North Dakota Code 6-09.13-01 – Definitions
In this chapter, unless the context or subject matter otherwise requires:
Terms Used In North Dakota Code 6-09.13-01
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Organization: includes a foreign or domestic association, business trust, corporation, enterprise, estate, joint venture, limited liability company, limited liability partnership, limited partnership, partnership, trust, or any legal or commercial entity. See North Dakota Code 1-01-49
1. “Agriculture partnership in assisting community expansion fund” means a fund established to buy down the interest rate on loans to on-farm businesses under this chapter.
2. “Family farm” means agricultural real estate operated and owned or leased by a farmer, or other organization authorized to own or lease land used for farming or ranching under chapter 10-06.1.
3. “Farm business” means any business conducted by the farmer or farmer’s family, which is integrated into the farm operation and is intended to supplement farm income to allow the farmer to continue farming. The term may include nontraditional agricultural, manufacturing, processing, value-added processing, targeted service industries, or other activities calculated to produce income, and subsurface field tiling projects.
4. “Farmer” means a resident of North Dakota whose principal occupation is the production of an agricultural commodity or livestock on a family farm.
5. “On-farm business” means any farm business located on a family farm. If a farmer can demonstrate compelling economic reasons for locating a business in a community adjacent to the family farm and financial assistance under this chapter will not give the farmer an unfair economic advantage over a similar non-farm business, the business may qualify as on-farm.