| | | 3.__Use of loan repayments and earned interest.__Repayment of | | loans and interest on loans made from the fund must be credited | | to the fund and may be used for the purposes stated in this | | section or 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 pursuant section 435-A, subsection 1. |
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| | | 4. Loans for potato storage facilities.__A purchaser of a | | modern storage facility, the purchase of which was financed with | | a state loan from the Potato Marketing Improvement Fund, | | established in Title 10, section 1023-N, may receive a loan from | | the fund, but may not receive__a loan for the same project that | | was financed by the Potato Marketing Improvement Fund. The | | commissioner shall adopt rules in accordance with section 437 to | | implement this subsection.__Subsequent purchasers of the property | | may assume mortgages obtained from the fund on terms and | | conditions determined by the commissioner. |
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| | | §435-C.__Conditions and restrictions on agricultural marketing |
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| | | Agricultural marketing loans made from the fund under this | | subchapter are subject to the following restrictions and | | conditions. |
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| | | 1. Project with total cost in excess of $100,000.__An | | agricultural marketing loan may not exceed 75% of the project | | cost when the total project cost exceeds $100,000.__The | | commissioner may not approve a loan for a project with a total | | cost in excess of $100,000 unless the loan applicant demonstrates | | a commitment of private funds of at least 5% of the total cost of | | the project. |
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| | | 2. Cooperative project with__total cost in excess of $100,000.__ | | Notwithstanding subsection 1, in order to encourage the | | undertaking of cooperative projects by 2 or more agricultural | | enterprises, an agricultural marketing loan may be provided when | | 2 or more cooperating agricultural enterprises as a group | | demonstrate a commitment of private funds of at least 5% of the | | total cost of the project. |
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| | | 3. Project with__total cost of $100,000 or less.__ An | | agricultural marketing loan may not exceed 90% of the project | | cost when the total cost of the project is $100,000 or less. |
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| | | 4.__Loans for land purchases for new agricultural enterprises.__ | | An agricultural marketing loan for the purchase of |
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