PUBLIC Law Chapter 120

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; or

for the development of a business plan in accordance with the

provisions of Title 7, section 436-A; 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 ~~must be available for making~~

~~additional loans for the same purposes, except that interest~~ 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.

A purchaser of a modern storage facility that was previously
financed with a state loan from the Potato Marketing Improvement
Fund may receive a loan from the Agricultural Marketing Loan
Fund, but not for the same project financed by the Potato
Marketing Improvement Fund. Mortgages obtained from the fund may
be assumed by subsequent purchasers of the property.

In order to provide monetary support for Maine milk producers,
the Commissioner of Agriculture, Food and Rural Resources may
take actions and direct the Finance Authority of Maine to take
actions to provide support including entering into agreements as
may be__necessary to sell, assign or otherwise pledge amounts in
the aggregate principal amount of loans and undivided interests
in a pool of loans, and assign or pledge any cash balances in the
fund, mortgages or other security to provide assurance that
amounts provided as monetary support by the commissioner to milk
producers are returned to their original source.

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