A. Except as provided in subsection C of this section, monies in the Arizona youth farm loan fund may be used only for such of the rural rehabilitation purposes as are permissible under the Arizona rural rehabilitation corporation‘s charter as it appeared during the calendar year 1960 and as may from time to time be agreed upon by the state board of education and the secretary of agriculture of the United States or his delegate, including but not limited to furnishing financial assistance to deserving young persons under twenty-five years of age who are students or former students of vocational agriculture or young farmers in organized vocational agriculture classes in becoming satisfactorily established in farming through guaranteed loans, if they cannot obtain needed financing elsewhere on reasonable rates and terms.

B. Administrative expenses of carrying out the provisions of this article, including but not limited to salaries, capital outlay, professional services, travel and current expenditures, shall be paid from annual appropriations made by the legislature to the state board of education, and no part of the trust funds as provided by subsection A of this section may be used for any purpose not expressly listed in subsection A or C of this section.

C. On notice from the state board of vocational education, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund.