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12.32 Definitions.

As used in this division, unless the context otherwise re- quires:

1. "Eligible borrower" means any person who is in the business or is entering the business of producing, processing, or marketing horticultural crops or nontraditional crops in this state.

2. "Eligible lending institution" means a financial intitution that is empowered to make commercial loans, is eligible pursuant to chapter 12C to be a depository of state funds, and agrees to participate in the linked investments for tomorrow program.

3. "Linked investment" means a certificate of deposit placed pursuant to this division by the treasurer of state with an eligible lending institution, at an interest rate not more than three percent below current market rates on the condition that the institution agrees to lend the value of the deposit, according to the investment agreement provided in section 12.37, to an eligible borrower at a rate not to exceed four percent above the rate paid on the certificate of deposit.

Section History: Recent form

86 Acts, ch 1096, § 2; 89 Acts, ch 234, § 2

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