|
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. |