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Ohio Laws and Rules
(A) Programs administered under sections 901.30 to 901.34 of the Revised Code shall be designed to accomplish the purposes set forth in the charter of the dissolved “Ohio Rural Rehabilitation Corporation” and the use agreement negotiated between the secretary of the United States department of agriculture and the director of the Ohio department of agriculture. The programs may be direct loan programs, loan guarantee programs, grant programs and programs pledging assets of the farm loan revolving fund to meet capital and reserve requirements of their operation.
(B) No program submitted for approval to the secretary shall obligate more than twenty per cent of the assets of the farm loan revolving fund. “Obligate” shall be interpreted to mean a commitment of assets necessary to meet total funding and administrative expenditures of a program. Grant programs shall be funded only from the proceeds earned from the investment of farm loan revolving fund assets.
Replaces: 901-17-01
Effective: 02/19/2008
R.C. 119.032 review dates: 02/19/2013
Promulgated Under: 119.03
Statutory Authority: 901.03
Rule Amplifies: 901.30, 901.31, 901.32, 901.34
Prior effective dates: 10/16/78
All programs administered with the farm loan revolving fund assets, with the exception of grant programs, shall be designed with the intent to preserve (and increase) the assets of the farm loan revolving fund so that the fund may continue to initiate and support the program concepts approved under the original charter of the dissolved “Ohio Rural Rehabilitation Corporation” and the use agreement negotiated between the secretary of the United States department of agriculture and the director of the Ohio department of agriculture.
Replaces: 901-17-02
Effective: 02/19/2008
R.C. 119.032 review dates: 02/19/2013
Promulgated Under: 119.03
Statutory Authority: 901.03
Rule Amplifies: 901.30, 901.31, 901.32, 901.34
Prior effective dates: 10/16/78
No program shall be eligible for loans or grants from the farm loan revolving fund unless the purpose of the program is educational or rehabilitative of rural individuals, families, or communities, or will contribute to the economic development of a rural area. Programs or projects which contribute to the economic development of a rural area shall be non-profit in nature, as evidenced by the records of the secretary of state or the internal revenue service, with benefits accruing to the general population of the area.
Effective: 02/19/2008
R.C. 119.032 review dates: 02/19/2013
Promulgated Under: 119.03
Statutory Authority: 901.03
Rule Amplifies: 901.30, 901.31, 901.32, 901.34
Rescinded eff 2-19-08
Rescinded eff 2-19-08
Rescinded eff 2-19-08
Rescinded eff 2-19-08