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
clearly indicates a different meaning, shall have the following respective meanings:
(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
alternative crop production; land acquisition or improvement; soil conservation;
irrigation; construction; renovation or expansion of buildings and facilities;
purchase of farm fixtures, livestock, poultry, and fish of any kind; seeds; fertilizers;
pesticides; feeds; machinery; equipment; containers or supplies or any other
products employed in the production, cultivation, harvesting, storage, marketing,
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;
(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;
(7) "Commonwealth" means the Commonwealth of Kentucky;
(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
government or any political subdivision of any other state and any nonprofit
corporation or other entity legally empowered to act on behalf of any of the
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
103.210 to 103.285 in which the corporation's liability is limited primarily to
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
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.
2001 et seq., as amended, building and loan association, homestead, insurance
company, investment banker, mortgage banker or company, pension or retirement
fund, savings bank or savings and loan association, small business investment
company, credit union, the federal government, or any other financial institution
authorized to do business in the Commonwealth of Kentucky or operating under the
(13)
(14)
(15)
(16)
supervision of any federal agency or any corporation organized or operating
pursuant to Section 25 of the Federal Reserve Act;
"Obligations" means any bonds or notes authorized to be issued by the corporation
under the provisions of KRS 247.940 to 247.978;
"Project" means any undertaking to provide for the financing of the acquisition,
construction, renovation, or improvement of land, buildings, machinery, equipment,
and livestock in the area of agricultural enterprise; including but not limited to
agricultural endeavors such as growing, storing, processing, warehousing,
marketing, and distribution facilities in respect thereof or to provide for refinancing
existing agricultural facilities;
"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
authorization, sale, issuance, delivery, and payment of the corporation's obligations;
and
"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
to 247.978, the proceeds of which may be used in the financing of multiple projects
for two (2) or more applicants.
Effective: July 13, 2004
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
ch. 331, sec. 42, effective July 15, 1986; and ch. 452, sec. 2, effective July 15, 1986.
-- Created 1984 Ky. Acts ch. 374, sec. 2, effective April 11, 1984.
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