S.1340 - Agricultural Land Value Stabilization Act of 198599th Congress (1985-1986)
|Sponsor:||Sen. Harkin, Tom [D-IA] (Introduced 06/21/1985)|
|Committees:||Senate - Agriculture, Nutrition, and Forestry|
|Latest Action:||Senate - 07/03/1985 Referred to Subcommittee on Agricultural Credit. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: S.1340 — 99th Congress (1985-1986)All Information (Except Text)
Introduced in Senate (06/21/1985)
Agricultural Land Value Stabilization Act of 1985 - Determines the value of agricultural land using ten-year averages of yield, prices, and costs (agricultural value).
States that, for loan purposes, the agricultural value of land shall not be less than the agricultural use component of the value of the land.
Authorizes conditional cancellation of Farmers Home Administration loan amounts in excess of such agricultural value. Permits interest repayment on the remaining loan amount at the lesser of original or current rates.
Prohibits: (1) the sale of Government-owned agricultural land at less than agricultural value; and (2) the lease of such land for growing any crops which sold at less than full parity price during the preceeding year.
Authorizes the Secretary of Agriculture to make purchase loans available to owners or operators in areas where the fair market value of land is less than its agricultural value.
Directs the Secretary, upon the request of the borrower, to offer to purchase an institution-held loan if such institution is placed in bankruptcy or receivership, or if it forecloses on an outstanding loan. Authorizes the Secretary to provide a loan to the borrower if the institution does not accept such loan purchase offer.