SF 708

1st Engrossment - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to agriculture; changing the interest rate on 
  1.3             the shared savings loan program; amending Minnesota 
  1.4             Statutes 1994, section 17.115, subdivision 2. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1994, section 17.115, 
  1.7   subdivision 2, is amended to read: 
  1.8      Subd. 2.  [LOAN CRITERIA.] (a) The shared savings loan 
  1.9   program must provide loans for purchase of new or used 
  1.10  machinery, installation of equipment, and projects that reduce 
  1.11  or make more efficient farm energy use.  Eligible loan uses do 
  1.12  not include seed, fertilizer, or fuel. 
  1.13     (b) Loans may not exceed $15,000 per individual applying 
  1.14  for a loan and may not exceed $75,000 for loans to five or more 
  1.15  individuals on joint projects.  The loan repayment period may be 
  1.16  up to seven years as determined by project cost and energy 
  1.17  savings.  The interest on the loans is six seven percent. 
  1.18     (c) Loans may only be made to residents of this state 
  1.19  engaged in farming.