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House File 412

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 12.32, subsection 1, Code 1995, is
  1  2 amended to read as follows:
  1  3    1.  "Eligible borrower" means any person who is in the
  1  4 business or is entering the business of producing, processing,
  1  5 or marketing horticultural crops, or nontraditional crops, or
  1  6 nontraditional livestock in this state, including but not
  1  7 limited to the breeding or training of horses and dogs which
  1  8 are involved in racing at a facility licensed pursuant to
  1  9 chapter 99D.
  1 10    Sec. 2.  Section 12.33, subsection 1, Code 1995, is amended
  1 11 by adding the following new paragraph:
  1 12    NEW PARAGRAPH.  c.  That there is an increasing expansion
  1 13 of nontraditional livestock production which promises new
  1 14 opportunities for agricultural animal producers, creates new
  1 15 value-added products, and ensures greater diversity in
  1 16 agricultural production.
  1 17    Sec. 3.  Section 12.33, subsections 2 and 3, Code 1995, are
  1 18 amended to read as follows:
  1 19    2.  The linked investments for tomorrow program provided
  1 20 for in this division is intended to provide statewide
  1 21 availability of lower cost funds for lending purposes that
  1 22 will stimulate existing or encourage new businesses in the
  1 23 area of producing, processing, or marketing horticultural or
  1 24 crops, nontraditional crops, or nontraditional livestock,
  1 25 including but not limited to the breeding or training of
  1 26 horses and dogs which are involved in racing at a facility
  1 27 licensed pursuant to chapter 99D.
  1 28    3.  It is the public policy of the state through the linked
  1 29 investments for tomorrow program to create an availability of
  1 30 lower cost funds to inject needed capital into the business of
  1 31 producing, processing, or marketing horticultural crops, or
  1 32 nontraditional crops, or nontraditional livestock, including
  1 33 but not limited to the breeding or training of horses and dogs
  1 34 which are involved in racing at a facility licensed pursuant
  1 35 to chapter 99D.
  2  1    Sec. 4.  Section 12.34, subsection 2, Code 1995, is amended
  2  2 to read as follows:
  2  3    2.  The treasurer shall adopt rules pursuant to chapter 17A
  2  4 to implement this division including, but not limited to,
  2  5 rules identifying horticultural crops, and nontraditional
  2  6 crops, and nontraditional livestock, including but not limited
  2  7 to the breeding or training of horses and dogs which are
  2  8 involved in racing at a facility licensed pursuant to chapter
  2  9 99D, for which the linked investments may be loaned.
  2 10    Sec. 5.  Section 12.35, subsection 1, Code 1995, is amended
  2 11 to read as follows:
  2 12    1.  An eligible lending institution that desires to receive
  2 13 a linked investment shall accept and review applications for
  2 14 loans from eligible borrowers.  The lending institution shall
  2 15 apply all usual lending standards to determine the credit
  2 16 worthiness of each eligible borrower.  Loan applications shall
  2 17 be for the purchase or lease of land, machinery, equipment,
  2 18 seed, fertilizer, direct marketing facilities, or new or
  2 19 expanding production, processing, or marketing facilities for
  2 20 horticultural crops, or nontraditional crops, or
  2 21 nontraditional livestock, including but not limited to the
  2 22 breeding or training of horses and dogs which are involved in
  2 23 racing at a facility licensed pursuant to chapter 99D.  The
  2 24 maximum size of a loan is two hundred thousand dollars per
  2 25 borrower for a production loan and five hundred thousand
  2 26 dollars for processing or marketing facilities.  
  2 27                           EXPLANATION
  2 28    This bill amends chapter 12 which in part provides for the
  2 29 "Linked Investments for Tomorrow Act".  This program provides
  2 30 that the treasurer of state may place a certificate of deposit
  2 31 with an eligible lending institution, at an interest rate not
  2 32 more than three percent below current market rates on the
  2 33 condition that the institution agrees to lend the value of the
  2 34 deposit, according to an investment agreement to an eligible
  2 35 borrower at a rate not to exceed four percent above the rate
  3  1 paid on the certificate of deposit.  The purpose of the Act is
  3  2 to increase the availability of lower cost funds for lending
  3  3 purposes that will stimulate existing or encourage new
  3  4 businesses in the area of producing, processing, or marketing
  3  5 horticultural or nontraditional crops.  This bill expands the
  3  6 program to include the production, processing, or marketing of
  3  7 nontraditional livestock, including but not limited to the
  3  8 breeding or training of horses and dogs which are involved in
  3  9 racing at a facility licensed pursuant to chapter 99D.  
  3 10 LSB 2148HH 76
  3 11 da/jj/8
     
Text: HF00411                           Text: HF00413
Text: HF00400 - HF00499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index
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