§ 41A.035 — Agricultural Resources Loan Participation
Plain-Language Summary
The board can participate in agricultural resource loans by purchasing up to 75 percent of each eligible loan from a lender. For loans of $500,000 or less, the loan can cover the full project cost. For larger loans, it can cover up to 80 percent of the project cost.
41A.035 AGRICULTURAL RESOURCES LOAN PARTICIPATION.
The board may participate in loans made to finance agricultural resource projects by purchasing from a lender up to 75 percent of the amount of each eligible loan. If the loan participated in is for $500,000 or less, the loan may be for 100 percent of the cost of the project. If the loan participated in exceeds $500,000, the loan may not exceed 80 percent of the cost of the project. The lender shall service the loan or cause it to be serviced in a manner that equally protects the lender’s and the board’s interests.
History:
History: History:
1987 c 386 art 9 s 11