Bill > HF199

This bill provides a $50,000,000 appropriation from bond proceeds to the Rural Finance Authority to support various agricultural loan programs designed to assist farmers. The funding will be allocated across several specific loan programs, including the beginning farmer program, loan restructuring program, seller-sponsored program, agricultural improvement loan program, and livestock expansion and modernization loan program. The bill establishes a priority order for loan distribution, with basic beginning farmer loans receiving first priority, followed by seller-sponsored loans, and then agricultural improvement loans. Additionally, the bill includes a $50,000 appropriation for bond sale expenses to the commissioner of management and budget. The commissioner is authorized to sell and issue state bonds up to $50,050,000 to fund these appropriations, with all debt service to be repaid by the Rural Finance Authority. Loan participations must be priced to provide full interest and principal coverage and maintain a reserve for potential losses. The bill becomes effective the day after its final enactment.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0199&ssn=0&y=2025