provide for agricultural and economic development in the state.
All credit advanced pursuant to loan guaranty commitments is to be secured by subrogation of the
state to mortgage security and other security interests granted to the private lender, in proportion
to the amount advanced by the state. A board is established to investigate the feasibility of each
project, its conformity to public policy and to environmental standards, the qualifications of the
owners, operators, and lenders, and the nature and extent of the security, prior to commitment.
The board shall also seek to secure financial participation by private persons not supported by the
guaranty, to assure that in these respects each project satisfies and will continue to satisfy criteria
which are adequate in the judgment of the board.
History: 1984 c 502 art 10 s 1; 1Sp1985 c 13 s 145; 1987 c 386 art 9 s 1