30.750. Definitions.
Definitions.
30.750. As used in sections 30.750 to 30.767, the following termsmean:
(1) "Eligible agribusiness", a person engaged in the processing oradding of value to agricultural products produced in Missouri;
(2) "Eligible alternative energy consumer", an individual who wishesto borrow moneys for the purchase, installation, or construction offacilities or equipment related to the production of fuel or powerprimarily for their own use from energy sources other than fossil fuels,including but not limited to solar, hydroelectric, wind, and qualifiedbiomass;
(3) "Eligible alternative energy operation", a business enterpriseengaged in the production of fuel or power from energy sources other thanfossil fuels, including but not limited to solar, hydroelectric, wind, andqualified biomass. Such business enterprise shall conform to thecharacteristics of paragraphs (a), (b), and (d) of subdivision (6) of thissection;
(4) "Eligible beginning farmer":
(a) For any beginning farmer who seeks to participate in the linkeddeposit program alone, a farmer who:
a. Is a Missouri resident;
b. Wishes to borrow for a farm operation located in Missouri;
c. Is at least eighteen years old; and
d. In the preceding five years has not owned, either directly orindirectly, farm land greater than fifty percent of the average size farmin the county where the proposed farm operation is located or farm landwith an appraised value greater than four hundred fifty thousand dollars.
A farmer who qualifies as an eligible farmer under this provision mayutilize the proceeds of a linked deposit loan to purchase agriculturalland, farm buildings, new and used farm equipment, livestock and workingcapital;
(b) For any beginning farmer who is participating in both the linkeddeposit program and the beginning farmer loan program administered by theMissouri agriculture and small business development authority, a farmerwho:
a. Qualifies under the definition of a beginning farmer utilized foreligibility for federal tax-exempt financing, including the limitations onthe use of loan proceeds; and
b. Meets all other requirements established by the Missouriagriculture and small business development authority;
(5) "Eligible facility borrower", a borrower qualified under section30.860 to apply for a reduced-rate loan under sections 30.750 to 30.767;
(6) "Eligible farming operation", any person engaged in farming in anauthorized farm corporation, family farm, or family farm corporation asdefined in section 350.010, RSMo, that has all of the followingcharacteristics:
(a) Is headquartered in this state;
(b) Maintains offices, operating facilities, or farming operationsand transacts business in this state;
(c) Employs less than ten employees;
(d) Is organized for profit;
(7) "Eligible governmental entity", any political subdivision of thestate seeking to finance capital improvements, capital outlay, or othersignificant programs through an eligible lending institution;
(8) "Eligible higher education institution", any approved public orprivate institution as defined in section 173.205*, RSMo;
(9) "Eligible job enhancement business", a new, existing, orexpanding firm operating in Missouri, or as a condition of accepting thelinked deposit, will locate a facility or office in Missouri associatedwith said linked deposit, which employs ten or more employees in Missourion a yearly average and which, as nearly as possible, is able to establishor retain at least one job in Missouri for each fifty thousand dollarsreceived from a linked deposit loan except when the applicant candemonstrate significant costs for equipment, capital outlay, or capitalimprovements associated with the physical expansion, renovation, ormodernization of a facility or equipment. In such cases, the maximumamount of the linked deposit shall not exceed fifty thousand dollars perjob created or retained plus the initial cost of the physical expansion,renovation or capital outlay;
(10) "Eligible lending institution", a financial institution that iseligible to make commercial or agricultural or student loans or discount orpurchase such loans, is a public depository of state funds or obtains itsfunds through the issuance of obligations, either directly or through arelated entity, eligible for the placement of state funds under theprovisions of section 15, article IV, Constitution of Missouri, and agreesto participate in the linked deposit program;
(11) "Eligible livestock operation", any person engaged in productionof livestock or poultry in an authorized farm corporation, family farm, orfamily farm corporation as defined in section 350.010, RSMo;
(12) "Eligible locally owned business", any person seeking toestablish a new firm, partnership, cooperative company, or corporation thatshall retain at least fifty-one percent ownership by residents in a countyin which the business is headquartered, that consists of the followingcharacteristics:
(a) The county has a median population of twelve thousand fivehundred or less; and
(b) The median income of residents in the county are equal to or lessthan the state median income; or
(c) The unemployment rate of the county is equal to or greater thanthe state's unemployment rate;
(13) "Eligible marketing enterprise", a business enterprise operatingin this state which is in the process of marketing its goods, products orservices within or outside of this state or overseas, which marketing isdesigned to increase manufacturing, transportation, mining, communications,or other enterprises in this state, which has proposed its marketing planand strategy to the department of economic development and which plan andstrategy has been approved by the department for purposes of eligibilitypursuant to sections 30.750 to 30.767. Such business enterprise shallconform to the characteristics of paragraphs (a), (b) and (d) ofsubdivision (6) of this section and also employ less than twenty-fiveemployees;
(14) "Eligible multitenant development enterprise", a new enterprisethat develops multitenant space for targeted industries as determined bythe department of economic development and approved by the department forthe purposes of eligibility pursuant to sections 30.750 to 30.767;
(15) "Eligible residential property developer", an individual whopurchases and develops a residential structure of either two or four units,if such residential property developer uses and agrees to continue to use,for at least the five years immediately following the date of issuance ofthe linked deposit loan, one of the units as his principal residence or ifsuch person's principal residence is located within one-half mile from thedeveloped structure and such person agrees to maintain the principalresidence within one-half mile of the developed structure for at least thefive years immediately following the date of issuance of the linked depositloan;
(16) "Eligible residential property owner", a person, firm orcorporation who purchases, develops or rehabilitates a multifamilyresidential structure;
(17) "Eligible small business", a person engaged in an activity withthe purpose of obtaining, directly or indirectly, a gain, benefit oradvantage and which conforms to the characteristics of paragraphs (a), (b)and (d) of subdivision (6) of this section, and also employs less than onehundred employees;
(18) "Eligible student borrower", any person attending, or the parentof a dependent undergraduate attending, an eligible higher educationinstitution in Missouri who may or may not qualify for need-based studentfinancial aid calculated by the federal analysis called CongressionalMethodology Formula pursuant to 20 U.S.C. 1078, as amended (the HigherEducation Amendments of 1986);
(19) "Eligible water supply system", a water system which servesfewer than fifty thousand persons and which is owned and operated by:
(a) A public water supply district established pursuant to chapter247, RSMo; or
(b) A municipality or other political subdivision; or
(c) A water corporation;
and which is certified by the department of natural resources in accordancewith its rules and regulations to have suffered a significant decrease inits capacity to meet its service needs as a result of drought;
(20) "Farming", using or cultivating land for the production ofagricultural crops, livestock or livestock products, forest products,poultry or poultry products, milk or dairy products, or fruit or otherhorticultural products;
(21) "Linked deposit", a certificate of deposit, or in the case ofproduction credit associations, the subscription or purchase outright ofobligations described in section 15, article IV, Constitution of Missouri,placed by the state treasurer with an eligible lending institution at ratesotherwise provided by law in section 30.758, provided the institutionagrees to lend the value of such deposit, according to the depositagreement provided in sections 30.750 to 30.767, to eligible multitenantdevelopment enterprises, eligible small businesses, eligible alternativeenergy operations, eligible alternative energy consumers, eligible locallyowned businesses, farming operations, eligible job enhancement businesses,eligible marketing enterprises, eligible residential property developers,eligible residential property owners, eligible governmental entities,eligible agribusinesses, eligible beginning farmers, eligible livestockoperations, eligible student borrowers, eligible facility borrowers, oreligible water supply systems at below the present borrowing rateapplicable to each multitenant development enterprise, small business,alternative energy operation, alternative energy consumer, farmingoperation, eligible job enhancement business, eligible marketingenterprise, eligible residential property developer, eligible residentialproperty owner, eligible governmental entity, eligible agribusiness,eligible beginning farmer, eligible livestock operation, eligible studentborrower, or supply system at the time of the deposit of state funds in theinstitution;
(22) "Market rate", the interest rate more specifically described insubsection 6 of section 30.260;
(23) "Professional forester", any individual who holds a bachelor ofscience degree in forestry from a regionally accredited college oruniversity with a minimum of two years of professional forest managementexperience;
(24) "Qualified biomass", any agriculture-derived organic material orany wood-derived organic material harvested in accordance with asite-specific forest management plan focused on long-term forestsustainability developed by a professional forester and qualified, inconsultation with the conservation commission, by the agriculture and smallbusiness development authority;
(25) "Water corporation", as such term is defined in section 386.020,RSMo;
(26) "Water system", as such term is defined in section 386.020,RSMo.
(L. 1986 H.B. 1107 § 1, A.L. 1987 H.B. 294, A.L. 1988 H.B. 1260, A.L. 1989 S.B. 444, A.L. 1991 H.B. 51, et al., A.L. 1992 S.B. 661 & 620, A.L. 1993 H.B. 566, A.L. 1994 H.B. 1248 & 1048 merged with H.B. 1681, A.L. 1997 H.B. 557, A.L. 2004 S.B. 1155, A.L. 2005 S.B. 270, A.L. 2006 S.B. 1017, A.L. 2007 H.B. 741, A.L. 2008 S.B. 1181, et al., A.L. 2009 H.B. 883)*Section 173.205 was repealed by S.B. 389, 2007.