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175-5
175.5 GUIDING PRINCIPLES.
In the performance of its duties, implementation of its powers,
selection of specific programs and projects to receive its
assistance, the authority shall be guided by the following
principles:
1. The authority shall not become an owner of real or depreciable
property, except on a temporary basis where necessary in order to
implement its programs, to protect its investments by means of
foreclosure or other means, or to facilitate transfer of real or
depreciable property for the use of beginning farmers.
2. The authority shall exercise diligence and care in selection
of projects to receive its assistance and shall apply customary and
acceptable business and lending standards in selection and subsequent
implementation of the projects. The authority may delegate primary
responsibility for determination and implementation of the projects
to any federal governmental agency which assumes any obligation to
repay the loan, either directly or by insurance or guarantee.
3. The authority shall establish a beginning farmer loan program
to aid beginning farmers in the acquisition of agricultural land and
improvements and depreciable agricultural property.
4. The authority shall develop programs for providing financial
assistance to agricultural producers in this state. Section History: Early Form
[C81, § 175.5] Section History: Recent Form
86 Acts, ch 1026, § 4
