ENROLLED HOUSE
BILL NO. 1919	By:	Kouplen and Walker of the House

				and

		Garrison and Ivester of the Senate

An Act relating to agriculture; amending 2 O.S. 2001, Section 5-82, which relates to the Oklahoma Agricultural Linked Deposit Program; modifying definition; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

SECTION 1.     AMENDATORY     2 O.S. 2001, Section 5-82, is amended to read as follows:

Section 5-82.  As used in the Oklahoma Agricultural Linked Deposit Program:

1.  "Agricultural domestic corporation" means any domestic corporation formed or licensed pursuant to the Oklahoma General Corporation Act or a limited domestic liability company formed or licensed pursuant to the Oklahoma Limited Liability Company Act and meeting the requirements of paragraph 5 of subsection A of Section 955 of Title 18 of the Oklahoma Statutes and meeting the requirements of subsection A of Section 951 of Title 18 of the Oklahoma Statutes;

2.  "Agricultural linked deposit" means a certificate of deposit placed by the State Treasurer with an eligible lending institution or an investment in bonds, notes, debentures, or other obligations or securities issued by the federal farm credit bank with regard to an eligible lending institution for the purpose of carrying out the intent of this program;

3.  "Agricultural Linked Deposit Loan Package" means the forms provided by the State Treasurer for the purpose of applying for an agricultural linked deposit;

4.  "Alternative agricultural products" means those products included in a report submitted by the Cooperative Extension Service of Oklahoma State University to the State Department of Agriculture, and any other products which the State Board of Agriculture determines will diversify Oklahoma's agricultural industry so as to broaden Oklahoma's economic base; 

5.  "An at-risk farm or ranch business" shall be one that seeks a production loan and meets the following criteria:

a.	at least sixty percent (60%) of gross income derived from farming and/or ranching, and

b.	a debt-to-asset ratio over forty percent (40%);

6.  "Eligible agricultural business" means:

a.	any person engaged in producing, processing, or marketing alternative agricultural products or, 

b.	any person who is establishing a veterinary practice in which at least thirty percent (30%) of the practice consists of services for large animals, or

c.	an at-risk farm or ranch business, within the State of Oklahoma in operation that has developed a management plan through the Intensive Financial Management and Planning Support (IFMAPS) program of the Cooperative Extension Service of Oklahoma State University or the Farm Business Management Program of the Oklahoma Department of Career and Technology Education; and

7.  "Eligible lending institution" means a financial institution that agrees to participate in the Oklahoma Agricultural Linked Deposit Program, and:

a.	is eligible to be a depository of state funds, or

b.	is an institution of the farm credit system organized under the federal "Farm Credit Act of 1971", 12 U.S.C. 2001, as amended.

SECTION 2.  This act shall become effective November 1, 2009.

Passed the House of Representatives the 15th day of May, 2009.

	
Presiding Officer of the House of
	Representatives

Passed the Senate the 18th day of May, 2009.

	
Presiding Officer of the Senate