|
fund must be administered by the Commissioner of Agriculture, Food |
| and Rural Resources in accordance with Title 7, chapter 103, |
subchapter X |
source for the development and implementation of an |
storage, packing and marketing program |
| that improve the economic viability of the potato industry must be |
| credited to the fund. Any money credited to the fund from the |
| issuance of bonds on behalf of the State for agricultural |
| development may be used only for the purposes of state loans as |
| prescribed by Title 7, section 974-A to provide assistance to |
| potato farmers for the design, construction, improvement, support |
| and operation of storage, packing and marketing facilities; for |
| programs and activities that improve the economic viability of the |
| potato industry; and to pay the administrative costs of processing |
| loan applications and servicing and administering the fund and |
| loans and grants made therein, to the extent that the costs exceed |
| the fee for administrative costs established by Title 7, section |
| 974-A, subsection 2. Repayment of these loans and interest on the |
| loans must be credited to the fund to be available for making |
| additional state loans for the same purposes, except that any |
| interest earned on the cash balance of the fund may be used for the |
| grants authorized by Title 7, section 975-A. In order to provide |
| additional amounts for loans, the Commissioner of Agriculture, Food |
| and Rural Resources, at the commissioner's discretion, may take |
| such actions and enter into such agreements as may be necessary to |
| sell or assign up to $2,000,000 in the aggregate principal amount |
| of loans and undivided interests in a pool of loans and assign or |
| pledge any mortgage or other security to the authority, under the |
| terms and conditions the commissioner considers advisable. The |
| assignment and related transactions may not result in indebtedness |
| of the State. The proceeds of the sale or assignment must be |
| credited to the fund and used for the purposes authorized in this |
| section. |
