41.600 Definitions for KRS 41.600 to 41.625 -- Eligibility requirements.
As used in KRS 41.600 to 41.625, unless the context requires otherwise:
(1) "Eligible small business" means any person that has all of the following
characteristics:
(a) Is headquartered in this state;
(b) Maintains offices and operating facilities in this state and transacts business in
this state;
(c) Employs fewer than the equivalent of fifty (50) full-time employees, the
majority of whom are residents of Kentucky;
(d) Has gross earnings that do not exceed one million dollars (,000,000)
annually;
(e) Is organized for profit; and
(f) Holds no position as officer or director of an eligible lending institution.
(2) "Eligible agribusiness" means any person that has all of the following
characteristics:
(a) Is actively engaged in agricultural endeavors within the Commonwealth of
Kentucky;
(b) Shows gross earnings not in excess of one million dollars (,000,000)
annually;
(c) Derives at least one-half (1/2) of annual gross income from farming; and
(d) Holds no position as officer or director of an eligible lending institution.
(3) "Eligible lending institution" means a financial institution that is eligible to make
commercial loans including an institution of the farm credit system organized under
the Farm Credit Act of 1971, 12 U.S.C. sec. 2001 et seq., as amended, which
chooses to participate in the linked deposit investment program, and which agrees
to lend the value of the deposits to small businesses or agribusinesses at a reduced
interest rate according to the provisions of KRS 41.610.
(4) "Linked deposit investment" means a certificate of deposit, collateralized or
uncollateralized, or a repurchase agreement placed by the State Investment
Commission with an eligible lending institution at the rate designated according to
the provisions of KRS 41.610 and where the maturity shall match the terms of the
loan as approved by the Kentucky Agricultural Finance Corporation or the Cabinet
for Economic Development.
Effective: July 13, 2004
History: Amended 2004 Ky. Acts ch. 41, sec. 1, effective July 13, 2004. -- Amended
1998 Ky. Acts ch. 172, sec. 1, effective July 15, 1998. -- Amended 1996 Ky. Acts
ch. 208, sec. 4, effective July 15, 1996. -- Created 1994 Ky. Acts ch. 276, sec. 1,
effective July 15, 1994.
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