(1) The state CRP program is an economic development loan program administered by the board.

(2) The board will issue its economic development bonds pursuant to the Act, for the purpose of funding a program pursuant to which a person participating in the federal CRP program can borrow money against his contract and use the loan proceeds for an agricultural enterprise project.

(3) The goals of the program are to:

(a) provide loans for agricultural enterprise projects at favorable interest rates in order to strengthen the state's agricultural industry;

(b) provide loans to persons participating in the U.S. conservation reserve payment program for agricultural enterprise projects in amounts which will assist those persons while simultaneously protecting the board and other investors.