Authority: means the Tennessee local development authority, a public agency and instrumentality of the state, created by this chapter, or if such authority shall be abolished, the board, body, commission or agency succeeding to the principal functions thereof or to which the powers and duties granted or imposed upon the authority shall be given by law. See Tennessee Code 4-31-102
(1) The high cost and limited availability of agricultural financing threatens to halt needed expansion or even perpetuation of many farm operations and related enterprises in Tennessee;(2) These conditions severely limit the ability of young persons to begin farming or to carry on family farming traditions;(3) Resulting shortages in agricultural commodities will aggravate food price inflation; and(4) Resulting reductions in agricultural employment will contribute to overall unemployment with its attendant problems.(b)(1) It is accordingly in furtherance of the interests and welfare of all Tennesseans that the Tennessee local development authority be empowered to issue revenue bonds, and to make the proceeds available for loans to farmers and farm-related enterprises that private industry alone would be otherwise unable to serve, at interest rates lower than would otherwise be obtainable.(2) It is intended that the Tennessee local development authority be vested with all powers necessary to the accomplishment of these purposes.
