Brand inspection fund - estray fund

(1) All moneys coming into the hands of the board from the sale of estray animals shall constitute and be known as the estray fund, which fund is hereby created and continuously appropriated to the board, and shall be kept in an account separate and distinct from other accounts, in conformity with rules to be prescribed by said board. The estray fund is an escrow fund that the board shall keep in trust for the owner of the estray animal for six years after the date the proceeds from the sale of the animal were deposited in the fund. If the owner submits suitable proof of ownership to the board within the six-year period, the board shall pay to the owner the proceeds from the sale. If no such proof has been submitted within the six-year period, the board may expend the proceeds pursuant to this section. All other revenues coming into the hands of the board, including fees collected for the inspection of cattle, shall constitute and be known as the brand inspection fund, which shall be kept in conformity with the rules to be prescribed by the board. The board is authorized, in the administration of the brand inspection fund, to maintain an accounts receivable system for the collection of all moneys to be credited to the fund. The board is authorized to expend, of the revenues in the estray fund and the brand inspection fund: (a) Repealed. (b) Effective July 1, 2006, a maximum of three and six-tenths percent, or actual costs, whichever is less.