Ala. Admin. Code r. 108-1-2-.04

Current through Register Vol. 42, No. 10, July 31, 2024

Section 108-1-2-.04 - Borrower

Any individual, partnership, cooperative, corporation, or other entity that borrows or seeks to borrow funds from the authority, and is engaged in agriculture or agricultural activities, or both, and which meets all of the following criteria:

(a) Derives at least 60 percent of gross income from agriculture or agricultural activities.

(b) Is an Alabama resident.

(c) Is headquartered and operating in Alabama.

(d) Does not currently owe any defaulted taxes to the state or any political subdivision thereof.

Ala. Admin. Code r. 108-1-2-.04

Adopted by Alabama Administrative Monthly Volume XXXV, Issue No. 07, April 28, 2017, eff. 5/20/2017.

Author: Alabama Agricultural Development Authority

Statutory Authority:Code of Ala. 1975, § 2-3A-2.