(1) (a) The veterinary education loan repayment fund, referred to in this part 10 as the "fund", is hereby created in the state treasury.

(b) On September 1, 2017, the state treasurer shall transfer one hundred forty thousand dollars from the general fund to the fund.

(c) The fund also consists of money credited to it pursuant to subsection (5) of this section and any additional money that the general assembly may appropriate or transfer to the fund.

(2) The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund.

(3) The state treasurer shall credit any unexpended and unencumbered money remaining in the fund at the end of a fiscal year to the fund.

(4) Money in the fund is continuously appropriated to the council for implementation of the program under this part 10.

(5) (a) The council may seek, accept, and expend gifts, grants, or donations from private or public sources for the purposes of this part 10. The council shall transmit all money received through gifts, grants, or donations to the state treasurer, who shall credit the money to the fund.

(b) The council may contract with a public or private entity and may expend money available to the council to obtain matching funds for the purpose of this part 10.

(c) If an entity desires to provide a gift, grant, or donation of money to the council for the placement of a veterinarian in a specific veterinary shortage area, the entity shall commit to provide the full amount required under the program for placement of a veterinarian in that veterinary shortage area for four years.

(d) For purposes of this subsection (5), "gifts, grants, or donations" include money from an endowment.

(6) In accordance with section 24-75-402 (2)(a) and for each fiscal year, the alternative maximum reserve for the fund is thirty-three and three-tenths percent of the amount expended from the fund during the fiscal year.