§ 1835 — Statement of legislative findings

§ 1835. Statement of legislative findings. The legislature hereby\nfinds that agriculture is one of the largest industries in the state.\nThe legislature has continuously acknowledged the importance of farming\nby establishing a variety of programs to promote a strong agricultural\neconomy. Of particular importance to farmers and the rural economy is\nthe health of businesses that serve farmers. Such businesses provide\nprocessing and storage facilities for agricultural commodities,\nequipment and material for use in farming and other products and\nservices for farmers.\n The legislature further declares that these businesses are confronted\nby the need to adapt to rapidly changing economic circumstances and\nmarket demands for the goods and services they produce. Their ability to\nadapt to and meet the challenges of emerging economic conditions and\nmarket opportunities is often impaired by high interest rates, an\nuncertain economic climate and their inability to attract investment\ncapital upon reasonable terms. This problem is particularly acute in\nrural communities which neither possess nor are able to attract\nsufficient capital resources to meet their needs.\n Significant strides in assisting and promoting certain business\nsectors have been made in this state. In this effort, the legislature\nhas provided tax exempt financing to reduce interest rates for a wide\nvariety of economic development programs as well as housing production\nprograms. The legislature hereby finds that such financing of rural\nagricultural businesses would encourage rural economic activity, provide\nemployment opportunities and enhance the quality of rural life. It is\ntherefore the purpose of this subtitle to authorize the job development\nauthority to issue bonds and notes to the investment community in order\nto make loans to lenders which will, in turn, provide financing to\nbusinesses that serve farmers and which would otherwise face\ndifficulties in obtaining capital at a reasonable cost for establishing\nor expanding their enterprises and businesses.\n The legislature further declares that it is the policy of the state,\nin authorizing the New York job development authority to create a loans\nto lenders program, to promote the economic well-being of rural\ncommunities, expand opportunities for minority and women owned\nbusinesses and enterprises and enlarge the employment opportunities\navailable to residents of the state.\n