6-09.13 Agriculture Partnership in Assisting Community Expansion - North Dakota Statutes

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CHAPTER 6-09.13AGRICULTURE PARTNERSHIP IN ASSISTING COMMUNITY EXPANSION6-09.13-01. Definitions. In this chapter, unless the context or subject matter otherwiserequires:1."Agriculture partnership in assisting community expansion fund" means a fund
established to buy down the interest rate on loans to on-farm businesses under this
chapter.2."Family farm" means agricultural real estate operated and owned or leased by a
farmer, or other organization authorized to own or lease land used for farming or
ranching under chapter 10-06.1.3."Farm business" means any business conducted by the farmer or farmer's family,
which is integrated into the farm operation and is intended to supplement farm
income to allow the farmer to continue farming.It may include nontraditionalagricultural, manufacturing, processing, value-added processing, targeted service
industries, or other activities calculated to produce income.4."Farmer" means a resident of North Dakota whose principal occupation is the
production of an agricultural commodity or livestock on a family farm.5."On-farm business" means any farm business located on a family farm. If a farmer
can demonstrate compelling economic reasons for locating a business in a
community adjacent to the family farm and financial assistance under this chapter
will not give the farmer an unfair economic advantage over a similar non-farm
business, the business may qualify as on-farm.6-09.13-02. Loans - Participation by the Bank of North Dakota.1.The Bank of North Dakota may make available an appropriate amount of funds to
purchase participation interests in loans made by financial institutions for the
purposes as set forth in section 6-09.13-03.2.The amount of a participation interest purchased by the Bank under this section
must be not less than fifty percent nor more than eighty percent of the loan amount.3.The Bank shall adopt rules to implement this chapter.6-09.13-03. Loans to farmers - Purposes - Eligible uses. The loan moneys receivedby a farmer under this chapter must be used for a farm business. Eligible uses are:1.Purchase of real property and equipment.2.Expansions.3.Working capital.4.Purchase of inventory.The moneys cannot be used to refinance any existing debt.6-09.13-04.Agriculture partnership in assisting community expansion fundestablished - Continuing appropriation. The agriculture partnership in assisting community
expansion fund is hereby established and is a revolving fund, and all moneys transferred into the
fund, interest upon fund moneys, and payments to the fund are hereby appropriated for the
purposes of section 6-09.13-05. After December 31, 1992, moneys may be transferred betweenPage No. 1this fund and the partnership in assisting community expansion fund established in section
6-09.14-02. This fund is not subject to section 54-44.1-11.6-09.13-05. Interest rate buydown. The Bank of North Dakota may use moneys in theagriculture partnership in assisting community expansion fund to reduce the interest rate on
loans made under this chapter.Page No. 2Document Outlinechapter 6-09.13 agriculture partnership in assisting community expansion