N.Y. Public Authorities Law § 1835: Statement of legislative findings

§ 1835. Statement of legislative findings. The legislature hereby

finds that agriculture is one of the largest industries in the state.

The legislature has continuously acknowledged the importance of farming

by establishing a variety of programs to promote a strong agricultural

economy. Of particular importance to farmers and the rural economy is

the health of businesses that serve farmers. Such businesses provide

processing and storage facilities for agricultural commodities,

equipment and material for use in farming and other products and

services for farmers.

The legislature further declares that these businesses are confronted

by the need to adapt to rapidly changing economic circumstances and

market demands for the goods and services they produce. Their ability to

adapt to and meet the challenges of emerging economic conditions and

market opportunities is often impaired by high interest rates, an

uncertain economic climate and their inability to attract investment

capital upon reasonable terms. This problem is particularly acute in

rural communities which neither possess nor are able to attract

sufficient capital resources to meet their needs.

Significant strides in assisting and promoting certain business

sectors have been made in this state. In this effort, the legislature

has provided tax exempt financing to reduce interest rates for a wide

variety of economic development programs as well as housing production

programs. The legislature hereby finds that such financing of rural

agricultural businesses would encourage rural economic activity, provide

employment opportunities and enhance the quality of rural life. It is

therefore the purpose of this subtitle to authorize the job development

authority to issue bonds and notes to the investment community in order

to make loans to lenders which will, in turn, provide financing to

businesses that serve farmers and which would otherwise face

difficulties in obtaining capital at a reasonable cost for establishing

or expanding their enterprises and businesses.

The legislature further declares that it is the policy of the state,

in authorizing the New York job development authority to create a loans

to lenders program, to promote the economic well-being of rural

communities, expand opportunities for minority and women owned

businesses and enterprises and enlarge the employment opportunities

available to residents of the state.