(1) There is created a revolving loan fund known as the Agriculture Resource Development Fund.

(2) The Agriculture Resource Development Fund shall consist of: (a) money appropriated to it by the Legislature; (b) sales and use tax receipts transferred to the fund in accordance with Section 59-12-103; (c) money received for the repayment of loans made from the fund; (d) money made available to the state for agriculture resource development from any source; and (e) interest earned on the fund.

(a) money appropriated to it by the Legislature;

(b) sales and use tax receipts transferred to the fund in accordance with Section 59-12-103;

(c) money received for the repayment of loans made from the fund;

(d) money made available to the state for agriculture resource development from any source; and

(e) interest earned on the fund.

(3) The commission shall make loans from the Agriculture Resource Development Fund for a: (a) rangeland improvement and management project; (b) watershed protection or flood prevention project; (c) soil and water conservation project; (d) program designed to promote energy efficient farming practices; (e) improvement program for agriculture product storage or program designed to protect a crop or animal resource; (f) hydroponic or aquaponic system; or (g) project or program to improve water quality or address other environmental issues.

(a) rangeland improvement and management project;

(b) watershed protection or flood prevention project;

(c) soil and water conservation project;

(d) program designed to promote energy efficient farming practices;

(e) improvement program for agriculture product storage or program designed to protect a crop or animal resource;

(f) hydroponic or aquaponic system; or

(g) project or program to improve water quality or address other environmental issues.

(4) The commission may appoint an advisory board that shall: (a) oversee the award process for loans, as described in this section; (b) approve loans; and (c) recommend policies and procedures for the Agriculture Resource Development Fund that are consistent with statute.

(a) oversee the award process for loans, as described in this section;

(b) approve loans; and

(c) recommend policies and procedures for the Agriculture Resource Development Fund that are consistent with statute.