58-244. Authority; agricultural projects; adopt rules and regulations.

363 words·~2 min read·/ne/chapter-58/58-244

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

Prior to exercising any of the powers granted under the Nebraska Investment Finance Authority Act regarding agricultural projects as defined in subdivision

(2)of section 58-219 , the authority shall adopt rules and regulations governing its activities authorized under the act, including rules and regulations relating to any or all of the following:

(1)Procedures for the submission of requests or invitations and proposals for making loans to lenders and the investment in, purchase, assignment, and sale of loans;

(2)The reinvestment by lenders of the proceeds or an equivalent amount from any loan to lenders or the investment in or purchase by the authority or the assignment or sale of loans to the authority in loans to provide for financing agricultural enterprises;

(3)The number and location of agricultural projects and other characteristics of agricultural enterprises, including, to the extent reasonably possible, assurance that the agricultural enterprises to be financed by an issue of bonds or series of issues will improve employment conditions or otherwise enhance the welfare of persons in the agricultural sector, as determined by the authority, to be financed directly or indirectly by the authority pursuant to the act;

(4)Rates, fees, charges, and other terms and conditions of originating or servicing loans in order to protect against realization of an excessive financial return or benefit by the originator or servicer;

(5)The type and amount of collateral or security to be provided to insure repayment of loans made by the authority;

(6)The type of collateral, payment bonds, performance bonds, or other security to be provided for any construction loans made by a lender;

(7)The nature and amount of fees to be charged by the authority to provide for expenses and reserves of the authority;

(8)Standards and requirements for the allocation of available money among lenders and the determination of the maturities, terms, conditions, and interest rates for loans made, purchased, sold, assigned, or committed pursuant to the act;

(9)Commitment requirements for agricultural financing by lenders involving money provided directly or indirectly by the authority; and

(10)Any other matters related to the duties or exercise of the authority's powers or duties under the act.