(1) There is imposed and levied an assessment at the rate of one cent (1¢) per bushel on all wheat grown within the state.
(2) This assessment shall be deducted from the amount paid the producer at the first point of sale, whether within or without the state, or at the point the wheat enters into the United States Department of Agriculture loan program.
(3) This assessment may be extended for an indefinite period of time or until twenty percent (20%) of the producers ask for return of funds; then another referendum shall be called by the Arkansas Wheat Promotion Board in the manner set forth in this subchapter.
(4) 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 wheat at the first point of sale or when the wheat enters the United States Department of Agriculture loan program.
(5) The proceeds of the assessment, less not more than three percent (3%) to cover cost of collections, shall be deposited with the Treasurer of State in a special fund to be established for the board to the credit of the board.
(6) Disbursement shall be made only upon motions duly passed by the board and presented to the Treasurer of State, and only for purposes prescribed in this subchapter.