175.5 - GUIDING PRINCIPLES.

        175.5  GUIDING PRINCIPLES.
         In the performance of its duties, implementation of its powers,
      selection of specific programs and projects to receive its
      assistance, the authority shall be guided by the following
      principles:
         1.  The authority shall not become an owner of real or depreciable
      property, except on a temporary basis where necessary in order to
      implement its programs, to protect its investments by means of
      foreclosure or other means, or to facilitate transfer of real or
      depreciable property for the use of beginning farmers.
         2.  The authority shall exercise diligence and care in selection
      of projects to receive its assistance and shall apply customary and
      acceptable business and lending standards in selection and subsequent
      implementation of the projects.  The authority may delegate primary
      responsibility for determination and implementation of the projects
      to any federal governmental agency which assumes any obligation to
      repay the loan, either directly or by insurance or guarantee.
         3.  The authority shall establish a beginning farmer loan program
      to aid beginning farmers in the acquisition of agricultural land and
      improvements and depreciable agricultural property.
         4.  The authority shall develop programs for providing financial
      assistance to agricultural producers in this state.  
         Section History: Early Form
         [C81, § 175.5] 
         Section History: Recent Form
         86 Acts, ch 1026, § 4