SF 2417

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to agriculture; increasing general obligation 
  1.3             bond authority of the rural finance authority; 
  1.4             amending Minnesota Statutes 1994, section 41B.19, 
  1.5             subdivision 1. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1994, section 41B.19, 
  1.8   subdivision 1, is amended to read: 
  1.9      Subdivision 1.  [PROCEDURE.] For the purpose of developing 
  1.10  the state's agricultural resources by providing for the 
  1.11  extension of credit on real estate security and to assure the 
  1.12  timely payment of the principal of and interest on the bonds or 
  1.13  other obligations issued by the rural finance authority, and 
  1.14  upon request of the rural finance authority under section 
  1.15  41B.08, the commissioner of finance may at the direction of the 
  1.16  authority, issue general obligation bonds of the state in a 
  1.17  principal amount not exceeding $50,000,000 $91,000,000.  The 
  1.18  bonds must be secured as provided in the Minnesota Constitution, 
  1.19  article XI, section 7, and, except as provided in this section, 
  1.20  must be issued and secured as provided in section 16A.641.  The 
  1.21  proceeds of the bonds, except any premium and accrued interest, 
  1.22  must be deposited in the security account established by this 
  1.23  section and used solely for the purposes specified in this 
  1.24  section.  The premium and accrued interest, if any, must be 
  1.25  deposited in the the rural renewal bond account in the state 
  2.1   bond fund. 
  2.2      Sec. 2.  [EFFECTIVE DATE.] 
  2.3      Section 1 is effective the day following final enactment.