CHAPTER 168

H.P. 1049 - L.D. 1430

An Act To Improve Farmer Participation in the Agricultural

Marketing Loan Fund

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 7 MRSA §435, sub-§2, ¶¶A and B, as enacted by PL 1995, c. 658, §1, are amended to read:

A. An agricultural marketing loan for any project under this subchapter, the total cost of which exceeds $50,000 $100,000, may not exceed 45% 75% of the project cost. A loan from the fund may not be provided for such a project unless the applicant demonstrates a commitment of private funds of at least 10% 5% of the total cost of the project; except that, in order to encourage the undertaking of cooperative projects by 2 or more agricultural enterprises, an agricultural marketing loan may not be provided unless the cooperating agricultural enterprises as a group demonstrate a commitment of private funds of at least 5% of the total cost of the project.

B. An agricultural marketing loan for any project under this subchapter, the total cost of which is $50,000 $100,000 or less, may not exceed 55% 90% of the total cost of the project.

Sec. 2. 7 MRSA §435, sub-§2, ¶I is enacted to read: