The license and renewal fees and the inspection fees shall be paid by the livestock auction agency to the Animal Industry Board and by it remitted to the state treasurer within thirty days after receipt. The state treasurer shall issue a receipt for the same to the Animal Industry Board.
The state treasurer shall credit ten percent of the amount received to a fund to be known as the livestock disease emergency fund and shall distribute and apply such fund as provided by law. The remaining ninety percent of the amount received shall be credited to a fund to be known as the livestock auction market inspectors fund, all of which shall be distributed and applied by the Animal Industry Board as compensation to the livestock auction market inspectors on a monthly basis.