Page:United States Statutes at Large Volume 104 Part 5.djvu/294

 104 STAT. 3616 PUBLIC LAW 101-624—NOV. 28, 1990 SEC. 1464. AMENDMENT TO THE WATERSHED PROTECTION AND FLOOD PREVENTION ACT. Section 3(6) of the Watershed Protection and Flood Prevention Act (16 U.S.C. 1003(6)) is amended by inserting "and enhance the water quality of after "recreation resources of. Farms for the CHAPTER 2—FARMLAND PROTECTION Future Act of 1990 7 USC 4201 note. SEC. 1465. SHORT TITLE, PURPOSE, AND DEFINITION. (a) SHORT TITLE.—T h is chapter may be cited as the "Farms for the Future Act of 1990". (b) PURPOSE. —It is the purpose of this chapter to promote a national farmland protection effort to preserve our vital farmland resources for future generations. (c) DEFINITIONS.—As used in this chapter: (1) ALLOWABLE INTEREST RATE.—The term "allowable interest rate" refers to an interest rate which shall be the current average rate of interest that each State pays on 10-year notes or other similar obligations of the State, or a comparable interest rate as determined by the Secretary. (2) ELIGIBLE LOAN.— The term "eligible loan" means the 10- year loans made by lending institutions to State trust funds to further the purposes of this chapter. No principal payments shall be due on such eligible loans for the first 10 years after such loan is made and the principal amount shall be paid by the State trust fund at the end of the 10th year. For each such eligible loan, each State trust fund shall be entitled to receive an interest rate subsidy from the Secretary as set forth in section 1466(b). (3) EuGiBLE STATE. — The term "eligible State" means— (A) the State of Vermont; and (B) at the option of the Secretary and subject to appropriations, any State that on or before August 1, 1991— (i) operates or administers a land preservation fund that invests funds in the protection or preservation of farmland for agricultural purposes; and (ii) works in coordination with the governing bodies of counties, towns, townships, villages, or other units of general government below the State level, or with private nonprofit or public organizations, to Eissist in the preservation of farmland for agricultural purposes. (4) LENDING INSTITUTION. —The term "lending institution" means any Federal or State chartered bank, savings and loan associations, cooperative lending agencies, or other legally organized lending agencies. (5) PROGRAM.— The term "program" means the farmland preservation program established under this chapter to be known as the "Agricultural Resource Conservation Demonstration Progrgmi". (6) SECRETARY. — The term "Secretary" means the Secretary of Agriculture. (7) STATE.— The term "State" means any State of the United States, Commonwealth of Puerto Rico, and the Virgin Islands of the United States. (8) STATE TRUST FUND.— The term "State trust fund" meeins a trust fund or an account established by an eligible State,

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