reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 1 - General Provisions › Section III-123 - Program Description; Procedures Required for Funding of Loans with LAFA Bond Proceeds

Current through Register Vol. 50, No. 6, June 20, 2024
A. Loan
				applicants (i.e., borrowers) will initially apply for a loan to a participating
				lender and must be approved by the lender. Borrowers must meet all eligibility
				criteria established by these regulations and by individual lenders for
				conventional agricultural loans.
B.
				After a lender approves a borrower for a loan, the lender will apply to LAFA
				for a determination of the project's eligibility for tax-exempt bond proceeds
				and, if the project is approved by LAFA, for issuance of a bond. To apply for
				LAFA approval of a loan, the lender shall submit the following documents to
				LAFA, each to be submitted on the form provided by LAFA in fully-executed form:
1. the offer, to be executed by the lender,
				which must contain the lender's commitment to originate a loan to each eligible
				borrower;
2. the loan terms
				schedule, which must specify the principal amount, the interest rate, and the
				amortization schedule of the loan to be funded;
3. the borrower's certificate, to be executed
				by the borrower;
4. a letter from
				lender's credit or loan committee or an authorized officer that lender has
				completed a satisfactory review of each borrower's credit-worthiness;
				and
5. the borrower's application
				fee, payable to LAFA.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 1 - General Provisions › Section III-125 - Causes for Termination of Loan Purchase Agreement

Current through Register Vol. 50, No. 6, June 20, 2024
A. LAFA may terminate a loan purchase
				agreement with any lender in any of the following circumstances:
1. lenders failure to pay loan note
				repayments over to the trustee if such failure continues for a period of five
				days;
2. lenders failure to observe
				or perform in any material respect any other covenant or condition of a loan
				purchase agreement for more than 30 days after receipt of written notice
				thereof from LAFA or the trustee. Prior to the expiration of such period, LAFA
				may extend the period by written authorization. If the failure stated in the
				notice cannot be corrected within 30 days, LAFA will not unreasonably withhold
				its consent to an extension of such time if corrective action is instituted by
				the lender within the applicable period;
3. if any representation of or warranty by
				lender to LAFA is false in any material respect and LAFA has notice
				thereof;
4. the issuance of an
				order against the lender by any court or other supervisory authority having
				jurisdiction in the premises for the appointment of a conservator, receiver, or
				liquidator in any insolvency, readjustment of debt, marshaling of assets and
				liabilities, or liquidation of lender's affairs which remains in force
				undischarged or unstated for a period of 60 days;
5. lender's consent to the appointment of a
				conservator, receiver, or liquidator in any insolvency, readjustment of debt,
				marshaling of assets and liabilities, or similar proceedings relating to lender
				or all or substantially all of its property;
6. lender's admission, in writing, of its
				inability to pay its debts generally as they become due, filing of a petition
				to take advantage of any applicable insolvency or reorganization statute,
				making an assignment for the benefit of its creditors, or voluntarily
				suspending payment of its obligations.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 1 - General Provisions › Section III-127 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. The following
				definitions shall apply to §§127-137, which are sections pertaining to the
				Louisiana Agricultural Finance Authority Securitized Agricultural Revenue Bond
				Program.
Act
-the Louisiana Agricultural Finance Act,
				  Chapter 3-B of Title 3 of the Louisiana Revised Statutes of 1950, as amended
				  (R.S.
				  3:261-R.S.
				  3:284).
Agreements
-agreements by which the issuer
				  agrees to purchase from lenders certain agricultural loans.
Agricultural Loan
-a loan made by a lender to
				  any person for the purpose of financing land acquisition or improvement, soil
				  conservation; irrigation; construction, renovation, or expansion of buildings
				  and facilities; purchase of farm fixtures, livestock, poultry and fish of any
				  kind; seeds; fertilizers; pesticides; feeds; machinery; equipment; containers
				  or supplies employed in the production, cultivation, harvesting, storage,
				  marketing, distribution, or export of agricultural products.
Borrower
-any person engaged in agricultural
				  production or exportation who has entered into an agricultural loan with a
				  lender.
Co-Trustee
-Premier Bank, formerly known as
				  the Louisiana National Bank of Baton Rouge.
Indenture
-the Trust Indenture and its
				  exhibits by and among the Louisiana Agricultural Finance Authority and Capitol
				  Bank and Trust Company now known as Sunburst Bank, as Trustee and Louisiana
				  National Bank of Baton Rouge, now known as Premier Bank, as Co-Trustee dated as
				  of September 15, 1986. This document is identified as Exhibit A and may be
				  obtained in its entirety from the Department of Agriculture and Forestry,
				  Agriculture Finance Authority, 5825 Florida Boulevard, Baton Rouge, LA
				  70806.
Issuer
-the Louisiana Agricultural Finance
				  Authority (LAFA).
Lenders
-any leading institution as defined
				  in the Act which institution either:
a. sells an agricultural loan to the trustee; or
b. enters into a repurchase obligation with the trustee.
Trustee
-Sunburst Bank, formerly known as
				  Capitol Bank and Trust Company.
B. All capitalized, undefined terms used
				herein shall have the meanings ascribed thereto in the
indenture
and its exhibits.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  3:266(4).
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 1 - General Provisions › Section III-129 - Definition of Program

Current through Register Vol. 50, No. 6, June 20, 2024
A. Under the
				Act, the issuer is authorized to issue revenue bonds to alleviate the serious
				shortage of capital and credit available for investment in agriculture, for
				domestic and export purposes, at interest rates within the financial means of
				persons engaged in agricultural production and agricultural exports. The Act
				also authorizes the issuer:
1. to purchase or
				make contracts to purchase agricultural loans made by lenders to borrowers;
				and
2. to make loans or contract to
				make loans to and deposits with certain lending institutions, who will in turn
				make agricultural loans to borrowers with the proceeds.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 1 - General Provisions › Section III-133 - The Credit Provider

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				following financial institutions shall qualify as credit providers and shall
				meet the following conditions.
1. A savings
				and loan association insured by FSLIC may act as credit provider and shall
				deliver a letter of credit and in the event such savings and loan association
				does not have a long-term unsecured debt rating by Standard and Poor's
				Corporation at least equal to the initial rating on the bonds, such letter of
				credit shall be collateralized in accordance with a Collateral Pledge Agreement
				(FSLIC) which shall be delivered to the Trustee.
2. A national bank may act as a credit
				provider and if it does not have a long-term credit rating at least equal to
				the initial rating on the bonds, shall enter into a repurchase obligation which
				shall be delivered to the trustee.
3. Any national bank which has an unsecured
				long-term debt rating by Standard and Poor's Corporation at least equal to the
				initial rating on the bonds may act as a credit provider and shall deliver an
				unsecured letter of credit.
4. A
				state chartered bank insured by FDIC may act as a credit provider and shall
				deliver a letter of credit, and in the event such state-chartered bank does not
				have a long-term unsecured debt rating by Standard and Poor's Corporation at
				least equal to the initial rating on the bonds, such letter of credit shall be
				collateralized in accordance with a Collateral Pledge Agreement (FDIC) which
				shall be delivered to the trustee.
5. Any other legal entity may act as a credit
				provider which has a long-term unsecured debt rating (or, in the case of an
				insurance company, a claims-paying ability rating) by Standard and Poor's
				Corporation at least equal to the initial rating on the bonds and may only
				deliver a guaranty.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 1 - General Provisions › Section III-137 - Amendment to Program Guidelines

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The Program Guidelines, Exhibit B of the indenture, may not be amended by the
				issuer, trustee, or co-trustee at any time.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  3:266(4).
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 1 - General Provisions › Section III-138 - Funding Forms › Exhibit III-A - TRUST INDENTURE

Current through Register Vol. 50, No. 6, June 20, 2024
This exhibit may
					 be obtained in its entirety from the Department of Agriculture and Forestry,
					 Agricultural Finance Authority, 5825 Florida Boulevard, Baton Rouge, LA
					 70806.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 1 - General Provisions › Section III-138 - Funding Forms › Exhibit III-B - FORM OF PROPOSAL TO SELL

Current through Register Vol. 50, No. 6, June 20, 2024
AGRICULTURAL LOANS
LOUISIANA AGRICULTURAL
FINANCE AUTHORITY
SECURITIZED AGRICULTURAL
REVENUEBOND PROGRAM
Louisiana Agricultural Finance Authority
12055 Airline Highway
Baton Rouge, Louisiana 70816
Sir:
The (Name of Lender) (the "Lender") hereby requests to
					 participate in the Securitized Agricultural Revenue Bond Program of the
					 Louisiana Agricultural Finance Authority (the "Authority").
1. Name of Lender
2. Jurisdiction of Organization and Date of
				  Incorporation
3. Address and
				  Telephone Number of Principal Officer
4. Name and Title of Person to whom
				  correspondence with regard to this Program should be addressed.
5. Description of Loans. Please provide the
				  following information with respect to each existing or proposed loan which the
				  lender desires to sell.
a. Total amount of
				  loan
b. Date of loan
c. Eligible loan
i. When does the loan mature?
ii. How is principal payable (e.g., monthly,
				  quarterly, semiannually, annually, at maturity)?
iii. How is interest payable (e.g., monthly,
				  quarterly, semiannually, annually, at maturity)?
iv. What is the interest rate on the
				  loan?
d. Please attach
				  the amortization schedule of the loan, showing when principal is payable (e.g.,
				  monthly, quarterly, semiannually, annually, at maturity), when the principal
				  comes due and on what dates.
e.
				  Project financed
i. location
ii. description of project
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 1 - General Provisions › Section III-138 - Funding Forms › Exhibit III-C - CONDITIONAL APPROVAL

Current through Register Vol. 50, No. 6, June 20, 2024
(Lender)
Sir:
You are hereby notified that your proposal to sell
					 agricultural loans to the Louisiana Agricultural Finance Authority
					 ("Authority") has been tentatively approved pending completion of and signing
					 an agricultural loan purchase agreement, a form of which is enclosed. This
					 approval is based upon the information and representations provided by you in
					 your proposal to sell agricultural loans application and is expressly
					 conditional upon the accuracy of such information and timely completion of the
					 agricultural loan purchase agreement.
Pursuant to our earlier correspondence, the terms of the
					 loan following the purchase by the authority shall be as follows:
(Terms of Refinanced Loan)
Please execute and return the enclosed agricultural loan
					 purchase agreement within fourteen days of the postmark of this conditional
					 approval to the offices of the Louisiana Agricultural Finance Authority,
					 Department of Agriculture, 12055 Airline Highway, Baton Rouge, LA 70816,
					 Attention: Director. If the agricultural loan purchase agreement is not
					 received by the authority within fourteen days of the postmark on the letter
					 delivering the conditional approval, the authority may discontinue
					 consideration of the applicant's loan purchase.
Sincerely,
LOUISIANA AGRICULTURAL
FINANCE AUTHORITY
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 1 - General Provisions › Section III-138 - Funding Forms › Exhibit III-D - FORM OF PROPOSAL TO ENTER INTO REPURCHASE OBLIGATION

Current through Register Vol. 50, No. 6, June 20, 2024
LOUISIANA AGRICULTURAL
FINANCE AUTHORITY
SECURITIZED AGRICULTURAL
REVENUE BOND PROGRAM
Louisiana Agricultural Finance Authority
12055 Airline Highway
Baton Rouge, LA 70816
Sir:
The (Name of National Bank), a national banking association
					 organized and existing under the laws of the United States, (the "Bank") hereby
					 requests to participate in the securitized agricultural revenue bond program of
					 the Louisiana Agricultural Finance Authority (the "Authority").
1. Name of bank.
2. Date of incorporation.
3. Address and telephone number of principal
				  office.
4. Name and title of person
				  to whom correspondence with regard to this program should be
				  addressed.
5. Description of loans.
				  Please provide the following information with respect to each proposed loan
				  which the bank desires to make.
a. Total
				  amount of loan
b. Date of
				  loan
c. Eligible loan
i. When will the loan mature?
ii. How is principal payable (e.g. monthly,
				  quarterly, semiannually, annually, at maturity)?
iii. How is interest payable (e.g. monthly,
				  quarterly, semiannually, annually, at maturity)?
d. Please attach the amortization schedule of
				  the loan, showing when principal is payable (e.g. monthly, quarterly,
				  semiannually, annually, at maturity), when the principal comes due and on what
				  dates.
e. Project financed
i. Location
ii. Description of project
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 1 - General Provisions › Section III-138 - Funding Forms › Exhibit III-E - CONDITIONAL APPROVAL

Current through Register Vol. 50, No. 6, June 20, 2024
(National Bank)
Sir:
You are hereby notified that your proposal to enter into
					 repurchase obligation to the Louisiana Agricultural Finance Authority
					 ("Authority") has been tentatively approved pending completion of and signing a
					 repurchase obligation, a form of which is enclosed. This approval is based upon
					 the information and representations provided by you in your proposal to enter
					 into repurchase obligation application and is expressly conditioned upon the
					 accuracy of such information and timely completion of the repurchase
					 obligation.
Pursuant to our earlier correspondence, the terms of the
					 loan shall be as follows:
(Terms of Refinanced Loan)
Please execute and return the enclosed repurchase
					 obligation within fourteen days of the postmark of this conditional approval to
					 the offices of the Louisiana Agricultural Finance Authority, Department of
					 Agriculture, 12055 Airline Highway, Baton Rouge, LA 70816, Attention: Director.
					 If the Repurchase Obligation is not received by the Authority within fourteen
					 days of the postmark on the letter delivering this Conditional Approval, the
					 Authority may discontinue consideration of the applicant's loan.
Sincerely,
LOUISIANA AGRICULTURAL FINANCE AUTHORITY
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 1 - General Provisions › Section III-138 - Funding Forms › Exhibit III-F - ELIGIBLE COLLATERAL AND COLLATERAL LEVELS

Current through Register Vol. 50, No. 6, June 20, 2024
REPURCHASE OBLIGATIONS
Type of Collateral Security
Percentage of Market Value to be Sold
FHLMC Participation
								Certificates1
158.0%
GNMA Pass-Through
								Certificates1
147.0%
FNMA Pass-Through
								Certificates1
158.0%
Cash and Federal Funds
100.0%
Government Securities2
								with a remaining term to Maturity of up to and including:
one year
108.0%
five years
128.0%
ten years
135.0%
fifteen years
140.0%
thirty years
150.0%
LETTERS OF CREDIT/GUARANTIES
Type of Collateral Security
Percentage of Market Value to be Pledged
FHLMC Participation
								Certificates1
158.0%
GNMA Pass-Through
								Certificates1
147.0%
FNMA Pass-Through
								Certificates1
158.0%
Cash and Federal Funds
100.0%
Government Securities2
								with a remaining term to Maturity of up to and including:
one year
108.0%
five years
128.0%
ten years
135.0%
fifteen years
140.0%
thirty years
150.0%
FHA/VA Mortgage Notes3
150.0%
Conventional Mortgage
								Notes3
150.0%
Conventional Mortgage
								Notes-ARMS3
170.0%
FHA/VA Mortgage
								Notes-ARMS3
170.0%
1 Assumptions:
1. Certificates represent undivided interest
				  in pool of fixed-rate single family mortgage loans with no further negative
				  amortization.
2. Registered in name
				  of, and held by, bond trustee.
3.
				  Collateral cash flow released to collateral provider so long as requisite
				  collateral level maintained.
4.
				  Collateral levels assume collateral proceeds will cover up to six months of
				  accrued interest at maximum rate of 12 percent/annum.
5. Collateral securities marked to market on
				  a monthly basis.
6. Collateral
				  provider has two business days to cause any deficiency in collateral level
				  requirement.
7. Collateral cannot
				  be valued in an amount greater then the lesser of
a. 100 percent of its redemption value
				  of
b. 100 percent of its maturity
				  value.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 1 - General Provisions › Section III-139 - Meaning of National Bank

Current through Register Vol. 50, No. 6, June 20, 2024
A. For any
				and all programs and regulations that Louisiana Agricultural Finance Authority
				(LAFA) has implemented or will implement, LAFA hereby deems the term "national
				bank" to include banks of foreign nations which are national in scope of
				operations in their domicile nation.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  3:266(4).
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 1 - General Provisions › Section III-141 - Construction of Maximum Amounts of Loans

Current through Register Vol. 50, No. 6, June 20, 2024
A. Wherever regulations adopted or to be
				adopted by Louisiana Agricultural Finance Authority (LAFA) establish a maximum
				dollar amount of a transaction or loan that LAFA may purchase or sell or
				contract to purchase or sell but do not expressly place a restriction on the
				number of transactions or loans that any one borrower may receive or be
				involved with, the maximum dollar amount shall apply only to each transactions
				or loan and shall not restrict the number of transactions or loans per
				borrower. Accordingly, all regulations that are intended to prohibit multiple
				transactions or loans to or with borrowers shall expressly limit the number of
				transactions or loans per borrower.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  3:266(4).
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 3 - Farm and Agribusiness Recovery and Loan Program › Section III-301 - Farm and Agribusiness Recovery and Loan Program; Establishment of; Purpose; Limitations; Terms

Current through Register Vol. 50, No. 6, June 20, 2024
A. The Farm and
				Agribusiness Recovery and Loan Program is hereby established.
B. The Farm and Agribusiness Recovery and
				Loan Program provides loans, grants, or a combination thereof to agricultural
				producers or agribusinesses for the purpose of aiding in the recovery from the
				2008 hurricanes, Gustav and Ike, and to subsequently provide Louisiana
				agricultural producers and agribusinesses additional financial resources for
				recovery from any future disasters and for the maintenance and growth of
				agriculture in Louisiana.
C. The
				limits on loans and grants from the Farm and Agribusiness Recovery and Loan
				Program are as follows:
1. Agricultural
				producers may receive a minimum of $10,000 and up to a maximum of $100,000. The
				amount provided shall be a combination of an 80 percent loan and 20 percent
				grant.
2. Agribusinesses may
				receive a minimum of $10,000 and up to a maximum of $250,000 in the form of a
				direct loan.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 3 - Farm and Agribusiness Recovery and Loan Program › Section III-303 - Eligibility of Applicant

Current through Register Vol. 50, No. 6, June 20, 2024
A. An
				agricultural producer experiencing a 2008 storm related loss shall be eligible
				to receive money from the Farm and Agribusiness Recovery and Loan Program upon
				meeting the following requirements:
1. the
				farm upon which a loss occurred must be located in Louisiana;
2. active agricultural operations must have
				been ongoing before the 2008 storms occurred and continue to be ongoing
				thereafter;
3. a minimum annual
				gross revenue of $25,000 from the agricultural operations must have been
				received in 2007 or in 2008 prior to the storms;
4. suffered a minimum storm related loss of
				$10,000;
5. employed one or more
				person (including owner) full time during the previous year.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 3 - Farm and Agribusiness Recovery and Loan Program › Section III-305 - Application Procedure and Forms

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The application period shall be publicly announced or published in a manner
				that will fairly put agricultural producers and agribusinesses on notice of the
				Farm and Agribusiness Recovery and Loan Program and the start and end of the
				application period.
B. Only
				application forms prepared by LAFA for this purpose may be used.
C. Every applicant for a loan or grant shall
				submit the following documents to LAFA.
1.
				The completed application form signed by the agricultural producer or
				agribusiness, if a sole proprietorship. If the agricultural producer or
				agribusiness is not a sole proprietorship then the application form must be
				signed by all owners or by a duly authorized representative. The authorization
				of a representative to sign on behalf of an agricultural producer or
				agribusiness must be shown by a power of attorney, corporate resolution or
				other expression of authority that is consistent with the legal form of the
				agricultural producer or agribusiness.
2. Proof of identity of the signer of the
				application. One or more of the following may be used as proof of identity:
a. birth certificate;
b. government issued photo identification or
				other documentation acceptable to the agricultural loan committee.
3. Proof of address of the farm or
				agribusiness. One or more of the following may be used as proof of address:
				copy of utility bill, Louisiana tax return from the previous year, lease
				agreement, business license, USDA Farm Service Administration (FSA)
				certification, or other documentation acceptable to the agricultural loan
				committee.
4. Proof of Ownership of
				the Farm or Agribusiness. One or more of the following may be used as proof of
				ownership: tax returns with appropriate schedules, stock certificates with
				proof of total number of shares, or other documentation acceptable to the
				agricultural loan committee.
5.
				Proof of Employees. One or more of the following may be used as proof of
				employees: Federal form 941, Louisiana unemployment tax records, internal
				payroll register, or other documentation acceptable to the agricultural loan
				committee.
6. Proof of Revenue. One
				or more of the following may be used as proof of gross revenues: Federal tax
				returns with appropriate schedules, actual revenue receipts, or other
				documentation acceptable to the agricultural loan committee.
7. The agricultural loan committee may
				require an applicant to supply; tax returns with appropriate schedules,
				insurance claim forms, settlement sheets, FSA declarations, receipts for
				replacement, or other documentation when such documentation is needed by the
				agricultural loan committee in deciding whether to approve or deny an
				application.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 3 - Farm and Agribusiness Recovery and Loan Program › Section III-307 - Approval of Application

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				applicant must provide all required information at least 10 working days prior
				to the meeting of the agricultural loan committee where the application will be
				considered, unless partial submission is allowed by LAFA's staff or the
				agricultural loan committee.
B. The
				agricultural loan committee may require terms and conditions that are not
				included in other loan/grants to be in a particular loan/grant based on the
				circumstances of each individual loan/grant so long as such terms and
				conditions are consistent with these regulations.
C. The agricultural loan committee may
				authorize LAFA's director to negotiate additional terms and conditions for a
				specific loan/grant within the parameters established by these regulations and
				the instructions of the agricultural loan committee.
D. The agricultural loan committee shall
				review each loan application and approve or deny the application, after
				consideration of the application, supporting documentation, comments of the
				applicant, and staff recommendations. However, the agricultural loan committee
				may defer action on an application to obtain additional information.
E. Within three business days after an
				application has been acted upon by the agricultural loan committee notice of
				the decision shall be sent to the applicant. Notification may be by U.S. mail,
				private commercial courier, hand delivery by an employee of the department,
				fax, e-mail, or other electronic means. However, whatever the means of
				notification used must be designed to verify receipt of the notification by the
				applicant.
AUTHORITY NOTE:
				  Promulgated in accordance with R. S.
				  3:266.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 3 - Farm and Agribusiness Recovery and Loan Program › Section III-309 - Agricultural Loan Committee; Establishment of; Purpose; Membership; Quorum

Current through Register Vol. 50, No. 6, June 20, 2024
A. The agricultural
				loan committee is hereby established to consider and act on applications for
				loans or grants, or a combination of both made pursuant to this Part.
B. The agricultural loan committee shall
				consist of the following seven members:
1.
				the Commissioner of Agriculture and Forestry or his designee;
2. the Chancellor of the LSU AgCenter or his
				designee;
3. the Chancellor of the
				Southern University AgCenter or his designee;
4. the President of the Louisiana Farm Bureau
				Federation or his designee;
5. the
				Assistant Commissioner of Agriculture and Forestry, Office of Management and
				Finance or his designee;
6. one
				member at large appointed by the Commissioner of Agriculture and
				Forestry;
7. the Director of LAFA
				or his designee.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 3 - Farm and Agribusiness Recovery and Loan Program › Section III-311 - Disbursement of Funds

Current through Register Vol. 50, No. 6, June 20, 2024
A. After the
				agricultural loan committee has approved an application the proceeds of the
				loan/grant shall be disbursed by LAFA's staff upon the signing of the loan or
				grant documents by the applicant and LAFA's director.
B. If the total amount of proceeds to be
				disbursed under the Louisiana Farm and Agribusiness Recovery and Loan Program
				exceeds the amount of money available for the program then the amount received
				by each approved applicant shall be reduced on a pro-rata basis.
AUTHORITY NOTE:
				  Promulgated in accordance with R. S.
				  3:266.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 3 - Farm and Agribusiness Recovery and Loan Program › Section III-313 - Use of Loan and Grant Proceeds

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Loan and grant proceeds may be used to:
1.
				pay current year expenses that are related to the preparation, planting,
				management and harvesting the current year crop as specified;
2. pay down or pay off existing crop
				production loans, if a financial institution has committed itself to furnish
				sufficient funding for preparing, planting, managing and harvesting the current
				year crop;
3. pay operating
				expenses (rent, insurance, utilities, etc.);
4. purchase inventory;
5. pay or refinance more expensive
				business-related debt to improve cash flow.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 3 - Farm and Agribusiness Recovery and Loan Program › Section III-315 - Delinquencies and Defaults

Current through Register Vol. 50, No. 6, June 20, 2024
A. A loan
				shall become delinquent if the full monthly or periodic payment is not received
				within 10 calendar days following the due date or the loan is otherwise in
				default for non-compliance with any other provision of the loan.
1. Written notification of a delinquency
				shall be sent to the borrower giving the borrower the opportunity to cure the
				cause for the delinquency within 30 days from the date of the notice plus
				payment of any late fee.
2. If the
				delinquency is due to late payment, the director of LAFA, when he determines
				that such payment arrangements are justified by the circumstances, may make
				payment arrangements with the borrower to cure the delinquency before reporting
				the loan to the LAFA Board as a delinquent loan.
3. If the delinquency is not timely cured,
				the delinquent loan shall be reported to the LAFA Board, which may review and
				take action on the delinquent loan at any meeting of the board.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 5 - 2016 Louisiana Farm Recovery Grant Program › Section III-501 - 2016 Louisiana Farm Recovery Grant Program; Establishment; Purpose; Limitations

Current through Register Vol. 50, No. 6, June 20, 2024
A. The 2016
				Louisiana Farm Recovery Grant Program is hereby established.
B. The 2016 Louisiana Farm Recovery Grant
				Program provides a 100 percent grant to agricultural producers for working
				capital expenses related to the 2017 planting year for the purpose of aiding in
				the recovery from the 2016 floods.
C. The limits on the grants from the 2016
				Louisiana Farm Recovery Grant Program are as follows.
1. Agricultural producers may receive a
				maximum grant of $100,000.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 5 - 2016 Louisiana Farm Recovery Grant Program › Section III-503 - Eligibility of Applicant

Current through Register Vol. 50, No. 6, June 20, 2024
A. An
				agricultural producer experiencing a 2016 flood related loss shall be eligible
				to receive money from the 2016 Louisiana Farm Recovery Grant Program upon
				meeting all of the following requirements.
1.
				The farm upon which a loss occurred must be located in one of the following
				parishes: Acadia, Allen, Ascension, Avoyelles, Beauregard, Bienville, Bossier,
				Caddo, Calcasieu, Caldwell, Catahoula, Claiborne, DeSoto, East Baton Rouge,
				East Carroll, East Feliciana, Evangeline, Franklin, Grant, Iberia, Iberville,
				Jackson, Jefferson Davis, Lafayette, LaSalle, Lincoln, Livingston, Madison,
				Morehouse, Natchitoches, Ouachita, Point Coupee, Rapides, Red River, Richland,
				Sabine, St. Helena, St. James, St. Landry, St. Martin, St. Tammany, Tangipahoa,
				Union, Vermilion, Vernon, Washington, Webster, West Baton Rouge, West Carroll,
				West Feliciana or Winn.
2. Active
				agricultural operations must have been ongoing before March 1, 2016 and
				continue to be ongoing in 2017.
3.
				The applicant must have annual gross farm revenue of $25,000 in 2014, 2015 or
				2016.
4. The applicant must have
				suffered a minimum storm related loss of $10,000 as determined by the crop loss
				calculator.
5. The applicant must
				have grown one of the following crops in 2016: cattle, corn, cotton, crawfish,
				grain sorghum, hay, rice, soybeans, strawberries, sugarcane, sweet potatoes or
				wheat.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 5 - 2016 Louisiana Farm Recovery Grant Program › Section III-505 - Application Procedure and Forms

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The application period shall be publicly announced or published in a manner
				that fairly puts agricultural producers on notice of the 2016 Louisiana Farm
				Recovery Grant Program and the start and end of the application
				period.
B. Only application forms
				prepared by LAFA for this purpose may be used.
C. Each applicant for a grant shall submit
				all of the following documents to LAFA.
1.
				The completed application form signed by the agricultural producer, if a sole
				proprietorship. If the agricultural producer is not a sole proprietorship then
				the application form must be signed by all owners, unless an applicant has more
				than 10 owners.
2. Proof of
				Identity of the Signer of the Application. A government issued photo
				identification must be presented.
3. Proof of Address of the Farm. One or more
				of the following may be used as proof of address:
a. a copy of utility bill;
b. Louisiana tax return from the previous
				year;
c. lease agreement;
d. map;
e. title to land; or
f. a USDA Farm Service Administration (FSA)
				certification.
4. Proof
				of Ownership of the Farm. Tax returns with appropriate schedules must be
				presented.
5. Proof of National
				Objective. One or more of the following may be used as proof of employees:
a. federal Form 941;
b. LMI form;
c. Louisiana unemployment tax records;
				or
d. internal payroll
				register.
6. Proof of
				Revenue. Tax returns with appropriate schedules must be presented.
7. Proof of Crop Loss. A completed crop loss
				calculator must be presented.
8.
				Proof of Harvesting an Eligible Crop in 2016. Tax returns with appropriate
				schedules must be presented in calendar year 2017.
9. Proof of Planting or Harvesting an
				Eligible Crop in 2017. Paid receipts, invoices, copies of checks or other
				evidence must be presented for expenses in calendar year 2017.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 5 - 2016 Louisiana Farm Recovery Grant Program › Section III-507 - Disbursement of Funds

Current through Register Vol. 50, No. 6, June 20, 2024
A. After the LAFA
				staff has approved an application, the proceeds of the grant shall be disbursed
				by LAFAs staff upon the signing of the grant documents by the applicant and
				LDAFs director of grant recovery programs.
B. If the total amount of proceeds to be
				disbursed under the 2016 Louisiana Farm Recovery Grant Program exceeds the
				amount of available money then the amount received by each approved applicant
				shall be reduced on a pro-rata basis.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  3:266.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 5 - 2016 Louisiana Farm Recovery Grant Program › Section III-509 - Use of Grant Proceeds

Current through Register Vol. 50, No. 6, June 20, 2024
A. Grant
				proceeds may be used to pay current year working capital expenses that are
				related to the preparation, planting, management and harvesting the current
				year crop including, but limited to feed, bait, seed, fertilizer, fuel,
				chemicals, herbicides, crawfish traps, office supplies, insurance, utilities,
				labor/payroll, veterinarian services and supplies, custom harvester, custom
				aerial applicator, and written land leases for crawfish producers.
B. Grant proceeds may not be used for any of
				the following:
1. acquisition of buildings or
				land;
2. new construction or
				reconstruction;
3. repayment or
				refinancing loans;
4. payments of
				tax arrearages, government fines or penalties;
5. political or religious
				activities;
6. buying out any
				stockholder or equity holder in a business;
7. buying out or reimbursing any family
				member;
8. investing in instruments
				or investments for the sole purpose of a return on investment;
9. a loss or expense for which insurance
				benefits has been or will be paid or financial assistance that has been or will
				be provided from federal, state or any other source;
10. purchasing or repairing of
				equipment;
11. placing new land
				into production.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 7 - Louisiana Agricultural Workforce Development Program › Section III-701 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				these rules is to:
1. establish eligibility
				requirements of the Louisiana Agricultural Workforce Development
				program;
2. establish eligibility
				requirements for agricultural businesses and interns for participation in the
				program;
3. establish application
				processes for agricultural businesses and intern candidates seeking approval to
				become program participants;
4.
				establish qualification requirements for reimbursement of internship costs
				within the program; and
5.
				establish processes for reimbursement of internship costs to participating
				agricultural businesses.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 7 - Louisiana Agricultural Workforce Development Program › Section III-703 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. The words and
				terms defined in
				R.S.
				3:285 are applicable to this
				Chapter.
B. The following words and
				terms are defined for purposes of this Chapter and are applicable to this
				Chapter.
Actual Cost
-the wages paid to an intern,
				  reasonable allocation of fixed overhead expenses, and all incidental costs
				  directly related to the internship.
Agricultural Business
-an agricultural
				  producer, or a person or legal entity who engages in agriculture or provides
				  support activities, products, or services to an agricultural producer and such
				  products or services that are directly related to the planting, growing,
				  production, harvesting, or processing of Louisiana products.
Beginning Farmer
-a farmer, rancher, or
				  operator of non-industrial private forestland who is in the first 10 years of
				  operation or a person intending or aspiring to begin such an operation.
Commissioner
-the commissioner of the
				  Department of Agriculture and Forestry.
Department
-the Department of Agriculture and
				  Forestry.
Director
-the director of the Louisiana
				  Agricultural Finance Authority (LAFA).
Immediate Family Member
-the spouse, parent,
				  sibling, or child of the owner, manager, chief executive officer, or president
				  of an agricultural business; a person to whom the owner, manager, chief
				  executive officer, or president stands as legal guardian or tutor; or any other
				  person living in the household of the owner, manager, chief executive office,
				  or president of an agricultural business by blood or marriage.
Intern
-an individual who is a student
				  enrolled at a Louisiana secondary or postsecondary institution or a young and
				  beginning farmer or rancher employed by an agricultural business pursuant to
				  the program.
LAFA
-the Louisiana Agricultural Finance
				  Authority which is within the Department of Agriculture and Forestry.
Program
-the Louisiana Agricultural Workforce
				  Development Program created with passage of House Bill 69/ Act 23 of the 2020
				  Second Extraordinary Session, which enacted
				  R.S.
				  3:285.
Qualifying Internship
-an internship meeting
				  the requirements as necessary for the partial reimbursement of costs to employ
				  intern(s).
Student
-an individual who is enrolled in a
				  Louisiana secondary or postsecondary institution.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  3:266 and
				  3:285
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 7 - Louisiana Agricultural Workforce Development Program › Section III-705 - Eligibility Requirements of Applicants

Current through Register Vol. 50, No. 6, June 20, 2024
A. Agricultural businesses must meet the
				following eligibility requirements in order to be considered for the program.
				Agricultural business applicants shall:
1. be
				physically located within the State of Louisiana;
2. provide an internship with a place of work
				located within the state of Louisiana;
3. have the ability to effectively supervise
				an intern;
4. offer the intern an
				opportunity to obtain meaningful work experience, including, but not limited
				to:
a. at least one hundred thirty hours of
				work experience;
b. not to exceed
				one year in duration; and
c. an
				hourly wage rate that is no less than the state's prevailing minimum wage
				rate.
5. Ensure
				compliance with all federal, state, and local laws including, but not limited
				to, the Fair Labor Standards Act as well as any other applicable labor and /or
				occupational safety laws and regulations. In such instances when both federal
				and state laws apply, the more stringent standard must be observed.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 7 - Louisiana Agricultural Workforce Development Program › Section III-707 - Internship Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A. A
				qualifying internship shall be considered eligible for reimbursement from LDAF
				upon meeting each of the following requirements. The internship must:
1. include an educational focus preparing
				interns for a career in one or more occupational areas including, but not
				limited to:
a. agribusiness;
b. animal husbandry;
c. crop production;
d. farm management;
e. agronomy;
f. natural resources;
g. forestry;
h. research and development;
i. marketing and sales;
j. food safety and/or maintenance;
				or
k. repair of machinery and
				equipment.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 7 - Louisiana Agricultural Workforce Development Program › Section III-709 - Application Process

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Participating businesses and prospective intern(s) must receive approval by the
				LAFA director in order for a qualifying internship to be eligible for
				reimbursement.
1. Agricultural businesses
				interested in participating may apply for the program during the open
				application period from July 1 through September 1 of every year. Eligible
				applications will be reviewed and funded on a first-come, first-serve basis. An
				agricultural business must complete and submit the necessary application to
				LAFA within the application period. Only application forms prepared by LAFA for
				this purpose may be used. If funds remain, the director of LAFA will consider
				business applications on a rolling basis after the close of the open
				application period.
a. Eligible business
				applications will be reviewed upon receipt by LAFA staff. Decisions will be
				based on the needs of the program, legislative intent, applicable statute, and
				these rules.
b. Acceptance and
				rejection notifications will be sent via email within 30 days of completion of
				application review.
c. An
				agricultural business applicant shall submit a separate application for every
				internship position that it is requesting.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 7 - Louisiana Agricultural Workforce Development Program › Section III-711 - Reimbursement

Current through Register Vol. 50, No. 6, June 20, 2024
A. Participating
				agricultural businesses will be reimbursed up to the agreed upon amount at the
				conclusion of the internship upon presentation of an invoice and supporting
				documentation. Reimbursement will not exceed 50 percent of the actual cost to
				the business. The maximum amount a business may be reimbursed per internship is
				$5,000.
1. An invoice requesting
				reimbursement shall be submitted to LAFA within 30 business days of the
				conclusion of the internship. The invoice must include the reimbursement amount
				requested and the actual costs incurred by the business to employ the
				intern.
2. The participating
				agricultural business shall submit copies of time sheets and pay stubs
				verifying the total amount paid to the intern during the internship. If the
				invoice includes costs for incidental expenses, those costs must be supported
				with proof of payment by the participating business.
3. The participating agricultural business
				shall also, as a requirement of reimbursement, complete a post-internship
				evaluation form, to be provided by LAFA staff.
4. In the event an internship ends prior to
				its scheduled completion, participating businesses may still be partially
				reimbursed for costs incurred.