as introduced - 91st Legislature (2019 - 2020) Posted on 02/14/2019 04:22pm
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:
Minnesota Statutes 2018, section 41B.049, subdivision 1, is amended to read:
The authority shall establish and implement a methane
digester loan program to help finance the purchase of necessary equipment and the
constructionnew text beginnew text end of a system that deleted text beginwill utilizedeleted text end new text beginnew text endmanure to produce
Minnesota Statutes 2018, section 41B.049, subdivision 5, is amended to read:
(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 beginis prohibited
from receivingdeleted text end new text beginnew text endanother methane digester loan under subdivision 1new text beginnew text end.