247.942 Definitions for KRS 247.940 to 247.978.
As used in KRS 247.940 to 247.978, the following words and terms, unless the context <br>clearly indicates a different meaning, shall have the following respective meanings: <br>(1) "Agricultural loan" means a loan made by a lending institution to any person for the
purpose of financing agricultural diversification, woodland product production, and <br>alternative crop production; land acquisition or improvement; soil conservation; <br>irrigation; construction; renovation or expansion of buildings and facilities; <br>purchase of farm fixtures, livestock, poultry, and fish of any kind; seeds; fertilizers; <br>pesticides; feeds; machinery; equipment; containers or supplies or any other <br>products employed in the production, cultivation, harvesting, storage, marketing, <br>distribution, or export of agricultural products;
(2) "Applicant" means any person engaged in or proposing to be engaged in an
agricultural endeavor or an agriculturally related business in Kentucky;
(3) "Board" means the board of directors of the corporation; <br>(4) "Bond resolution" or "resolution" means the formal document of the corporation
authorizing its obligations;
(5) "Bonds" or "notes" means the bonds or bond anticipation notes authorized to be
issued by the corporation under KRS 247.940 to 247.978;
(6) "Commissioner" means the Commissioner of Agriculture; <br>(7) "Commonwealth" means the Commonwealth of Kentucky; <br>(8) "Corporation" means the Kentucky Agricultural Finance Corporation created by
KRS 247.944;
(9) "Governmental agency" means any city, county, or other political subdivision of the
Commonwealth and any department, division, or public agency thereof, the federal <br>government or any political subdivision of any other state and any nonprofit <br>corporation or other entity legally empowered to act on behalf of any of the <br>foregoing in the area of assistance to agriculture;
(10) "Issuing agency capacity" means the action of the corporation in authorizing
revenue bonds for a qualified project in accordance with the provisions of KRS <br>103.210 to 103.285 in which the corporation's liability is limited primarily to <br>fiduciary duties;
(11) "Lending agency capacity" means the action of the corporation in participating
directly or indirectly in the making of loans to or the purchasing of loans of <br>qualified applicants;
(12) "Lending institution" means any bank, bank or trust company, or institutions of the
farm credit system organized under the Farm Credit Act of 1971, 12 U.S.C. secs. <br>2001 et seq., as amended, building and loan association, homestead, insurance <br>company, investment banker, mortgage banker or company, pension or retirement <br>fund, savings bank or savings and loan association, small business investment <br>company, credit union, the federal government, or any other financial institution <br>authorized to do business in the Commonwealth of Kentucky or operating under the
supervision of any federal agency or any corporation organized or operating <br>pursuant to Section 25 of the Federal Reserve Act;
(13) "Obligations" means any bonds or notes authorized to be issued by the corporation
under the provisions of KRS 247.940 to 247.978;
(14) "Project" means any undertaking to provide for the financing of the acquisition,
construction, renovation, or improvement of land, buildings, machinery, equipment, <br>and livestock in the area of agricultural enterprise; including but not limited to <br>agricultural endeavors such as growing, storing, processing, warehousing, <br>marketing, and distribution facilities in respect thereof or to provide for refinancing <br>existing agricultural facilities;
(15) "Trust agreement" means an indenture by and between the corporation and the
corporate trustee setting forth the rights and duties of each relating to the <br>authorization, sale, issuance, delivery, and payment of the corporation's obligations; <br>and
(16) "Umbrella obligation" means bonds or notes issued by the corporation in its issuing
agency capacity or its lending agency capacity under the provisions of KRS 247.940 <br>to 247.978, the proceeds of which may be used in the financing of multiple projects <br>for two (2) or more applicants.
Effective: July 13, 2004 <br>History: Amended 2004 Ky. Acts ch. 41, sec. 4, effective July 13, 2004. -- Amended
1990 Ky. Acts ch. 440, sec. 1, effective July 13, 1990. -- Amended 1986 Ky. Acts <br>ch. 331, sec. 42, effective July 15, 1986; and ch. 452, sec. 2, effective July 15, 1986. <br>-- Created 1984 Ky. Acts ch. 374, sec. 2, effective April 11, 1984.
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