15E.202 - DEFINITIONS.
15E.202 DEFINITIONS.
Except as otherwise provided in this division, or unless the
context otherwise requires, the words and phrases used in this
division shall have the same meaning as the words and phrases used in
chapter 490, including but not limited to the words and phrases used
in section 490.140. In addition, all of the following shall apply:
1. "Actively engaged in agriculture" means to do any of the
following:
a. Inspect agricultural operations periodically and furnish
at least half the direct cost of the operations.
b. Regularly and frequently make or take an important part in
making management decisions substantially contributing to or
affecting the success of the agricultural operation.
c. Perform physical work which significantly contributes to
agricultural operation.
2. "Agricultural commodity" means any unprocessed
agricultural product, including livestock as defined in section
717.1, agricultural crops, and forestry products grown, raised,
produced, or fed in this state for sale in commercial channels.
3. "Agricultural operation" means an operation concerned with
the production of agricultural commodities for processing into
agricultural processed products.
4. "Agricultural processed product" means an agricultural
commodity that has been processed for sale in commercial markets.
5. "Agricultural producer" means a person who is any of the
following:
a. An individual actively engaged in agricultural production.
b. A person other than an individual, if the person is any of
the following:
(1) A general partnership in which all the partners are natural
persons, and one of the partners is actively engaged in agricultural
production.
(2) A family farm entity if any of the following individuals is
actively engaged in agricultural production:
(a) A shareholder and an officer, director, or employee of a
family farm corporation.
(b) A member or manager of a family farm limited liability
company.
(c) A general partner of a family farm limited partnership.
(d) A beneficiary of a family trust.
(3) A networking farmers entity.
6. "Agricultural product" means an agricultural commodity or
an agricultural processed product.
7. "Biotechnology enterprise" means an enterprise organized
under the laws of this state using biological techniques for the
development of specialized plant or animal characteristics for
beneficial nutritional, commercial, or industrial purposes.
8. "Certified facility" means a facility used to process
agricultural products as certified by a corporation pursuant to
section 15E.209.
9. "Department" means the department of economic development
as created in section 15.101.
10. "Economic development board" means the economic
development board created pursuant to section 15.103.
11. "Family farm entity" means a family farm corporation,
family farm limited liability company, family farm limited
partnership, or family trust as defined in section 9H.1.
12. "Iowa agricultural industry finance corporation" or
"corporation" means a corporation formed under this division.
13. "Iowa agricultural industry finance loan" means a loan
made to a qualified Iowa agricultural industry finance corporation
pursuant to section 15E.208.
14. "Iowa agricultural industry venture" means an enterprise
involving any of the following:
a. Agricultural producers investing in a new facility or
acquiring or expanding an existing facility in this state which is
used to process agricultural commodities produced in this state, if
the purpose of the enterprise is to accomplish all of the following:
(1) The creation and retention of wealth in this state derived
from processing and marketing agricultural commodities produced in
this state.
(2) Increasing production, processing, and marketing of
value-added agricultural products in this state.
(3) Providing for a substantial equitable ownership interest in
the enterprise by Iowa agricultural producers.
(4) Providing an alternative in this state to corporate vertical
integration in the production, processing, and marketing of
agricultural products.
b. An agricultural biotechnology enterprise located in this
state, if the purpose of research and application of biological
techniques conducted by the enterprise is to accomplish all of the
following:
(1) The creation and retention of wealth in this state.
(2) Increasing the value of agricultural commodities.
15. "Loan" means providing financing to a person under an
agreement requiring that the amount in financing be repaid at a
maturity date, with an interest rate, and other conditions as
specified in the agreement.
16. "Networking farmers entity" means the same as defined in
section 10.1.
17. "Qualified investor" means any of the following:
a. An agricultural producer.
b. A cooperative organized under chapter 501 or 501A.
c. A networking farmers entity.
18. "Qualified Iowa agricultural industry finance
corporation" or "qualified corporation" means an Iowa
agricultural industry financing corporation which meets the
eligibility requirements of and is approved by the department
pursuant to section 15E.208. Section History: Recent Form
98 Acts, ch 1207, §3; 2002 Acts, ch 1050, §7; 2005 Acts, ch 135,
§105