DE SB117 | 2011-2012 | 146th General Assembly

Status

Completed Legislative Action
Status: Passed on July 28 2011 - 100% progress
Action: 2011-07-28 - Signed by Governor
Text: Latest bill text (Draft #1) [HTML]

Summary

Delaware has implemented a successful agricultural lands preservation program under which Preservation easements have been acquired to permanently protect over 100,000 acres or approximately 20% of Delaware’s available farmland. To carry on Delaware’s agricultural legacy and maintain agriculture as a leading component of Delaware’s economy there is a need to facilitate the acquisition of farmlands by Delaware’s younger generation of farmers. The loan program established by this legislation serves the dual purpose of permanently protecting farmland through Preservation easements and providing to younger farmers the much needed equity basis for obtaining commercial loans by providing favorable subordinated loans from the Foundation to make the farmland purchases. The value of the Preservation easement obtained by the Foundation in return for the program loan would be greater than the program loan amount, thus protecting the interests of the State even if a default in repayment of the program loan occurs. When the program loans are repaid at the end of the loan term or sooner, the monies are reinvested in the program to provide further loans and permanently preserve additional farmland.

Tracking Information

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Title

An Act To Facilitate The Acquisition And Preservation Of Agricultural Lands By Young Farmers.

Sponsors


Roll Calls

2011-06-28 - House Third Reading (Y: 41 N: 0 NV: 0 Abs: 0) [PASS]
2011-06-16 - Senate Third Reading (Y: 18 N: 1 NV: 0 Abs: 2) [PASS]

History

DateChamberAction
2011-07-28 Signed by Governor
2011-06-28 Passed by House of Representatives. Votes: Passed 41 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
2011-06-22 Reported Out of Committee (AGRICULTURE) in House with 7 Favorable
2011-06-21 Introduced and Assigned to Agriculture Committee in House
2011-06-16 Passed by Senate. Votes: Passed 18 YES 1 NO 0 NOT VOTING 2 ABSENT 0 VACANT
2011-06-15 Reported Out of Committee (AGRICULTURE) in Senate with 5 Favorable
2011-06-08 Assigned to Agriculture Committee in Senate

Delaware State Sources


Bill Comments

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