(1) There are imposed and levied: An assessment at the rate of one and thirty-five hundredths cents (1.35¢) per bushel to be paid by the buyer at the first point of sale, whether within or without the state, on rice grown within the state or at the point the rice enters into the United States Department of Agriculture loan program; and
(2) An assessment at the rate of one and thirty-five hundredths cents (1.35¢) per bushel to be paid by the producer on all rice grown within this state.
(3) The assessment imposed and levied by this section shall be collected by the Secretary of the Department of Finance and Administration from the buyer of rice at the first point of sale or at the point the rice enters into the United States Department of Agriculture loan program.
(4) The proceeds of the assessment, less not more than three percent (3%) to cover the cost of collections, shall be deposited with the Treasurer of State in a special fund to be established for the Arkansas Rice Research and Promotion Board to the credit of the board.
(5) Disbursement shall be made only upon a motion duly passed by the board and presented to the Treasurer of State and only for a purpose prescribed in this subchapter.
(6) The funds derived from the assessment paid by a buyer at the first point of sale shall be used for: Market development and promotion;
(7) Basic administration expenses; and
(8) Defraying the costs of referenda that the board may refer to buyers of rice.
(9) The funds derived from the assessment paid by a producer shall be used for: Rice extension and rice research;
(10) Basic administration expenses; and
(11) Defraying the costs of referenda that the board may refer to producers of rice.
(12) Funds under subdivisions (d)(1) and (2) of this section may be applied within or without Arkansas, including regional, national, and international applications.