1. There is hereby established in the state treasury the “Agricultural Product Utilization Grant Fund”. The fund shall consist of money appropriated to it by the general assembly and investment income on the fund. Notwithstanding the provisions of section 33.080, no portion of the fund shall be transferred to the general revenue fund.

2. The fund shall be administered by the authority.

Terms Used In Missouri Laws 348.408

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020

3. The general assembly may appropriate moneys not to exceed three million dollars annually. In any given year, at least ten percent of the appropriation shall be awarded to grant requests of twenty-five thousand dollars or less. No single rural agricultural business concept shall receive more than two hundred thousand dollars in grant awards from the authority.

4. Moneys in the fund may be invested by the state treasurer, and any income therefrom shall be deposited to the credit of the fund.