Sec. 1. 7 MRSA §435, sub-§2, ķI is enacted to read:

I. The commissioner shall make available a minimum of $2,000,000 from the Agricultural Marketing Loan Fund for the development and construction of potato storage facilities in the State.__Notwithstanding subsection 3, the interest rate for a loan issued under this paragraph is 5%.__The commissioner shall establish the repayment term for a loan issued under this paragraph based on the size of the project, but the minimum term is 10 years and the maximum term is 15 years.

SUMMARY

This bill allows persons constructing potato storage facilities to obtain loans from the Agricultural Marketing Loan Fund. The interest rate for these loans is 5% and the term of the loans is from 10 to 15 years, based on the size of the project.