Skip to main content Skip to office menu Skip to footer
Capital IconMinnesota Legislature
Office of the Revisor of Statutes

HF 274

Conference Committee Report - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Pdf Rtf

Current Version - Conference Committee Report

Line numbers 1.1 1.2 1.3 1.4
1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 2.1 2.2
2.3

A bill for an act
 relating to the Rural Finance Authority; providing for sale of bonds; appropriating
money.

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

Section 1. new text begin RURAL FINANCE AUTHORITY.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $15,000,000 is appropriated from the bond proceeds
fund for the purposes set forth in the Minnesota Constitution, article XI, section 5, clause
(h), to the Rural Finance Authority to purchase participation interests in or to make direct
agricultural loans to farmers under Minnesota Statutes, chapter 41B. This appropriation is
for the beginning farmer program under Minnesota Statutes, section 41B.039; the loan
restructuring program under Minnesota Statutes, section 41B.04; the seller-sponsored
program under Minnesota Statutes, section 41B.042; the agricultural improvement loan
program under Minnesota Statutes, section 41B.043; and the livestock expansion loan
program under Minnesota Statutes, section 41B.045. All debt service on bond proceeds
used to finance this appropriation must be repaid by the Rural Finance Authority under
Minnesota Statutes, section 16A.643. Loan participations must be priced to provide full
interest and principal coverage and a reserve for potential losses. Priority for loans must
be given first to basic beginning farmer loans; second, to seller-sponsored loans; and
third, to agricultural improvement loans.
 new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in this section from the
bond proceeds fund, the commissioner of finance shall sell and issue bonds of the state in
an amount up to $15,000,000 in the manner, upon the terms, and with the effect prescribed
by Minnesota Statutes, sections 16A.631 to 16A.675, and by the Minnesota Constitution,
article XI, sections 4 to 7.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end