As used in this division, unless the context otherwise requires:
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 or any person in this state who is qualified to participate in one of the programs in this division. "Eligible borrower" does not include a person who has been determined to be delinquent in making child support payments or any other payments due the state.
2. "Eligible lending institution" means a financial institution that is empowered to make commercial loans and is eligible pursuant to chapter 12C to be a depository of state funds.
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 rate on the condition that the institution agrees to lend the value of the deposit, according to the investment agreement provided in section 12.35, to an eligible borrower at a rate not to exceed four percent above the rate paid on the certificate of deposit. The treasurer of state shall determine and make available the current market rate which shall be used each month.
4. "Qualified linked investment" means a linked investment in which a certificate of deposit is placed by the treasurer of state with an eligible lending institution under the traditional livestock producers linked investment program* established under section 12.43A.
86 Acts, ch 1096, § 2; 89 Acts, ch 234, § 2; 96 Acts, ch 1058, §1; 97 Acts, ch 195, §1, 2, 10; 99 Acts, ch 177, § 1, 9
1997 amendments to subsections 1 and 3 do not apply to loans in effect on May 29, 1997; 97 Acts, ch 195, §10
*"Traditional livestock producers linked investment loan program" probably intended; corrective legislation is pending
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Last update: Wed Aug 16 21:03:56 CDT 2000