4 TAC §30.5
The Board of Directors of the Texas Agricultural Finance
Authority (the Authority) of the Texas Department of Agriculture (the department)
adopts an amendment to §30.5, concerning general requirements for the
Young Farmer Loan Guarantee Program, without changes to the proposal published
in the September 12, 2003 issue of the
Texas Register
(28 TexReg 7913). The amendment is adopted to allow for the use of
funds guaranteed under the Authority's Young Farmer Loan Guarantee Program
for the purchase of real estate for agricultural production purposes. Such
use is not allowed under the current rule. The board has determined that use
of program funds for the purchase of real estate for agricultural purposes
will be beneficial to the program because it will allow the funds to be used
in a broader way, giving increased flexibility to borrowers under the program.
The amendment deletes language in subsections (a) and (b) of §30.5 that
prohibits the use of program funds for the purchase of real estate for agricultural
production.
No comments were received on the proposal.
The amendment to §30.5 is adopted under the Texas Agriculture
Code (the Code), §58.052, which provides that the Board of Directors
of the Authority (Board) with the authority to administer the Young Farmer
Loan Guarantee Program; and the Code, §58.023, which provides the Board
with the authority to adopt rules to establish criteria for participation
any program administered by the Board.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of
the Secretary of State on December 17, 2003.
TRD-200308642
Dolores Alvarado Hibbs
Deputy General Counsel
Texas Department of Agriculture
Effective date: January 6, 2004
Proposal publication date: September 12, 2003
For further information, please call: (512) 463-4075