Financial assistance - 3 Pa. Cons. Stat. § 511

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     § 511.  Financial assistance.
        (a)  Loans, grants, etc.--The commission shall, to the extent
     funds are available, provide financial assistance in the form of
     loans, loan guarantees and grants for the implementation of
     nutrient management plans and of odor management plans for
     existing agricultural operations.
        (b)  Criteria for eligibility.--In reviewing applications for
     financial assistance, the commission shall consider the
     following:
            (1)  Whether the project will improve the health, safety
        or environment of the people of this Commonwealth and
        otherwise satisfy the purposes of this chapter.
            (2)  The cost-effectiveness of the proposed practices in
        comparison with other alternatives.
            (3)  The applicant's ability to operate or maintain the
        practices in a proper manner.
        (c)  Issuance and terms.--Subject to this section, the
     commission shall issue loans and set terms applicable thereto in
     any manner it deems appropriate. The commission may consider
     such factors as it deems relevant, including current market
     interest rates, the financial ability of the applicant to repay
     and the necessity to maintain the funds created hereunder in a
     financially sound manner. Loans may be based on the ability to
     repay from future revenue to be derived from the applicant's
     agricultural operation, by a mortgage or other security interest
     or by any other fiscal manner which the commission deems
     appropriate. The board shall have the power to defer principal
     on loans for up to 12 months. The minimum rate of interest to be
     paid on any loan made pursuant to this section shall be 1%.
        (d)  Grants.--Grants shall be made available as follows:
            (1)  Where funds have been made available to the
        commission, subject to any conditions that may have
        accompanied the receipt of such funds.
            (2)  Where the commission, in its sole discretion,
        determines that the financial condition of the recipient is
        such that repayment of a loan is unlikely and that the
        recipient will be financially distressed by the
        implementation of practices without a grant.
        (e)  Grants and loans.--The commission shall, where it deems
     appropriate and to the extent financial circumstances permit,
     mix grant funds with loan funds.

Last modified: November 27, 2007