In addition to the definitions set forth in Texas Agriculture
Code, §58.002, the following words and terms, when used in this
chapter, shall have the following meanings, unless the context clearly
indicates otherwise. Definitions applicable to specific programs may
be included within the applicable subchapter.
(1) Act--The Texas Agricultural Finance Act, Texas
Agriculture Code, Chapter 58, as amended.
(2) Agricultural business--A business that is or proposes
to be engaged in producing, processing, marketing, or exporting of
an agricultural product, that is the entity designated to carry out
the boll weevil eradication program in accordance with the Texas Agriculture
Code, §74.1011, that is or proposes to be engaged in an agricultural-related
business in rural areas of Texas, including a business that provides
recreational activities associated with the enjoyment of nature or
the outdoors on agricultural land, or a state agency or an institution
of higher education that is engaged in producing an agricultural product.
(3) Agricultural product--An agricultural, horticultural,
viticultural, or vegetable product, bees, honey, fish or other seafood,
planting seed, livestock, a livestock product, a forestry product,
poultry, or a poultry product, either in its natural or processed
state, or any other agricultural product approved by the Authority,
that has been produced, processed, or otherwise had value added to
it in this state.
(4) Applicant--Any person, corporation, partnership,
cooperative, joint venture, sole proprietorship, the entity designated
to carry out the boll weevil eradication in accordance with Texas
Agriculture Code, §74.1011, or a state agency or institution
of higher education filing an application with the Authority for financial
assistance under any program under this chapter. A lender may submit
an application for any of the above-mentioned parties.
(5) Application--An application promulgated and approved
by the Texas Agricultural Finance Authority Board of Directors, including
supporting documentation and schedules as required by the Authority,
for participation in the programs under this chapter.
(6) Authority--The Texas Agricultural Finance Authority.
(7) Board--The board of directors of the Authority.
(8) Business day--A day on which the department is
open for business. The term shall not include Saturday, Sunday, or
a traditional holiday officially observed by the state. The department's
normal business hours are 8:00 a.m. to 5:00 p.m. each business day.
(9) Compliance report--A copy of the final loan documents.
(10) Comptroller--The Texas Comptroller of Public Accounts.
(11) Current market rate--The rate of interest on a
United States treasury bill or note, the maturity date of which most
closely matches the maturity date of the loan, or the end of the current
biennium of the State, whichever is sooner, as determined by reference
to the United States treasury bill or note section of the Wall Street
Journal or equivalent publication including an electronic publication,
published on the day the loan is priced.
(12) Default--The failure to perform an obligation
established by the loan agreement, these rules or the Act.
(13) Deputy Commissioner--The Deputy Commissioner of
the Texas Department of Agriculture.
(14) Equity--The applicant's contribution to a project
in the form of cash, land, or other depreciable property.
(15) Fund--The Texas agricultural fund.
(16) Lender--A financial institution that makes commercial
loans and is either a depository of state funds or an institution
of the Farm Credit System headquartered in this state including a
bank, banking association, savings bank, trust company, mortgage company,
investment banker, credit union, underwriter, life insurance company,
or any affiliate of those entities, and also including any other financial
institution or governmental agency that customarily provides financing
of agricultural loans or mortgages, or any affiliate of such an institution
or agency, or any institution that the board determines is an experienced
and sophisticated financial institution that agrees to participate
in a financial program under this chapter.
(17) Loan guarantee amount--With respect to loans made
by a lender and guaranteed by the Authority, a sum measured in terms
of United States dollars that the Authority pays to the lender to
acquire an undivided interest in any loan or, in the case of default
by the borrower, the Authority agrees to pay to the lender, not to
exceed the percentage as stated in the guaranty agreement.
(18) Programs--Any financial assistance program approved
by the Authority board and defined by the rules under this chapter.
(19) Project--An enterprise which would further the
expansion or development of production, processing, marketing or exporting
of Texas agricultural products or other agricultural-related rural
economic development projects.
(20) Qualified application--A completed application,
including all documents and information required by the Authority
and submitted by the lender or applicant, for participation in a program
under this chapter.
(21) Rural--A municipality with a population of less
than 50,000.
(22) Staff--The staff of the Authority or staff of
the department performing work for the Authority.
(23) State--The State of Texas.
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