Alaska Statutes (Last Updated: January 11, 2017) |
Title 03. AGRICULTURE, ANIMALS, AND FOOD. |
Chapter 03.10. ALASKA AGRICULTURAL LOAN ACT. |
Section 03.10.050. Administration of fund; Board of Agriculture and Conservation.
Latest version.
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(a) The Board of Agriculture and Conservation shall administer the agricultural revolving loan fund. A loan may not be made without the approval of a majority of the board, except that emergency loans based upon regulations adopted by the board and not to exceed $50,000 may be made upon the approval, by majority vote, of a committee composed of the chair of the board, another board member, and the director of the board.
(b) The board is composed of seven members appointed by the governor and confirmed by the legislature in joint session. Members shall have the following qualifications:
(1) one member shall have general business or financial experience;
(2) one member shall be a member of a statewide agriculture promotion organization;
(3) one member shall be a member of a soil and water conservation district established under AS 41.10.130(a) who is also engaged in commercial production agriculture;
(4) four members shall be engaged in commercial production agriculture; each shall represent a different agriculture enterprise from the others, such as livestock production, dairy, vegetable production, grain production, horticultural production, and greenhouse and hydroponic production.
(c) A meeting of the board to act on applications for loans is exempt from the public meeting requirements of AS 44.62.310.
(d) [Repealed, Sec. 30 ch 81 SLA 2000].
(e) To encourage the prompt payment of loans, the board may establish a program of credits for persons who have a loan from the agricultural revolving loan fund and maintain good financial standing. The credits may be applied against no more than two percentage points a year of the interest due on agricultural revolving loan fund loans.
(f) A credit may not be granted under (e) of this section to reduce interest due on a loan if the borrower has an agricultural loan in default, has a loan that has been rewritten, restructured, rolled over, or otherwise had its term extended or interest rate reduced, or has had a land payment or land clearing loan restructured.
(g) The board may dispose of property acquired by the agricultural revolving loan fund through foreclosure, default, or other action arising out of agricultural loans or the sale of agricultural land. Disposals shall be conducted under regulations approved by the commissioner. The regulations must ensure that the property is disposed of so as to maximize the return to the state and must require that the parcels of land that are composed primarily of cropland soils be restricted to agricultural uses and disposed of only to persons who are residents of the state.
Authorities
3.09.010
Notes
Implemented As
11 AAC 39.011
11 AAC 39.031
11 AAC 39.032
11 AAC 39.061
11 AAC 39.101
11 AAC 39.111
11 AAC 39.131
11 AAC 39.141
11 AAC 39.151
11 AAC 39.161
11 AAC 39.171
11 AAC 39.181
11 AAC 39.191
11 AAC 39.201
11 AAC 39.231
11 AAC 39.241
11 AAC 39.411
11 AAC 39.421
11 AAC 39.441
11 AAC 39.451
11 AAC 39.461
11 AAC 39.500
11 AAC 39.501
11 AAC 39.511
11 AAC 39.700
11 AAC 39.705
11 AAC 39.710
11 AAC 39.720
11 AAC 39.730
11 AAC 39.740
11 AAC 39.760
11 AAC 39.770
11 AAC 39.780
11 AAC 39.800
11 AAC 39.810
11 AAC 39.820
11 AAC 39.830
11 AAC 39.840
11 AAC 39.850
11 AAC 39.860
11 AAC 39.900
11 AAC 39.910
11 AAC 39.920
11 AAC 39.930
11 AAC 39.940
11 AAC 39.990
References
11 AAC 39.511
11 AAC 39.600
11 AAC 39.770
AS 3.09.010 .010">Sec. 03.09.010. Board of Agriculture and Conservation established.
History
(Sec. 6 ch 122 SLA 1953; am Sec. 1 ch 119 SLA 1976; am Sec. 6 ch 113 SLA 1982; am Sec. 1 ch 91 SLA 1988; am Sec. 1 ch 117 SLA 1988; am Sec. 13 - 17, 30 ch 81 SLA 2000)