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title-108•Alabama Administrative Code, Title 108 — Agricultural Development Authority
title-108Alabama Admin. Code Title 108Regulation01.01.1900
The statutory authority for the establishment of the Alabama Agricultural Development Authority is found at § 2-3A-1, Code of Ala. 1975.
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The Alabama Agricultural Development Authority is authorized to establish loan terms and conditions as its board of directors may determine.
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Farming, ranching, the production of agricultural commodities (including, without limitation, the products of aquaculture and silvaculture) or the treating, processing, storing, manufacturing, marketing, distribution or exporting of agricultural commodities; provided, however, that such term shall not include any operation the principal purpose of which is the selling at retail of agricultural commodities or related products; provided, further, that costs of agricultural operations shall specifically include, but not be limited to, costs of acquiring and improving real and personal property, repairs, annual operating expenses, family living expenses and refinancing of debt incurred for any such costs.
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The Alabama Agricultural Development Authority.
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The board of directors of the authority.
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Any individual, partnership, cooperative, corporation, or other entity that borrows or seeks to borrow funds from the authority, and is engaged in agriculture or agricultural activities, or both, and which meets all of the following criteria:
(a) Derives at least 60 percent of gross income from agriculture or agricultural activities.
(b) Is an Alabama resident.
(c) Is headquartered and operating in Alabama.
(d) Does not currently owe any defaulted taxes to the state or any political subdivision thereof.
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The State of Alabama.
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Funds may be loaned by the authority to a borrower under the Cattle Working Loan Program if the borrower is engaged in agricultural operations in this state and the borrowed funds will be used for construction of improved cattle working facilities for use on farms and ranches in this state; enables increased efficiency in handling cattle, along with better monitoring of cattle herd health; and improves production practices.
(a) Applicants are subject to a $50 loan application fee for each application submitted.
(b) All borrowers seeking loans under this rule are subject to credit checks by the authority.
(c) All structures proposed to be built with funds loaned under this rule must meet certain standard criteria as determined by the authority and all building plans for any proposed project must be approved by an authority representative prior to award of a loan pursuant to this program.
(d) $20,000 is the maximum amount that will be loaned under this rule.
(e) An inspection of applicant's agricultural operation by an authority representative is required prior to loan approval.
(f) Application fee for each application submitted. All amounts borrowed under this rule shall be repaid to the authority, plus interest at the applicable rate, no later than 3 years from the date loan proceeds are issued to the borrower.
(g) Interest charged on funds borrowed under this rule is 3%.
(h) All borrowed amounts must be full collateralized.
(i) All loans issued pursuant to this rule require personal guaranty by an individual with sufficient assets to fully satisfy the borrowed amount in the event of default.
(j) All borrowed amounts must be fully collateralized.
(k) The authority reserves the right to deny any loan application.
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Funds may be loaned by the authority to a borrower under the Commodity Barn Loan Program if the borrower is engaged in agricultural operations in this state and will use the borrowed funds to purchase agricultural commodities in bulk to realize savings in the purchase of those agricultural commodities and those agricultural commodities will be used by the borrower for borrower's agricultural operations in this state.
(a) Applicants are subject to a $50 loan
(b) All borrowers seeking loans under this rule are subject to credit checks by the authority.
(c) Loans issued pursuant to this rule are made in the following amounts:
(i) $7,500;
(ii) $15,000; or
(iii) $22,500
(d) An inspection of applicant's agricultural operation by an authority representative is required prior to loan approval.
(e) All amounts borrowed under this rule shall be repaid to the authority, plus interest at the applicable rate, no later than 3 years from the date loan proceeds are issued to the borrower.
(f) Interest charged on funds borrowed under this rule is 3%.
(g) All borrowed amounts must be fully collateralized.
(h) All loans issued pursuant to this rule require personal guaranty by an individual with sufficient assets to fully satisfy the borrowed amount in the event of default.
(i) The authority reserves the right to deny any loan application.
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Funds may be loaned by the authority to a borrower under the Equipment Shed Loan Program if the borrower is engaged in agricultural operations in this state and will use the borrowed funds for construction of a new structure on a farm in this state to protect the borrower's equipment resulting in borrower receiving substantial economic benefits and improved operational efficiencies.
(a) Applicants are subject to a $50 loan application fee for each application submitted.
(b) All borrowers seeking loans under this rule are subject to credit checks by the authority.
(c) All structures proposed to be built with funds loaned under this rule must meet certain standard criteria as determined by the authority and all building plans for any proposed project must be approved by an authority representative prior to award of a loan pursuant to this program.
(d) $35,000 is the maximum amount that will be loaned under this rule.
(e) An inspection of applicant's agricultural operation by an authority representative is required prior to loan approval.
(f) All amounts borrowed under this rule shall be repaid to the authority, plus interest at the applicable rate, no later than 5 years from the date loan proceeds are issued to the borrower.
(g) Interest charged on funds borrowed under this rule is 3.5%.
(h) All borrowed amounts must be full collateralized.
(i) All loans issued pursuant to this rule require personal guaranty by an individual with sufficient assets to fully satisfy the borrowed amount in the event of default.
(j) The authority reserves the right to deny any loan application.
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Funds may be loaned by the authority to a borrower under the Hay Barn Loan Program if the borrower is engaged in agricultural operations in this state and will use the borrowed funds for construction of a new structure on a farm in Alabama to protect the borrower's hay, resulting in borrower receiving substantial economic benefits and improved hay quality.
(a) Applicants are subject to a $50 loan application fee for each application submitted.
(b) All borrowers seeking loans under this rule are subject to credit checks by the authority.
(c) All structures proposed to be built with funds loaned under this rule must meet certain standard criteria as determined by the authority and all building plans for any proposed project must be approved by an authority representative prior to award of a loan pursuant to this program.
(d) The maximum loan amounts available under this rule are as follows:
(i) $12,500 (40' x 60' barn), or
(ii) $25,000 (50' x 100' barn).
(e) An inspection of applicant's agricultural operation by an authority representative is required prior to loan approval.
(f) All amounts borrowed under this rule shall be repaid to the authority, plus interest at the applicable rate, no later than 4 years from the date loan proceeds are issued to the borrower.
(g) Interest charged on funds borrowed under this rule is 4%.
(h) All borrowed amounts must be fully collateralized.
(i) All loans issued pursuant to this rule require personal guaranty by an individual with sufficient assets to fully satisfy the borrowed amount in the event of default.
(j) The authority reserves the right to deny any loan application.
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The authority may loan funds to a borrower under the Irrigation Loan Program if the borrower's agricultural operations include production of Alabama fruits, vegetables, or nuts, and the borrowed funds will be used to aid with the cost of irrigating those crops.
(a) Applicants are subject to a $50 loan application fee for each application submitted.
(b) All borrowers seeking loans under this rule are subject to credit checks by the authority.
(c) Irrigation systems proposed to be installed with the funds borrowed pursuant to this rule must meet certain criteria as determined by the authority and all building or construction plans must be approved by an authority representative prior to award of a loan under this rule.
(d) The amount of a loan made under this rule is an amount negotiated and mutually agreed to by the authority and a borrower.
(e) An inspection of applicant's agricultural operation by an authority representative is required prior to loan approval.
(f) All amounts borrowed under this rule shall be repaid to the authority, plus interest at the applicable rate, no later than 4 years from the date loan proceeds are issued to the borrower.
(g) Interest charged on funds borrowed under this rule is 3.5%.
(h) All borrowed amounts must be fully collateralized.
(i) All loans issued pursuant to this rule require personal guaranty by an individual with sufficient assets to fully satisfy the borrowed amount in the event of default.
(j) The authority reserves the right to deny any loan application.
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The authority may loan funds to a borrower under the Special Loan Program if the borrower's engages in an agricultural operation in this state.
(a) The authority has the sole discretion determine if a borrower's proposed project may be financed with funds from the Special Loan Program.
(b) Applicants are subject to a $50 loan application fee for each application submitted.
(c) All borrowers seeking loans under this rule are subject to credit checks by the authority.
(d) All structures proposed to be built with funds loaned under this rule must meet certain standard criteria as determined by the authority and all building plans for any proposed project must be approved by an authority representative prior to award of a loan pursuant to this program.
(e) The amount of a loan made under this rule is an amount negotiated and mutually agreed to by the authority and a borrower.
(f) An inspection of applicant's agricultural operation by an authority representative is required prior to loan approval.
(g) The terms of a loan made pursuant to this rule (i.e., the interest rate on borrowed funds, the loan repayment period, and the amount of the loan) vary on a project-by-project basis. The authority reserves the right to determine the terms of a loan made under this rule.
(g) All borrowed amounts must be fully collateralized.
(i) All loans issued pursuant to this rule require personal guaranty by an individual with sufficient assets to fully satisfy the borrowed amount in the event of default.
(j) The authority reserves the right to deny any loan application.
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Prior to adoption, amendment, or repeal of any rule, the authority shall give at least 35 days' notice of its intended action by publishing said notice in the Alabama Administrative Monthly.
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(1) The notice of intended action shall include the following:
(a) A statement of either the terms or substance of the intended action or a description of the subjects and issues involved;
(b) The time, place, and manner in which interested persons may present their views thereon.
(2) The date of publication in the Administrative Monthly shall constitute the date of notice.
(a) The state agency will afford all interested parties reasonable opportunity to submit data, views, or arguments, orally or in writing. The agency shall consider fully all written and oral submissions respecting the proposed rule.
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At the next meeting of the authority following the expiration of the 35 day notice period, a public hearing on any proposed rule changes will be held before adoption of the proposed rule or rules. All interested parties who make timely written request will be afforded the opportunity to speak.
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The effective date of these rules and regulations, of all amendments thereto and repeals thereof, and of the adoption of emergency rules shall be determined in accordance with the Alabama Administrative Procedure Act.
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Emergency rules will be adopted pursuant to the Alabama Administrative Procedure Act.
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