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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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