Section 57-10-305 - Legislative findings and determinationsThe Legislature finds and determines as follows:
(a) There exists a serious problem in the state regarding the ability of nonestablished farmers to acquire agricultural land and agricultural improvements and depreciable agricultural property in order to enter farming.(b) This barrier to entry into farming is conducive to consolidation of acreage of agricultural land with fewer individuals resulting in a grave threat to the traditional family farm.(c) These conditions result in a loss in population, unemployment and a movement of persons from rural communities to urban areas accompanied by added costs to communities for creation of new public facilities and services.(d) One major cause of this condition has been recurrent shortages of funds in private channels and the high interest cost of borrowing.(e) These shortages and costs have made the sale and purchase of agricultural land to beginning farmers a virtual impossibility in many parts of the state.(f) The ordinary operations of private enterprise have not in the past corrected these conditions.(g) A stable supply of adequate funds for agricultural financing is required to encourage beginning farmers in an orderly and sustained manner and to reduce the problems described in this section.(h) It is necessary that the corporation be given the authority to encourage ownership of farms by beginning farmers by providing purchase money loans to beginning farmers who are not able to obtain adequate capital elsewhere to provide such funds and to lower costs through the use of public financing.Laws, 1992, ch. 461, § 3, eff. 5/5/1992.