall provide to the Department an annual audit of the Boll Weevil Eradication Fund performed by a certified public accountant.

Added by Laws 1993, HB 1198, c. 198, § 10, eff. September 1, 1993.