[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 1460 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                S. 1460

   To amend the Consolidated Farm and Rural Development Act to allow 
  business and industry guaranteed loans to be made for farmer-owned 
      projects that add value to or process agricultural products.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 29, 1999

Mr. Abraham (for himself and Mr. Levin) introduced the following bill; 
  which was read twice and referred to the Committee on Agriculture, 
                        Nutrition, and Forestry

_______________________________________________________________________

                                 A BILL


 
   To amend the Consolidated Farm and Rural Development Act to allow 
  business and industry guaranteed loans to be made for farmer-owned 
      projects that add value to or process agricultural products.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. AUTHORITY TO MAKE BUSINESS AND INDUSTRY GUARANTEED LOANS FOR 
              FARMER-OWNED PROJECTS THAT ADD VALUE TO OR PROCESS 
              AGRICULTURAL PRODUCTS.

    Section 310B(a)(1) of the Consolidated Farm and Rural Development 
Act (7 U.S.C. 1932(a)(1)) is amended by inserting ``(and in areas other 
than rural communities, in the case of insured loans, if a majority of 
the project involved is owned by individuals who reside and have 
farming operations in rural communities, and the project adds value to 
or processes agricultural commodities)'' after ``rural communities''.
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