§ 374b. Definitions
As used in this chapter:
(1) “Agricultural facility” means land and rights in land, buildings, structures, machinery,
and equipment that is used for, or will be used for producing, processing, preparing,
packaging, storing, distributing, marketing, or transporting agricultural or forest
products that have been at least partially produced in this State, and working capital
reasonably required to operate an agricultural facility.
(2) “Agricultural land” means real estate capable of supporting commercial farming or
forestry, or both.
(3) “Agricultural products” mean crops, livestock, forest products, and other farm or
forest commodities produced as a result of farming or forestry activities.
(4) “Farm ownership loan” means a loan to acquire or enlarge a farm or agricultural facility,
to make capital improvements including construction, purchase, and improvement of
farm and agricultural facility buildings, farm worker housing, or farmer housing that
can be made fixtures to the real estate, to promote soil and water conservation and
protection or provide housing, and to refinance indebtedness incurred for farm ownership
or operating loan purposes, or both.
(5) “Authority” means the Vermont Economic Development Authority.
(6) “Cash flow” means, on an annual basis, all income, receipts, and revenues of the applicant
or borrower from all sources and all expenses of the applicant or borrower, including
all debt service and other expenses.
(7) “Farmer” means an individual directly engaged in the management or operation of an
agricultural facility or farm operation for whom the agricultural facility or farm
operation constitutes two or more of the following:
(A) is or is expected to become a significant source of the farmer’s income;
(B) the majority of the farmer’s assets; and
(C) an occupation in which the farmer is actively engaged, either on a seasonal or year-round
basis.
(8) “Farm operation” means the cultivation of land or other uses of land for the production
of food, fiber, horticultural, silvicultural, orchard, maple syrup, Christmas trees,
forest products, or forest crops; the raising, boarding, and training of equines,
and the raising of livestock; or any combination of the foregoing activities. “Farm
operation” also means the storage, preparation, retail sale, and transportation of
agricultural or forest commodities accessory to the cultivation or use of such land.
“Farm operation” also means the operation of an agritourism business on a farm subject
to regulation under the Required Agricultural Practices. “Farm operation” also means
a business that provides specialty services to farmers, such as foresters, farriers,
hoof trimmers, or large animal veterinarians operating or proposing to operate mobile
units.
(9) “Forest products business” means an enterprise that is engaged in managing, harvesting,
trucking, processing, manufacturing, crafting, or distributing forest products at
least partially derived from Vermont forests.
(10) “Livestock” shall mean cattle, sheep, goats, equines, fallow deer, red deer, reindeer,
American bison, swine, poultry, pheasant, chukar partridge, coturnix quail, ferrets,
camelids and ratites, cultured trout propagated by commercial trout farms, and bees.
(11) “Loan” means an operating loan or farm ownership loan, including a financing lease,
provided that such lease transfers the ownership of the leased property to each lessee
following the payment of all required lease payments as specified in each lease agreement.
(12) “Operating loan” means a loan to purchase livestock, farm or forestry equipment, or
fixtures to pay annual operating expenses of a farm operation or agricultural facility,
to pay loan closing costs, and to refinance indebtedness incurred for farm ownership
or operating loan purposes, or both.
(13) “Program” means the Vermont Agricultural Credit Program established by this chapter.
(14) “Project” or “agricultural project” means the creation, establishment, acquisition,
construction, expansion, improvement, strengthening, reclamation, operation, or renovation
of an agricultural facility or farm operation.
(15) [Repealed.] (Added 1999, No. 25, § 1; amended 2003, No. 67, § 6, eff. June 16, 2003; 2003, No. 121 (Adj. Sess.), § 89, eff. June 8, 2004; 2005, No. 137 (Adj. Sess.), § 4; 2013, No. 199 (Adj. Sess.), § 6; 2015, No. 157 (Adj. Sess.), § A.6, eff. June 2, 2016; 2019, No. 129 (Adj. Sess.), § 20; 2023, No. 141 (Adj. Sess.), § 18, eff. July 1, 2024.)