Sec. 1465. SHORT TITLE, PURPOSE, AND DEFINITION
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## SEC. 1465 SHORT TITLE, PURPOSE, AND DEFINITION **[**[7 U.S.C. 4201 note](/us/usc/t7/s4201)**]** ###
(a)Short Title This chapter may be cited as the “Farms for the Future Act of 1990”. ###
(b)Purpose It is the purpose of this chapter to promote a national farmland protection effort to preserve our vital farmland resources for future generations. ###
(c)Definitions As used in this chapter: ####
(1)Allowable interest rate The term “**allowable interest rate**” refers to the interest rate that the State trust fund pays on each eligible loan (including the interest paid by the State trust fund, State, or State agency on bonds or other obligations described in paragraph (2)). ####
(2)Eligible loan The term “**eligible loan**” means each loan made by lending institutions to each State trust fund, or to the State acting in conjunction with the State trust fund, to further the purposes of this chapter, and the proceeds from any issuance of obligations, or other bonded indebtedness, of any eligible State, the State trust fund, or any agency of an eligible State, except that no eligible loan shall bear an interest rate in excess of 10 percent per year. ####
(3)Eligible state The term “**eligible State**” means— #####
(A)the State of Vermont; and #####
(B)at the option of the Secretary and subject to appropriations, any State that— ######
(i)operates or administers a land preservation fund that invests funds in the protection or preservation of farmland for agricultural purposes; and ######
(ii)works in coordination with the governing bodies of counties, towns, townships, villages, or other units of general government below the State level, or with private nonprofit or public organizations, to assist in the preservation of farmland for agricultural purposes. ####
(4)Lending institution The term “**lending institution**” means any Federal or State chartered bank, savings and loan association, cooperative lending agency, other legally organized lending agency, State government or agency, political subdivision of a State, or any nonprofit conservation organization. ####
(5)Program The term “**program**” means the farmland preservation program established under this chapter to be known as the “Agricultural Resource Conservation Demonstration Program”. ####
(6)Secretary The term “**Secretary**” means the Secretary of Agriculture. ####
(7)State The term “**State**” means any State of the United States, the Commonwealth of Puerto Rico, and the Virgin Islands of the United States. ####
(8)State trust fund The term “**State trust fund**” means any trust fund or an account established by an eligible State, or other public instrumentality of the eligible State, where such eligible State is approved to participate by the Secretary in the program under application procedures set forth in section 1466(j) or 1468.
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Sec. 1465
SHORT TITLE, PURPOSE, AND DEFINITION
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