(a) The Board of Agriculture and Conservation (AS 03.09.010) may (1) make a loan to (A) an individual resident farmer, homesteader, or a partnership or corporation composed of farmers and homesteaders for (i) clearing land for agricultural purposes;
(ii) development of farms;
(iii) storage and processing of farm produce;
(iv) the purchase of livestock or machinery;
(v) in-state manufacturing of food or production of animal feed; or
(vi) the cost of shipping to and within the state for the purposes listed in (i) — (v) of this subparagraph;
(B) an individual state resident, or a partnership or corporation for (i) storage and processing plants for agricultural products;
(ii) the commercial production or processing of horticultural products in the state;
(iii) the commercial production or processing of animal feed in the state;
(iv) the raising or care of animals in the state for the purpose of marketing their fur;
(v) in-state manufacturing of food or production of animal feed; or
(vi) the cost of shipping to and within the state for the purposes listed in (i) — (v) of this subparagraph;
(2) designate agents and delegate its powers to them as necessary;
(3) adopt regulations necessary to carry out its functions, including regulations to establish reasonable fees for services provided and charges for collecting the fees;
(4) establish amortization plans for repayment of loans, which may include delayed payments of principal and interest for not to exceed five years;
(5) enter into agreements with private lending institutions, other state agencies, or agencies of the federal government to carry out the purposes of this chapter;
(6) collect the fees and collection charges established under this subsection;
(7) refinance a debt obligation incurred by a borrower under this section or through another lender for a purpose authorized under (1) of this subsection if the borrower otherwise qualifies for a loan under this chapter.
(b) In this section, “horticultural products” means vegetables, fruit plants, grass seed, sod, tree seedlings, ornamental plants, foliage, or flowering plants, grown in a greenhouse or nursery.