House Journal: Page 1899: Thursday, April 29, 1999

 9     NEW SUBSECTION.  1A.  The gross income earned by

10   the borrower's business of producing, processing, or
11   marketing horticultural or nontraditional crops is not
12   more than three hundred thousand dollars for the
13   borrower's last tax year."
14     7.  Page 4, by striking lines 22 and 23 and
15   inserting the following:
16     " ___.  A borrower is not eligible to receive a loan
17   as part of a linked investment loan package under this
18   program, if the borrower has received three loans
19   pursuant to a linked investment loan package under
20   this program approved by the treasurer of state within
21   the last ten years.  For purposes of this subsection,
22   a loan provided as part of a renewed certificate of
23   deposit shall be deemed to be a new loan."
24     8.  By striking page 4, line 24, through page 5,
25   line 5, and inserting the following:
26     "Sec. ___. NEW SECTION.  12.43B  VALUE-ADDED
27   AGRICULTURAL LINKED INVESTMENT LOAN PROGRAM.
28     1.  The treasurer of state shall establish and
29   administer, and adopt rules as necessary to establish
30   and administer, a value-added agricultural linked
31   investment loan program.  The purpose of the program
32   is to provide capital in the form of low-interest
33   loans in order to do any of the following:
34     a.  Stimulate existing businesses or encourage the
35   establishment of new businesses that add value through
36   the processing of agricultural commodities.
37     b.  Encourage the production of agricultural
38   commodities, if a shortage in production exists.
39     2.  A borrower shall be eligible to participate in
40   the value-added agricultural linked investment loan
41   program, to the extent that the borrower meets
42   eligibility requirements established by the treasurer
43   of state as provided in section 12.34.
44     3.  A borrower shall not receive a loan of more
45   than two hundred fifty thousand dollars under this
46   program.
47     Sec. ___. NEW SECTION.  15.204  VALUE-ADDED
48   AGRICULTURAL LINKED INVESTMENT LOAN PROGRAM.
49     The agricultural products advisory council
50   established in section 15.203, in cooperation with the
Page 3
 1   department of economic development and the department
 2   of agriculture and land stewardship, shall recommend
 3   to the treasurer of state eligibility requirements for
 4   borrowers to participate in the value-added
 5   agricultural linked investment loan program
 6   established in section 12.43B.  The treasurer of state
 7   shall establish the eligibility requirements by rule

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