Rural Resources in accordance with Title 7, chapter 101, subchapter |
1-D. All money received by the Finance Authority of Maine from any |
source for the development and implementation of an improved |
agricultural marketing loan program must be credited to the fund. |
Any money credited to the fund from the issuance of bonds on behalf |
of the State for financing loans for agricultural enterprises may |
be used only for the following purposes: to provide assistance to |
agricultural enterprises in this State for the design, construction |
or improvement of commodity and storage buildings and packing and |
marketing facilities; for the purchase, construction or renovation |
of buildings, equipment, docks, wharves, piers or vessels used in |
connection with a commercial agricultural enterprise; for the |
purchase of land in connection with development of new cranberry |
acreage; for the purchase of land for irrigation reservoirs or to |
provide direct access to water for irrigation; for the purchase of |
land necessary for the start-up of a new agricultural enterprise; |
for the expansion of an existing agricultural enterprise when the |
land acquisition is necessary to comply with land use regulations; |
for the development of a business plan in accordance with the |
provisions of Title 7, section 436-A; for improvements to |
pastureland, including seeding and actions to promote rotational |
grazing; or, if the commissioner so approves at the time of loan |
insurance commitment, to pledge money in the fund as security for, |
and to apply money in the fund to, payment of principal, interest |
and other amounts due on any term loans insured by the Finance |
Authority of Maine to an eligible dairy farmer. Repayment of these |
loans and interest on these loans must be credited to the fund and |
may be used for the purposes stated in this section or Title 7, |
section 436. Interest earned on money in the fund and interest |
earned on loans made from the fund may be used to pay the |
administrative costs of processing loan applications, to the extent |
that these costs exceed the fee for administrative costs |
established by Title 7, section 435, subsection 4. |