901-17-01 Rural rehabilitation program.

(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