Sec. 03.10.010. Declaration of policy.

It is the policy of this chapter to promote the more rapid development of agriculture as an industry throughout the state by means of long-term low-interest loans.

Sec. 03.10.020. Powers of the board.

(a) The Board of Agriculture and Conservation (AS 03.09.010) may (1) make a loan to (A) an individual resident farmer, homesteader, or a partnership or corporation composed of farmers and homesteaders for (i) clearing land for agricultural purposes; (ii) development of farms; (iii) storage and processing of farm produce; or (iv) the purchase of livestock […]

Sec. 03.10.030. Limitations on loans.

(a) The farm development, chattel, or irrigation loan made under this chapter (1) may not exceed a term of 30 years, except that a chattel loan may not exceed a term of seven years; (2) may not, when added to the outstanding balance of other loans made under this chapter, exceed a total outstanding balance […]

Sec. 03.10.033. Restructuring of agricultural debt.

(a) To increase the return to the state, the Board of Agriculture and Conservation may restructure loans (1) in existence on January 1, 1987, made by the former Agricultural Revolving Loan Fund Board or by the former Alaska Agricultural Action Council based upon guidelines approved by the Board of Agriculture and Conservation; (2) of a […]

Sec. 03.10.035. Use or disposal of mortgaged farm land.

(a) A borrower may not use farm land for a nonfarm use or sell, lease, or otherwise dispose of farm land if that land is encumbered by a mortgage given to secure the payment of a loan under this chapter unless the borrower either (1) pays the outstanding balance of the loan in a lump […]

Sec. 03.10.040. Agricultural revolving loan fund.

(a) There is an agricultural revolving loan fund which may not exceed $75,000,000 to carry out the purpose of this chapter. (b) Money in the fund may be used by the legislature to make appropriations for costs of administering this chapter and for operations of the Board of Agriculture and Conservation.

Sec. 03.10.050. Administration of fund; Board of Agriculture and Conservation.

(a) The Board of Agriculture and Conservation shall administer the agricultural revolving loan fund. A loan may not be made without the approval of a majority of the board, except that emergency loans based upon regulations adopted by the board and not to exceed $50,000 may be made upon the approval, by majority vote, of […]

Sec. 03.10.058. Farm disaster area.

The governor may declare a farm disaster in an area of the state if a natural disaster causes a crop failure.

Sec. 03.10.060. Short title.

This chapter may be cited as the Alaska Agricultural Loan Act.