Section 1-16G-28 - Promulgation of rules to administer the value added agriculture subfund.
1-16G-28. Promulgation of rules to administer the value added agriculture subfund. In connection with the administration of the value added agriculture subfund, the Board of Economic Development may, pursuant to chapter 1-26, adopt such rules as it deems necessary to implement the purposes of §§ 1-16G-24 to 1-16G-28, inclusive, and § 10-47B-119 including:
(1) Setting the application procedures for those who apply for loans or grants from the value added agriculture subfund;
(2) Establishing criteria to determine which applicants will receive such loans or grants;
(3) Governing the use of proceeds of such loans or grants;
(4) Establishing criteria for the terms and conditions upon which such loans or grants shall be made, including the terms of security given, if any, to secure such loans; and
(5) Governing the use of proceeds by lenders of funds advanced to the lenders by the board including the terms and conditions upon which the proceeds shall be loaned to borrowers for the purposes described in §§ 1-16G-24 to 1-16G-28, inclusive, and § 10-47B-119.
Source: SL 1999, ch 5, § 5; SL 2009, ch 1, § 20.