Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part V - Advertising, Marketing and Processing › Chapter 7 - Market Commission-Agricultural Production Linked Deposit Loan Program › Subchapter A - Authorization and Administration of Agricultural Products Processing Linked Deposit Loan Program › Section V-701 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Agricultural Plant
-any facility which
					 receives raw agricultural products for the purpose of rendering them suitable
					 for wholesale or retail marketing.
Agricultural Product
-any farm product or
					 seafood product.
Aquacultural Crop
-catfish, crawfish,
					 crabs, oysters, shrimp, prawns, alligators, turtles and other species of
					 fish.
Commissioner
-the Commissioner of the
					 Louisiana Department of Agriculture and Forestry.
Eligible Agricultural Products Processing
					 Business
-any person, partnership, corporation, or cooperative which
					 owns, leases or operates or seeks to own, lease or operate and possesses all of
					 the following characteristics:
1. is headquartered in this state;
2. maintains offices and operating facilities in this state
					 and transacts business in this state;
3. employs fewer than 150 full-time employees, 80 percent
					 of whom are residents of this state;
4. is organized for profit;
5. is engaged in the processing or marketing of any
					 agricultural, agronomic, horticultural, silvicultural, or aquacultural crop, or
					 raw product derived therefrom, or any final derivative resulting from a
					 combination or breakdown of raw farm materials.
Eligible Lending Institution
-any bank
					 located in this state and organized under the laws of this state which is
					 authorized to make commercial or agricultural loans and which agrees to
					 participate in the linked deposit program as defined herein.
Farm Product
-any agronomic, horticultural,
					 silvicultural or aquacultural crop; any commercially raised livestock or raw
					 product and derived therefrom, or any final derivative resulting from a
					 combination or breakdown of raw farm products.
Final Derivative
-any agricultural product
					 that is ready to be passed on to a marketing level.
Linked Deposit
-a certificate of deposit
					 placed by the treasurer (as defined herein) with an eligible lending
					 institution at 3 percent below existing investment rates, as determined and
					 calculated by the treasurer, provided the institution agrees to lend the value
					 of such deposit, according to the deposit agreement required by this Chapter,
					 to eligible agricultural products processing businesses at 3 percent below the
					 existing borrowing rate applicable to each specific business at the time of the
					 deposit of state funds in the lending institution.
Necessary Improvement
-any improvement to
					 an existing agricultural plant mandated by local, state or federal law, or an
					 improvement thereto which will form an economically justifiable basis and, in
					 the judgment of the commissioner of agriculture and forestry, improve the
					 quality or quantity of service, or both.
Person
-any individual, firm, corporation,
					 partnership or association domiciled in this state.
Process
or
Processing
-any
					 action that will enhance any raw agricultural product's value or render a raw
					 agricultural product suitable for further refinement or introduction at a
					 marketing level.
Substantial Stockholder
-any person (as
					 defined herein) who owns more than 20 percent of a business applying for a loan
					 or currently participating in the Linked Deposit Loan Program outlined in this
					 Chapter.
Treasurer
-the treasurer of the state of
					 Louisiana.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 3:446.3 and
					 R.S.
					 49:327.2.