Bill > SF1209

This bill appropriates $30,000,000 from bond proceeds to the Rural Finance Authority to support various agricultural loan programs for farmers in Minnesota. The funds will be used for specific lending initiatives, including a beginning farmer program, loan restructuring, seller-sponsored programs, agricultural improvement loans, and livestock expansion and modernization loans. The bill prioritizes loan allocation, giving first preference to basic beginning farmer loans, followed by seller-sponsored loans, and then agricultural improvement loans. An additional $30,000 is allocated for bond sale expenses to be managed by the commissioner of management and budget. The commissioner is authorized to sell and issue up to $30,030,000 in state bonds following standard state procedures and constitutional guidelines. All debt service on these bond proceeds must be repaid by the Rural Finance Authority, and loan participations must be priced to provide full interest and principal coverage with a reserve for potential losses. The bill becomes effective immediately after final enactment.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1209&ssn=0&y=2025