Introduced in the House on January 25, 2001, to authorize state subsidized interest-free loans to farmers or agribusinesses affected by drought conditions during the summer of 2001. The loans would be made by banks, which would be compensated by the state for the foregone interest. The maximum loan would be $150,000 for a farmer, or $300,000 for an agribusiness, less any federal grants, or any federal crop insurance which was either paid to the farmer, or would have been paid had he taken advantage of its availability. The loans would be paid back over a ten-year period. The House Fiscal Agency estimates that the bill could cost as much as $39.8 million over ten years
The vote was 102 in favor, 1 opposed and 6 not voting
(House Roll Call 813 at House Journal 87)
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