247.942 Definitions for KRS 247.940 to 247.978.

599 words·~3 min read·/ky/chapter-247/247-942

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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

supervision of any federal agency or any corporation organized or operating

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,

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;

(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

authorization, sale, issuance, delivery, and payment of the corporation's obligations;

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

to 247.978, the proceeds of which may be used in the financing of multiple projects

for two

(2)or more applicants.