{"data":{"id":"us-ky/krs-247.940","jurisdiction":"us-ky","citation":"KRS 247.940","heading":"Legislative findings and purpose.","body":"(1) The General Assembly hereby finds and declares that as a result of a variety of\npressures, most notably the continual spiral of inflation and the increasingly serious\neffects of speculative land values, the opportunities in agriculture have been\nseverely limited; that one of the major impediments to the purchase of agricultural\nland, machinery and equipment by farmers is their inability to secure adequate\nfinancing upon reasonable terms; and, that it is both necessary and desirable to\ninstitute policies and  programs which will encourage agricultural pursuits from\nwhich the Commonwealth derives the numerous social, economic and\nenvironmental benefits which historically have proved beneficial to its citizens.\n(2) The General Assembly hereby finds and declares further that private enterprise and\ninvestment have not been able to produce, without assistance, the capital necessary\nto permit the small, family farm operators to continue to compete successfully in\nagricultural enterprises or to permit enterprising individuals to become farmers.\n(3) The General Assembly hereby finds and declares further that the purposes of KRS\n247.940 to 247.978 are to provide a financing instrumentality more closely allied\nwith the Department of Agriculture in order that the benefits intended hereunder\nmay be more effectively administered to those engaged in agriculture and related\nenterprises.\n(4) The General Assembly hereby finds and declares further that in order to accomplish\nthe purposes herein set forth, the Kentucky Agricultural  Finance Corporation shall\nbe and constitute a de jure municipal corporation and political subdivision of the\nCommonwealth created for the purpose of performing essential public functions and\nserving the public purposes in improving and promoting the healt h, welfare and\nprosperity of the people of the Commonwealth through the stimulation of existing\nagricultural enterprises and the promotion of new agricultural ventures.","path":["KRS Chapter 247"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=11855","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:00Z","sha256":"fa90626a84ce9d1dccd1a66d0c872cde62cbb8db6eb21ece37e7d031848b14f4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-247.920","next":"us-ky/krs-247.942"},"notice":"GroundRules: Original legal text. Not legal advice."}