Bill > HF770

This bill appropriates $30,000,000 from bond proceeds to the Rural Finance Authority to support agricultural lending programs for farmers in Minnesota. The funding will be used for several specific loan programs, including beginning farmer loans, loan restructuring, seller-sponsored loans, agricultural improvement loans, and livestock expansion and modernization loans. The bill prioritizes loan allocations, with basic beginning farmer loans receiving the first priority, followed by seller-sponsored loans, and then agricultural improvement loans. Additionally, the bill allocates $30,000 for bond sale expenses and authorizes the commissioner of management and budget to sell and issue up to $30,030,000 in state bonds to fund these appropriations. The Rural Finance Authority is required to repay all debt service on the bond proceeds, and loan participations must be priced to provide full interest and principal coverage with a reserve for potential losses. The bill becomes effective the day after final enactment, and the funding aims to support Minnesota farmers through various financial assistance programs.

Agriculture and Natural Resources, Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0770&ssn=0&y=2025