Introduced
by
To authorize state subsidized interest-free loans to farmers or agribusinesses affected by drought conditions during the summer of 2001. The loans would be made by banks, which would be compensated by the state for the foregone interest. The maximum loan would be $150,000 for a farmer, or $300,000 for an agribusiness, less any federal grants, or any federal crop insurance which was either paid to the farmer, or would have been paid had he taken advantage of its availability. The loans would be paid back over a ten-year period. The House Fiscal Agency estimates that the bill could cost as much as $39.8 million over ten years.
Referred to the Committee on Appropriations
Substitute offered
To replace the previous version of the bill with a version recommended by the committee which reported it. The substitute incorporates changes resulting from committee testimony and deliberation. These changes do not affect the substance of the bill as previously described.
The substitute passed by voice vote
Amendment offered
by
To permit loans for 100 percent of certain types of qualified loss, rather than 65 percent, and increase the maximum amount of the certain loans from $150,000 to $400,000.
The amendment passed by voice vote
Passed in the House 102 to 1 (details)
To authorize state subsidized interest-free loans to farmers or agribusinesses affected by drought conditions during the summer of 2001. The loans would be made by banks, which would be compensated by the state for the foregone interest. The maximum loan would be $150,000 for a farmer, or $300,000 for an agribusiness, less any federal grants, or any federal crop insurance which was either paid to the farmer, or would have been paid had he taken advantage of its availability. The loans would be paid back over a ten-year period. The House Fiscal Agency estimates that the bill could cost as much as $39.8 million over ten years.
Substitute offered
To replace the previous version of the bill with a version recommended by the committee which reported it. The substitute changes the maximum duration of the loans from ten years to five years, and changes other details of the program.
The substitute passed by voice vote
Passed in the Senate 35 to 1 (details)
To authorize state subsidized interest-free loans to farmers or agribusinesses affected by drought conditions during the summer of 2001. The loans would be made by banks, which would be compensated by the state for the foregone interest. The maximum loan would be $200,000 for a farmer, or $400,000 for an agribusiness, less any federal grants, or any crop insurance which was either paid to the farmer, or would have been paid had he taken advantage of its availability. The loans would be paid back over a five year period. The Senate Fiscal Agency estimates that the bill could cost as much as $32,400,000 over five years.
Amendment offered
by
To make certain technical language revisions in the bill, and to replace a requirement for the state to verify compliance by financial institutions with a requirement for the institutions to provide an annual affidavit signifying compliance.
The amendment passed by voice vote
Passed in the House 99 to 2 (details)
To concur with the Senate-passed version of the bill, with amendments.
Passed in the Senate 35 to 1 (details)
To concur with the House-passed version of the bill.
