This can be a bank, savings and loan, insurance company or other lending institution which will loan funds through this program. It can also be a private individual, including the current landowner, if certain requirements are met. After the application has been reviewed and approved by CADA, a closing date will be set. The lender's payment for the bond will pass through CADA to the borrower to fund his or her project. The borrower's payments on the loan are assigned by CADA to the lender, thereby becoming the payments on the bond.
Agricultural land means land suitable for farming or ranching activities.
Any agricultural land financed must be located within the boundaries of the state of Colorado. Agricultural improvements mean any improvements to buildings, structures or fixtures, suitable for use in farming or ranching, which are located on the agricultural land which is purchased through the program. Depreciable agricultural property. Depreciable agricultural property means any personal property suitable for use in farming for which an income tax deduction for depreciation is allowable in computing federal income under the Internal Revenue Code. This includes farm machinery, trucks, etc., but does not include feeder livestock, seed, fertilizer and other types of inventory supplies.