Bill > SF1517

This bill appropriates $50 million from bond proceeds to the Rural Finance Authority to support various agricultural loan programs designed to assist farmers in Minnesota. The funding will be used for several specific 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 allocates $50,000 for bond sale expenses and authorizes the commissioner of management and budget to sell and issue state bonds up to $50,050,000 to finance these appropriations. The debt service on these bonds will 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 is effective immediately after its final enactment and is grounded in the Minnesota Constitution's provisions for state bond issuance and agricultural support.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1517&ssn=0&y=2025