6-09.11-04. Loans to farmers - Purposes.

The following purposes are eligible to be funded by bond proceeds or loan participations under this chapter:

1. Purchasing agricultural real estate;

2. Constructing, repairing, altering, or adding to any farm buildings on agricultural real estate owned or purchased by the farmer;

3. Making permanent improvements to agricultural real estate owned or purchased by the farmer for the purpose of increasing the productive value of the land or promoting conservation of the soil;

4. Purchasing farm equipment;

5. Purchasing livestock;

6. Paying off and discharging mortgages, encumbrances, and other charges or liens against or on the agricultural real or personal property owned or purchased by the farmer; and

7. Restructuring operating debt carryover.