80-12-103. Agricultural loan authority -- general powers.
80-12-103. Agricultural loan authority -- general powers. The authority may:
(1) retain professional consultants and advisers;
(2) adopt rules governing its procedures;
(3) purchase agricultural loans made by financial institutions;
(4) issue bonds, in accordance with 80-12-301, necessary to provide funds for implementing this chapter;
(5) invest any funds generated by sale of bonds in the permissible investments outlined in 17-6-211 until such time as the funds are needed for any of the authority's other functions;
(6) procure insurance or guaranties in amounts and in the form the authority considers desirable or necessary, from any party, including a governmental agency, against any loss in connection with its loan agreements; and
(7) use the assistance and services of the farmers home administration, the production credit association, the federal land bank, or private lenders in approving loans for issuance of bonds.
History: En. Sec. 4, Ch. 580, L. 1983; amd. Sec. 1, Ch. 448, L. 1985.