1-16B-56 . Value Added Finance Authority Abolished--Duties and responsibilities transferred--Economic Development Finance Authority and Board of Economic Development.

The Value Added Finance Authority created by chapter 1-16E is hereby abolished. The rights, privileges, and duties of the Value Added Finance Authority, the holders of bonds and other obligations issued, and of the parties to contracts, leases, indentures, and other documents or transactions entered into, before July 1, 2020, by the Value Added Finance Authority or any officer or employee thereof, and covenants and agreements as set forth therein, remain in effect, and none of those rights, privileges, duties, covenants, or agreements are impaired or diminished by abolition of the Value Added Finance Authority. The Economic Development Finance Authority is substituted for the Value Added Finance Authority and succeeds to the rights, privileges, and duties, and leases, indentures, accounts, and other documents or transactions, including those related to the nutrient management bond program, the agribusiness bond program, the beginning farmer bond program, and the value-added agriculture agribusiness relending program of the Value Added Finance Authority are hereby transferred to the Economic Development Finance Authority. The Board of Economic Development is substituted for the Value Added Finance Authority and succeeds to the rights, privileges, and duties, and leases, indentures, accounts, and other documents or transactions relating to the value-added agriculture subfund.

Source: SL 2020, ch 4, ยง 2.