2006 Kentucky Revised Statutes - .978   Debt limitation for qualified applicant.

247.978 Debt limitation for qualified applicant. The total amount of principal which a qualified applicant may owe to the corporation at any one (1) time shall not exceed: (1)  Two-hundred fifty thousand dollars ($250,000) for first time farmers as defined by the United States Department of Agriculture, Farm Service Agency; or (2)  One million dollars ($1,000,000) for other applicants. Effective: July 13, 2004 History: Amended 2004 Ky. Acts ch. 41, sec. 6, effective July 13, 2004. -- Amended 1990 Ky. Acts ch. 440, sec. 12, effective July 13, 1990. -- Created 1984 Ky. Acts ch. 374, sec. 20, effective April 11, 1984. 2006-2008 Budget Reference. See State/Executive Branch Budget, 2006 Ky. Acts ch. 252, Pt. I, A.6.(1), at 1145; and State/Executive Branch Budget Memorandum, 2006 Ky. Acts ch. 257, at 2128 (Final Budget Memorandum, at 511).