As used in this article, unless the context otherwise
requires:
(1)Agriculture or agricultural enterprise means the real and personal
property constituting farms, ranches, and other agricultural commodity producers,
including aquaculture, floriculture, silvaculture, and other agricultural endeavors
that the authority wishes to include within the provisions of this article. Such term
shall include agricultural land, equipment used in the production and processing of
agricultural products, and other capital improvements including, but not limited to,
the purchase of livestock and the implementation of soil conservation practices.
(2)Authority means the Colorado agricultural development authority
created by section 35-75-104.
(3)Board means the board of directors of the authorit
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As used in this article, unless the context otherwise
requires:
(1) Agriculture or agricultural enterprise means the real and personal
property constituting farms, ranches, and other agricultural commodity producers,
including aquaculture, floriculture, silvaculture, and other agricultural endeavors
that the authority wishes to include within the provisions of this article. Such term
shall include agricultural land, equipment used in the production and processing of
agricultural products, and other capital improvements including, but not limited to,
the purchase of livestock and the implementation of soil conservation practices.
(2) Authority means the Colorado agricultural development authority
created by section 35-75-104.
(3) Board means the board of directors of the authority.
(4) Bond means any bond, note, debenture, interim certificate, grant and
revenue anticipation note, or other evidence of indebtedness authorized to be
issued by the authority pursuant to this article.
(5) Borrower means an enterprise engaged in agriculture or agricultural
processing in Colorado.
(6) Contracting party means any party to a lease, sales contract, or loan
agreement except the authority.
(7) Lease means:
(a) A lease containing an option to purchase an agricultural enterprise for a
nominal sum upon payment, in full or with provision for such payment, of all bonds
issued in connection with the agricultural enterprise, all interest thereon, and all
other expenses in connection with the agricultural enterprise; or
(b) A lease containing an option to purchase an agricultural enterprise at any
time, as provided in such lease, upon payment of the purchase price. The purchase
price shall be sufficient to pay all bonds issued in connection with the agricultural
enterprise, all interest thereon, and all other expenses incurred in connection with
the agricultural enterprise, but payment may be made in the form of one or more
notes, debentures, bonds, or other secured or unsecured debt obligations of the
lessee which provide for timely payments, including, but not limited to, interest
thereon sufficient for such purposes and delivered to the authority or to the trustee
under the indenture pursuant to which the bonds were issued.
(8) Lender means any federal or state chartered bank, federal land bank,
production credit association, bank for cooperatives, savings and loan association,
building and loan association, small business investment company, or other
institution qualified within the state to originate and service loans, including, but
not limited to, insurance companies, credit unions, and mortgage loan companies.
(9) Loan means any lease, loan agreement, or sale contract entered into
with a borrower.
(10) Loan agreement means an agreement which provides for the authority
or a lender with which the authority has contracted to loan the proceeds derived
from the issuance of bonds pursuant to section 35-75-108 to a contracting party to
be used to pay the cost of an agricultural enterprise and which provides for the
repayment of such loan by the contracting party. Such agreement may provide for
the loans to be secured or evidenced by one or more notes, debentures, bonds, or
other secured or unsecured debt obligations of the contracting party, delivered to
the authority or to the trustee under the indenture pursuant to which the bonds
were issued.
(11) Loan insurer or loan guarantor means an agency, department,
administration, or instrumentality, corporate or otherwise, of the federal
department of housing and urban development, the farmers home administration of
the federal department of agriculture, or the veterans administration of the United
States, any private mortgage insurance company, or any other public or private
agency which insures or guarantees loans.
(12) Sale contract means a contract providing for the sale of an agricultural
enterprise to a contracting party and includes a contract providing for payment of
the purchase price in one or more installments. If the sale contract permits title to
the agricultural enterprise to pass to such contracting party or parties prior to
payment in full of the entire purchase price, it shall also provide for such
contracting party to deliver to the authority or to the trustee under the indenture
pursuant to which the bonds were issued one or more notes, debentures, bonds, or
other secured or unsecured debt obligations of the contracting party which
provides for timely payments, including, without limitation, interest thereon for the
balance of the purchase price at or prior to the passage of such title.
(13) State means the state of Colorado.