Development facilities and renewable fuel production facilities,certificates of qualifications issued, when--factorsconsidered--rulemaking authority.
30.860. 1. As used in this section, the following terms mean:
(1) "Agricultural commodity", any agricultural product that has beenproduced for purpose of sale or exchange, except for animals whoseprincipal use may be construed as recreational or as a pet;
(2) "Authority", the Missouri agricultural and small businessdevelopment authority organized under sections 348.005 to 348.180, RSMo;
(3) "Borrower", any partnership, corporation, cooperative, or limitedliability company organized or incorporated under the laws of this stateconsisting of not less than twelve members for the purpose of owning oroperating within this state a development facility or a renewable fuelproduction facility in which producer members:
(a) Hold a majority of the governance or voting rights of the entityand any governing committee;
(b) Control the hiring and firing of management; and
(c) Deliver agricultural commodities or products to the entity forprocessing, unless processing is required by multiple entities;
(4) "Development facility", a facility producing either a goodderived from an agricultural commodity or using a process to produce a goodderived from an agricultural product;
(5) "Eligible facility borrower", a development facility or renewalfuel production facility borrower qualified by the authority under thissection to apply for a reduced-rate loan under sections 30.750 to 30.767;
(6) "Renewable fuel production facility", a facility producing anenergy source that is derived from a renewable, domestically grown organiccompound capable of powering machinery, including an engine or power plant,and any by-product derived from such energy source.
2. The authority shall accept applications and issue certificates ofqualification as an eligible facility borrower to development facilitiesand renewable fuel production facilities for purposes of applying forreduced-rate loans under sections 30.750 to 30.767 to finance new costs orrefinance existing debt associated with such facilities. The authority maycharge for each certificate of qualification a one-time fee in an amountnot to exceed the actual cost of issuance of the certificate.
3. In determining whether a facility will qualify as an eligiblefacility borrower, the authority shall consider the following factors:
(1) The borrower's ability to repay the loan;
(2) The general economic conditions of the area in which theagricultural property will be or is located;
(3) The prospect of success of the particular project for which theloan is sought; and
(4) Such other factors as the authority may establish by rule.
4. No reduced rate loan made to an eligible facility borrower undersections 30.750 to 30.767 shall:
(1) Exceed seventy million dollars for any single eligible facilityborrower;
(2) Exceed seventy percent of the total anticipated cost of thedevelopment facility or renewable fuel production facility or, in the caseof refinancing existing debt, ninety percent of the fair market value ofthe development facility or renewable fuel production facility;
(3) Exceed a loan term of five years, except that such loan may beextended up to two additional loan periods of five years each for a maximumtotal loan term of fifteen years; and
(4) When a banking institution or an eligible lending institutionextends credit under the provisions of this section and provides the leadin underwriting the credit, it may enter into a participation agreement,sell part of the loan to third parties, syndicate the loan, or make otherwritten arrangement with financial intermediaries, provided that at alltimes any financial intermediary, participant, purchaser, or other partyobtaining a legal or equitable interest in the loan otherwise qualifies forlinked deposit loans and fully collateralizes those loans as required bythis chapter.
5. The state treasurer may contract with other parties as permittedin section 30.286 and consult with the authority to implement this section.However, the state treasurer shall make the final determination on theplacement of linked deposits of state funds in banking institutions oreligible lending institutions as permitted by the constitution.
6. The state treasurer shall promulgate rules to implement theprovisions of this section. Any rule or portion of a rule, as that term isdefined in section 536.010, RSMo, that is created under the authoritydelegated in this section shall become effective only if it complies withand is subject to all of the provisions of chapter 536, RSMo, and, ifapplicable, section 536.028, RSMo. This section and chapter 536, RSMo, arenonseverable and if any of the powers vested with the general assemblypursuant to chapter 536, RSMo, to review, to delay the effective date, orto disapprove and annul a rule are subsequently held unconstitutional, thenthe grant of rulemaking authority and any rule proposed or adopted afterAugust 28, 2005, shall be invalid and void.
7. The provisions of sections 23.250 to 23.298, RSMo, shall not applyto the provisions of this section.
Development facilities and renewable fuel production facilities,certificates of qualifications issued, when--factorsconsidered--rulemaking authority.
30.860. 1. As used in this section, the following terms mean:
(1) "Agricultural commodity", any agricultural product that has beenproduced for purpose of sale or exchange, except for animals whoseprincipal use may be construed as recreational or as a pet;
(2) "Authority", the Missouri agricultural and small businessdevelopment authority organized under sections 348.005 to 348.180, RSMo;
(3) "Borrower", any partnership, corporation, cooperative, or limitedliability company organized or incorporated under the laws of this stateconsisting of not less than twelve members for the purpose of owning oroperating within this state a development facility or a renewable fuelproduction facility in which producer members:
(a) Hold a majority of the governance or voting rights of the entityand any governing committee;
(b) Control the hiring and firing of management; and
(c) Deliver agricultural commodities or products to the entity forprocessing, unless processing is required by multiple entities;
(4) "Development facility", a facility producing either a goodderived from an agricultural commodity or using a process to produce a goodderived from an agricultural product;
(5) "Eligible facility borrower", a development facility or renewalfuel production facility borrower qualified by the authority under thissection to apply for a reduced-rate loan under sections 30.750 to 30.767;
(6) "Renewable fuel production facility", a facility producing anenergy source that is derived from a renewable, domestically grown organiccompound capable of powering machinery, including an engine or power plant,and any by-product derived from such energy source.
2. The authority shall accept applications and issue certificates ofqualification as an eligible facility borrower to development facilitiesand renewable fuel production facilities for purposes of applying forreduced-rate loans under sections 30.750 to 30.767 to finance new costs orrefinance existing debt associated with such facilities. The authority maycharge for each certificate of qualification a one-time fee in an amountnot to exceed the actual cost of issuance of the certificate.
3. In determining whether a facility will qualify as an eligiblefacility borrower, the authority shall consider the following factors:
(1) The borrower's ability to repay the loan;
(2) The general economic conditions of the area in which theagricultural property will be or is located;
(3) The prospect of success of the particular project for which theloan is sought; and
(4) Such other factors as the authority may establish by rule.
4. No reduced rate loan made to an eligible facility borrower undersections 30.750 to 30.767 shall:
(1) Exceed seventy million dollars for any single eligible facilityborrower;
(2) Exceed seventy percent of the total anticipated cost of thedevelopment facility or renewable fuel production facility or, in the caseof refinancing existing debt, ninety percent of the fair market value ofthe development facility or renewable fuel production facility;
(3) Exceed a loan term of five years, except that such loan may beextended up to two additional loan periods of five years each for a maximumtotal loan term of fifteen years; and
(4) When a banking institution or an eligible lending institutionextends credit under the provisions of this section and provides the leadin underwriting the credit, it may enter into a participation agreement,sell part of the loan to third parties, syndicate the loan, or make otherwritten arrangement with financial intermediaries, provided that at alltimes any financial intermediary, participant, purchaser, or other partyobtaining a legal or equitable interest in the loan otherwise qualifies forlinked deposit loans and fully collateralizes those loans as required bythis chapter.
5. The state treasurer may contract with other parties as permittedin section 30.286 and consult with the authority to implement this section.However, the state treasurer shall make the final determination on theplacement of linked deposits of state funds in banking institutions oreligible lending institutions as permitted by the constitution.
6. The state treasurer shall promulgate rules to implement theprovisions of this section. Any rule or portion of a rule, as that term isdefined in section 536.010, RSMo, that is created under the authoritydelegated in this section shall become effective only if it complies withand is subject to all of the provisions of chapter 536, RSMo, and, ifapplicable, section 536.028, RSMo. This section and chapter 536, RSMo, arenonseverable and if any of the powers vested with the general assemblypursuant to chapter 536, RSMo, to review, to delay the effective date, orto disapprove and annul a rule are subsequently held unconstitutional, thenthe grant of rulemaking authority and any rule proposed or adopted afterAugust 28, 2005, shall be invalid and void.
7. The provisions of sections 23.250 to 23.298, RSMo, shall not applyto the provisions of this section.
Development facilities and renewable fuel production facilities,certificates of qualifications issued, when--factorsconsidered--rulemaking authority.
30.860. 1. As used in this section, the following terms mean:
(1) "Agricultural commodity", any agricultural product that has beenproduced for purpose of sale or exchange, except for animals whoseprincipal use may be construed as recreational or as a pet;
(2) "Authority", the Missouri agricultural and small businessdevelopment authority organized under sections 348.005 to 348.180, RSMo;
(3) "Borrower", any partnership, corporation, cooperative, or limitedliability company organized or incorporated under the laws of this stateconsisting of not less than twelve members for the purpose of owning oroperating within this state a development facility or a renewable fuelproduction facility in which producer members:
(a) Hold a majority of the governance or voting rights of the entityand any governing committee;
(b) Control the hiring and firing of management; and
(c) Deliver agricultural commodities or products to the entity forprocessing, unless processing is required by multiple entities;
(4) "Development facility", a facility producing either a goodderived from an agricultural commodity or using a process to produce a goodderived from an agricultural product;
(5) "Eligible facility borrower", a development facility or renewalfuel production facility borrower qualified by the authority under thissection to apply for a reduced-rate loan under sections 30.750 to 30.767;
(6) "Renewable fuel production facility", a facility producing anenergy source that is derived from a renewable, domestically grown organiccompound capable of powering machinery, including an engine or power plant,and any by-product derived from such energy source.
2. The authority shall accept applications and issue certificates ofqualification as an eligible facility borrower to development facilitiesand renewable fuel production facilities for purposes of applying forreduced-rate loans under sections 30.750 to 30.767 to finance new costs orrefinance existing debt associated with such facilities. The authority maycharge for each certificate of qualification a one-time fee in an amountnot to exceed the actual cost of issuance of the certificate.
3. In determining whether a facility will qualify as an eligiblefacility borrower, the authority shall consider the following factors:
(1) The borrower's ability to repay the loan;
(2) The general economic conditions of the area in which theagricultural property will be or is located;
(3) The prospect of success of the particular project for which theloan is sought; and
(4) Such other factors as the authority may establish by rule.
4. No reduced rate loan made to an eligible facility borrower undersections 30.750 to 30.767 shall:
(1) Exceed seventy million dollars for any single eligible facilityborrower;
(2) Exceed seventy percent of the total anticipated cost of thedevelopment facility or renewable fuel production facility or, in the caseof refinancing existing debt, ninety percent of the fair market value ofthe development facility or renewable fuel production facility;
(3) Exceed a loan term of five years, except that such loan may beextended up to two additional loan periods of five years each for a maximumtotal loan term of fifteen years; and
(4) When a banking institution or an eligible lending institutionextends credit under the provisions of this section and provides the leadin underwriting the credit, it may enter into a participation agreement,sell part of the loan to third parties, syndicate the loan, or make otherwritten arrangement with financial intermediaries, provided that at alltimes any financial intermediary, participant, purchaser, or other partyobtaining a legal or equitable interest in the loan otherwise qualifies forlinked deposit loans and fully collateralizes those loans as required bythis chapter.
5. The state treasurer may contract with other parties as permittedin section 30.286 and consult with the authority to implement this section.However, the state treasurer shall make the final determination on theplacement of linked deposits of state funds in banking institutions oreligible lending institutions as permitted by the constitution.
6. The state treasurer shall promulgate rules to implement theprovisions of this section. Any rule or portion of a rule, as that term isdefined in section 536.010, RSMo, that is created under the authoritydelegated in this section shall become effective only if it complies withand is subject to all of the provisions of chapter 536, RSMo, and, ifapplicable, section 536.028, RSMo. This section and chapter 536, RSMo, arenonseverable and if any of the powers vested with the general assemblypursuant to chapter 536, RSMo, to review, to delay the effective date, orto disapprove and annul a rule are subsequently held unconstitutional, thenthe grant of rulemaking authority and any rule proposed or adopted afterAugust 28, 2005, shall be invalid and void.
7. The provisions of sections 23.250 to 23.298, RSMo, shall not applyto the provisions of this section.
