Relating to the Beginning and Expanding Farmer Loan Program; appropriating money; and prescribing an effective date.
Catchline/Summary:
Directs Oregon Business Development Department, in consultation with State Department of Agriculture and potential lenders, to create Beginning and Expanding Farmer Loan Program to facilitate making loans to beginning farmers to finance acquisition of approved agricultural projects. Directs Oregon Business Development Department, in consultation with State Department of Agriculture and potential lenders, to create Beginning and Expanding Farmer Loan Program to facilitate making loans to beginning farmers to finance acquisition of approved agricultural projects.
Authorizes State Treasurer to issue revenue bonds upon request of Oregon Business Development Department to finance agricultural projects determined eligible for financing.
Creates Beginning and Expanding Farmer Loan Program Fund. Continuously appropriates moneys in fund to department to implement and operate program.
Increases, for biennium beginning July 1, 2013, specified limitation on expenditures from lottery moneys allocated from Administrative Services Economic Development Fund to department for Beginning and Expanding Farmer Loan Program.
Takes effect on 91st day following adjournment sine die.
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HB 2700
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