1. The director of agriculture of the state of Missouri shall, as soon as possible after August 13, 1988, terminate the agreement between the director of agriculture and the Secretary of Agriculture of the United States under which trust assets of the Missouri Rural Rehabilitation Corporation, assigned to the director of agriculture by the Secretary of Agriculture of the United States pursuant to Public Law 499, 81st Congress, approved May 3, 1950 (40 U.S.C.A. 440-444), and sections 261.025 and 261.026, have been administered by the Secretary of Agriculture. The director of agriculture shall request the return to the state of Missouri of all or a part of the cash assets now under the control of the Secretary of Agriculture and the assets consisting of loans insured by the Secretary of Agriculture.

2. The director is also authorized to enter into new agreements with the Secretary of Agriculture pursuant to Public Law 499 and for return to the state of Missouri, from time to time, of additional trust assets.

3. Any assets received from the Secretary of Agriculture shall be transferred to the state treasury and credited to a special fund which is hereby established and which shall be known as the “Agriculture Development Fund”. The agriculture development fund shall be under the control of the director of the department of agriculture, who shall provide for the investment and reinvestment of the fund in secured or insured agricultural loans, government bonds, or other convertible securities. The fund and any income or interest received from the investment thereof may be released by and at the discretion of the director of agriculture for agricultural development and rehabilitation purposes.