The following purposes are eligible to be funded by bond proceeds or loan participations under this chapter:
1. Purchasing agricultural real estate;
2. Constructing, repairing, altering, or adding to any farm buildings on agricultural real estate owned or purchased by the farmer;
3. Making permanent improvements to agricultural real estate owned or purchased by the farmer for the purpose of increasing the productive value of the land or promoting conservation of the soil;
4. Purchasing farm equipment;
5. Purchasing livestock;
6. Paying off and discharging mortgages, encumbrances, and other charges or liens against or on the agricultural real or personal property owned or purchased by the farmer; and 7. Restructuring operating debt carryover.