La. Admin. Code tit. 7 § V-711
Agricultural Production Loan-any loan made by a lending institution to a farmer under the linked deposit program. An agricultural production loan may only be made and used for one or more of the following purposes:
1. if necessary for the continuance of the operation of the farm through the crop or production year, repair of agricultural equipment or machinery, or purchase of used replacement equipment or machinery;
2. operating capital including, but not limited to, capital necessary for the rental of equipment or machinery and the purchase of seed, feed, fertilizer, chemical, crop insurance, livestock, and production-related energy, labor, or veterinarian fees;
3. refinancing all or a portion of a loan entered into before the effective date of this Section for a purpose set forth in Paragraphs 1 or 2.
Commissioner-the Commissioner of the Louisiana Department of Agriculture and Forestry.
Farmer-any person who:
1. is an owner and operator of a farm engaged in the production of agricultural goods, and if incorporated, has all of the stock owned by persons operating the farm for which the loan is sought;
2. is headquartered in this state;
3. conducts agricultural operations exclusively in this state;
4. employs less than ten employees;
5. is a resident of this state, or if a corporation or multi-member entity, the majority of the stockholders or members are residents of this state;
6. is organized for profit;
7. has gross income from the agricultural operation which is at least 50 percent of his total income;
8. has a positive net worth.
Lending Institution-any state bank organized under the laws of this state and any national bank having its principal office in this state which is authorized to make agricultural production loans and agrees to participate in the linked deposit program.
Linked Deposit-a certificate of deposit placed by the state treasurer with a lending institution at 3 percent below existing market rates, as determined and calculated by the state treasurer, provided the institution agrees to lend the value of such deposit, according to the deposit agreement required by this Section, to farmers at 3 percent below the existing borrowing rate applicable to each specific farmer at the time of the deposit of state funds in the lending institution.
Treasurer-the treasurer of the state of Louisiana.
La. Admin. Code tit. 7, § V-711