Section 1285-R. State beginning farmer program

1. Notwithstanding the
  provisions  of  any  general  or  special  law  to  the  contrary,   the
  corporation shall undertake to provide financial assistance to beginning
  farmers   to   purchase   agricultural   land,  improvements  and  other
  agricultural property at or for any agricultural facility as  set  forth
  in this section.
    2.  For purposes of this section, and notwithstanding any provision of
  law to the contrary, as used in this section:
    (a) "Agricultural  facility"  shall  mean  a  facility  used  for  the
  production  for sale of crops, livestock and livestock products as those
  terms are defined in subdivision two of section three hundred one of the
  agriculture and markets law.
    (b) "Beginning farmer" shall mean a person who engages in  farming  or
  desires  to  engage  in farming and who qualifies as a first time farmer
  pursuant to 26 United States code section 147(c)(2).
    (c) "Lender" shall mean any state or federally-chartered savings bank,
  savings and loan association, state or federally chartered savings banks
  and savings and loan associations, farm credit  system  institution,  or
  state  or  federally  chartered  commercial  banks  or  trust  companies
  authorized to do business in this state.
    (d)  "Project"  shall  mean  the  purchase   of   agricultural   land,
  improvements  and other agricultural property at or for any agricultural
  facility to be owned and operated by a beginning farmer.
    3. The corporation is hereby authorized to enter  into  any  contract,
  financing  or  loan  agreement, or other instrument in connection with a
  loan made by a lender to a beginning farmer for a project.
    4.  In  order  to  effectuate  the  purposes  of  this  section,   the
  corporation  may extend credit to or on behalf of a beginning farmer for
  the construction or acquisition of a project, or for  the  reimbursement
  for  costs  incurred by a beginning farmer in connection with a project,
  provided such beginning farmer has received a commitment to receive from
  a lender  a  loan  or  other  financial  assistance  acceptable  to  the
  corporation.  In  the  exercise of the powers granted in this section in
  connection with a project for a beginning farmer,  the  corporation  may
  require   the  inclusion  in  any  contract,  loan  agreement  or  other
  instrument of such provisions for the financing of such project and such
  other financial and other covenants  as  may  apply  to  such  beginning
  farmers  as the corporation may deem desirable and/or appropriate and to
  do all things necessary to execute  any  instrument  in  connection  and
  desirable with such financing.
    5.  In  connection  with  the  issuance  of any bond or note issued in
  connection with or for the beginning farmer program, the corporation may
  fix and collect any fees and  charges,  including  but  not  limited  to
  reimbursement  of all costs of financing incurred by the corporation, as
  the corporation shall determine to be reasonable.
    6. In connection with the extension of credit and the  issuance  of  a
  bond  or  note  for  the  construction  or  acquisition  of a project as
  provided in this  section,  a  beginning  farmer  shall  submit  to  the
  corporation  an  application  for the extension of credit or a loan. The
  corporation  may  deny  such  application  for  any  reason   it   deems
  appropriate in the public interest.
    7. Any bonds or notes issued to finance the provisions of this section
  shall  be  special limited obligations of the corporation payable solely
  out of the revenue derived from any  loan  or  finance  agreement,  debt
  obligation  or  sales contract, collateral or other property received in
  connection with the beginning farmer program. All assets and liabilities
  created through the issuance of bonds or notes under this section  shall
  be  separate  from  all other assets and liabilities of the corporation.

  The corporation shall have no moral or legal obligation or liability  to
  any  beginning  farmer  or  other  person  under  this section except as
  expressly provided by written contract. No funds in the beginning farmer
  program may be commingled with any other funds of the corporation.
    8.  (a)  The  corporation  shall  promulgate regulations, developed in
  consultation with the commissioner of agriculture and markets,  for  the
  purpose  of  carrying  out  its  responsibilities  under  this  section,
  including establishing the criteria and  standards  for  evaluating  the
  project to be financed and the eligibility of the beginning farmer.
    (b) The corporation shall consult with the commissioner of agriculture
  and  markets  regarding  promotion  of  the  program  and agriculturally
  related questions regarding the program or applications.