(1) The council shall make all payments under the program on a veterinarian's behalf to the issuer or purchaser of the veterinarian's student loan.
(2) As required by a selected veterinarian's contract under the program, the veterinarian is eligible for the following amounts of loan repayment:
(a) Upon completion of six months of the first year of service under the program, fifteen thousand dollars;
(b) Upon completion of a second year of service under the program, an additional twenty thousand dollars;
(c) Upon completion of a third year of service under the program, an additional twenty-five thousand dollars; and
(d) Upon completion of a fourth year of service under the program, an additional thirty thousand dollars.
(3) A veterinarian is not entitled to receive more than seventy thousand dollars under the program.
(4) If, for any of the years of service for which a veterinarian selected under the program is contracted to provide service, the veterinarian fails to complete the entire year of service, the council shall prorate the amount of loan repayment on the veterinarian's behalf for that year.
Source: L. 2017: Entire part added, (HB 17-1282), ch. 322, p. 1739, � 1, effective August 9. L. 2023: (2) amended, (SB 23-044), ch. 318, p. 1923, � 2, effective August 7.
23-31-1010. Veterinary education loan repayment fund - creation - gifts, grants, and donations. (1) (a) The veterinary education loan repayment fund is created in the state treasury.
(b) (Deleted by amendment, L. 2023.)
(c) The fund also consists of money credited to it pursuant to subsection (5) of this section and any additional money that the general assembly may appropriate or transfer to the fund.
(d) On September 1, 2023, the state treasurer shall transfer five hundred forty thousand dollars from the general fund to the fund.
(2) The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund.
(3) The state treasurer shall credit any unexpended and unencumbered money remaining in the fund at the end of a fiscal year to the fund.
(4) Money in the fund is continuously appropriated to the council for implementation of the program under this part 10.
(5) (a) The council may seek, accept, and expend gifts, grants, or donations from private or public sources for the purposes of this part 10. The council shall transmit all money received through gifts, grants, or donations to the state treasurer, who shall credit the money to the fund.
(b) The council may contract with a public or private entity and may expend money available to the council to obtain matching funds for the purpose of this part 10.
(c) If an entity desires to provide a gift, grant, or donation of money to the council for the placement of a veterinarian in a specific veterinary shortage area, the entity shall commit to provide the full amount required under the program for placement of a veterinarian in that veterinary shortage area for four years.
(d) For purposes of this subsection (5), gifts, grants, or donations include money from an endowment.
(6) In accordance with section 24-75-402 (2)(a) and for each fiscal year, the alternative maximum reserve for the fund is thirty-three and three-tenths percent of the amount expended from the fund during the fiscal year.
Source: L. 2017: Entire part added, (HB 17-1282), ch. 322, p. 1740, � 1, effective August 9. L. 2023: (1) amended, (SB 23-044), ch. 318, p. 1923, � 3, effective August 7. L. 2025: (1)(a) amended, (SB 25-275), ch. 377, p. 2052, � 105, effective August 6.