A. There is hereby created within the State Treasury a special fund for the Department of Commerce to be designated as the “Military Base Protection and Expansion Bond Fund”. All monies deposited into the fund shall be used and expended by the Department solely to pay interest on bonds issued pursuant to the terms of this act. The Department shall enter into agreements as necessary to carry out the purposes of this act.
B. The Department may establish separate accounts within the Military Base Protection and Expansion Bond Fund as may be required to separately record transactions involving each qualified issuer that applies to participate in the loan program created by this act and to provide for the distribution of monies deposited in the fund.
Added by Laws 2007, c. 349, § 8, emerg. eff. June 4, 2007. Amended by Laws 2008, c. 217, § 12, emerg. eff. May 20, 2008.
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