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HF 270

as introduced - 91st Legislature (2019 - 2020) Posted on 07/08/2019 04:23pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to agriculture; authorizing the Rural Finance Authority to issue or
participate in more than one methane digester loan to a farmer; amending Minnesota
Statutes 2018, section 41B.049, subdivisions 1, 5.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2018, section 41B.049, subdivision 1, is amended to read:


Subdivision 1.

Establishment.

The authority shall establish and implement a methane
digester loan program to help finance the purchase of necessary equipment and the
constructionnew text begin or improvementnew text end of a system that deleted text begin will utilizedeleted text end new text begin utilizes new text end manure to produce
electricity.

Sec. 2.

Minnesota Statutes 2018, section 41B.049, subdivision 5, is amended to read:


Subd. 5.

Loan criteria.

(a) To be eligible, a borrower must be a resident of Minnesota
or an entity that is not prohibited from owning agricultural land under section 500.24.

(b) State participation in a participation loan is limited to 45 percent of the principal
amount of the loan. A direct loan or loan participation may not exceed $250,000.

(c) Loans under this program may be used as a match for federal loans or grants.

(d) A borrower who has previously received a loan under subdivision 1 deleted text begin is prohibited
from receivingdeleted text end new text begin may receive new text end another methane digester loan under subdivision 1new text begin if the previous
loan has been repaid in fullnew text end .