§ 122D-2. Legislative findings and purposes. - North Carolina Statutes

§122D‑2.  Legislative findings and purposes.

(a)        The GeneralAssembly hereby finds and declares that there exists in the State of NorthCarolina a serious shortage of capital and credit available for investment inagriculture, for domestic and export purposes, at interest rates within thefinancial means of persons engaged in agricultural production and agriculturalexports. This shortage of available capital and credit is severe throughout theState, has persisted for a number of years, and constitutes a grave threat tothe agricultural industry and to the health, welfare, safety and prosperity ofall residents of the State.

(b)        The GeneralAssembly hereby finds and declares further that private enterprise and existingfederal and state governmental programs have not adequately alleviated thesevere shortage of capital and credit available at affordable interest ratesfor investment in agriculture.

(c)        The GeneralAssembly hereby finds and declares that it is a matter of grave publicnecessity that the North Carolina Agricultural Finance Authority be created andempowered to alleviate the severe shortage of capital and credit available ataffordable interest rates for investment in agriculture and for the export ofagricultural products, commodities and services by providing such capital andcredit at interest rates within the financial means of persons and businessesengaged in agriculture and agricultural exports. (1983, c. 789, s. 1; 1985(Reg. Sess., 1986), c. 1011, s. 1; 1989, c. 500, s. 109(e); 1989 (Reg. Sess.,1990), c. 1074, s. 32(b).)