{"data":{"id":"us-ky/krs-247.942","jurisdiction":"us-ky","citation":"KRS 247.942","heading":"Definitions for KRS 247.940 to 247.978.","body":"As used in KRS 247.940 to 247.978, the following words and terms, unless the context\nclearly indicates a different meaning, shall have the following respective meanings:\n(1) \"Agricultural loan\" means a loan made by a lending institution to any person for t he\npurpose of financing agricultural diversification, woodland product production, and\nalternative crop production; land acquisition or improvement; soil conservation;\nirrigation; construction; renovation or expansion of buildings and facilities;\npurchase of farm fixtures, livestock, poultry, and fish of any kind; seeds; fertilizers;\npesticides; feeds; machinery; equipment; containers or supplies or any other\nproducts employed in the production, cultivation, harvesting, storage, marketing,\ndistribution, or export of agricultural products;\n(2) \"Applicant\" means any person engaged in or proposing to be engaged in an\nagricultural endeavor or an agriculturally related business in Kentucky;\n(3) \"Board\" means the board of directors of the corporation;\n(4) \"Bond re solution\" or \"resolution\" means the formal document of the corporation\nauthorizing its obligations;\n(5) \"Bonds\" or \"notes\" means the bonds or bond anticipation notes authorized to be\nissued by the corporation under KRS 247.940 to 247.978;\n(6) \"Commissioner\" means the Commissioner of Agriculture;\n(7) \"Commonwealth\" means the Commonwealth of Kentucky;\n(8) \"Corporation\" means the Kentucky Agricultural Finance Corporation created by\nKRS 247.944;\n(9) \"Governmental agency\" means any city, county, or other political subdivision of the\nCommonwealth and any department, division, or public agency thereof, the federal\ngovernment or any political subdivision of any other state and any nonprofit\ncorporation or other entity legally empowered to act on behalf of any of the\nforegoing in the area of assistance to agriculture;\n(10) \"Issuing agency capacity\" means the action of the corporation in authorizing\nrevenue bonds for a qualified project in accordance with the provisions of KRS\n103.210 to 103.285 in which the corporatio n's liability is limited primarily to\nfiduciary duties;\n(11) \"Lending agency capacity\" means the action of the corporation in participating\ndirectly or indirectly in the making of loans to or the purchasing of loans of\nqualified applicants;\n(12) \"Lending institution\" means any bank, bank or trust company, or institutions of the\nfarm credit system organized under the Farm Credit Act of 1971, 12 U.S.C. secs.\n2001 et seq., as amended, building and loan association, homestead, insurance\ncompany, investment bank er, mortgage banker or company, pension or retirement\nfund, savings bank or savings and loan association, small business investment\ncompany, credit union, the federal government, or any other financial institution\nauthorized to do business in the Commonwealth of Kentucky or operating under the\nsupervision of any federal agency or any corporation organized or operating\npursuant to Section 25 of the Federal Reserve Act;\n(13) \"Obligations\" means any bonds or notes authorized to be issued by the corporation\nunder the provisions of KRS 247.940 to 247.978;\n(14) \"Project\" means any undertaking to provide for the financing of the acquisition,\nconstruction, renovation, or improvement of land, buildings, machinery, equipment,\nand livestock in the area of agricultural enterprise; including but not limited to\nagricultural endeavors such as growing, storing, processing, warehousing,\nmarketing, and distribution facilities in respect thereof or to provide for refinancing\nexisting agricultural facilities;\n(15) \"Trust agreement\" means an indenture by and between the corporat ion and the\ncorporate trustee setting forth the rights and duties of each relating to the\nauthorization, sale, issuance, delivery, and payment of the corporation's obligations;\nand\n(16) \"Umbrella obligation\" means bonds or notes issued by the corporation i n its issuing\nagency capacity or its lending agency capacity under the provisions of KRS 247.940\nto 247.978, the proceeds of which may be used in the financing of multiple projects\nfor two (2) or more applicants.","path":["KRS Chapter 247"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=11856","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:00Z","sha256":"f97e5e2c623c76e11591960b2f6c1268e423de88143412bb07cce995e3ce982d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-247.940","next":"us-ky/krs-247.944"},"notice":"GroundRules: Original legal text. Not legal advice."}