House Journal: Page 989: Wednesday, March 31, 1999

Page 2  

 1   of state on or after July 1, 1996, pursuant to this
 2   division may be renewed at the option of the treasurer
 3   of state.  The initial certificate of deposit for a
 4   given borrower shall have a maturity of one year and
 5   may be renewed for eight additional one-year periods.
 6     Sec. 101. NEW SECTION.  12.43A  EMERGENCY
 7   ASSISTANCE LINKED DEPOSIT PROGRAM FOR SWINE OR CATTLE
 8   PRODUCERS.
 9     1.  As used in this section, unless the context
10   otherwise requires:
11     a.  "Actively engaged in farming" means the same as
12   defined in section 10.1.
13     b.  "Farming" means the same as defined in section
14   9H.1.
15     2.  The treasurer of state shall adopt rules to
16   implement an emergency assistance linked deposit
17   program for swine or cattle producers.  The purpose of
18   the program is to increase the availability of lower
19   cost loans to provide emergency financial assistance
20   to farmers threatened with financial calamity due to
21   the market price of swine or cattle.
22     3.  The loan shall be subject to all of the
23   following:
24     a.  In order to qualify as an eligible borrower,
25   all of the following must apply:
26     (1)  The applicant must be a resident of this
27   state.
28     (2)  The applicant for the loan must be actively
29   engaged in farming in this state.
30     (3)  If the market emergency exists because of the
31   market price paid for swine, the applicant must not
32   have marketed more than five thousand swine during the
33   last twelve months.  If the market emergency exists
34   because of the market price paid for cattle, the
35   applicant must not have marketed more than one
36   thousand cattle during the last twelve months.
37     (4)  If the market emergency exists because of the
38   market price paid for swine, the applicant must not
39   have provided for the care and feeding of swine under
40   contract.  If the market emergency exists because of
41   the market price paid for cattle, the applicant must
42   not have provided for the care and feeding of cattle
43   under contract.
44     (5)  The applicant must not have received a loan
45   under this program during the previous twelve months.
46     b.  The purpose of the loan must be used to support
47   farming operations on an emergency basis, and may be
48   used to refinance existing debt.
49     4.  The maximum loan amount that an eligible
50   borrower may receive under this program is one hundred

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