247.940 Legislative findings and purpose.
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The General Assembly hereby finds and declares that as a result of a variety of
pressures, most notably the continual spiral of inflation and the increasingly serious
effects of speculative land values, the opportunities in agriculture have been
severely limited; that one of the major impediments to the purchase of agricultural
land, machinery and equipment by farmers is their inability to secure adequate
financing upon reasonable terms; and, that it is both necessary and desirable to
institute policies and programs which will encourage agricultural pursuits from
which the Commonwealth derives the numerous social, economic and
environmental benefits which historically have proved beneficial to its citizens.
The General Assembly hereby finds and declares further that private enterprise and
investment have not been able to produce, without assistance, the capital necessary
to permit the small, family farm operators to continue to compete successfully in
agricultural enterprises or to permit enterprising individuals to become farmers.
The General Assembly hereby finds and declares further that the purposes of KRS
247.940 to 247.978 are to provide a financing instrumentality more closely allied
with the Department of Agriculture in order that the benefits intended hereunder
may be more effectively administered to those engaged in agriculture and related
enterprises.
The General Assembly hereby finds and declares further that in order to accomplish
the purposes herein set forth, the Kentucky Agricultural Finance Corporation shall
be and constitute a de jure municipal corporation and political subdivision of the
Commonwealth created for the purpose of performing essential public functions and
serving the public purposes in improving and promoting the health, welfare and
prosperity of the people of the Commonwealth through the stimulation of existing
agricultural enterprises and the promotion of new agricultural ventures.
Effective: April 11, 1984
History: Created 1984 Ky. Acts ch. 374, sec. 1, effective April 11, 1984.
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