The board of agriculture shall pay all receipts and revenues received by it from the operation of an irrigation and water utilization system into the irrigation system revolving fund established under § 167-22. The fund shall be used and expended for the following purposes:

(1) Payment of the operating and maintenance costs of the system;
(2) Repairs, replacements, additions, and extensions;
(3) Reimbursement to the State the amount of any principal or interest due upon any bond issue under this chapter.

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