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SF 3017

1st Engrossment - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 03/13/2006
1st Engrossment Posted on 05/04/2006

Current Version - 1st Engrossment

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A bill for an act
relating to agriculture; providing for a study and report on public and private
funding of a milk volume production loan program.

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

Section 1. new text begin MILK VOLUME PRODUCTION LOAN PROGRAM FUNDING
STUDY.
new text end

new text begin Subdivision 1. new text end

new text begin Study. new text end

new text begin The commissioners of agriculture and employment and
economic development must study the feasibility of a public and private partnership to
fund a milk volume production loan program that would make low-interest loans to dairy
producers of at least $500 per cow, as part of the producers' dairy capital improvement
projects designed to increase milk production in Minnesota. The commissioners shall
recommend an appropriate limit on the number of cows per producer to be covered by this
program. The study must determine whether there is sufficient interest among agricultural
lenders, private agribusiness, and the dairy industry to establish an adequate revolving
loan fund for the program, consisting of private donations matched by public funding
from existing economic development funds, rural development funds, or additional
legislative appropriations.
new text end

new text begin Subd. 2. new text end

new text begin Report. new text end

new text begin By January 2, 2007, the commissioners of agriculture and
employment and economic development must report on the results of the study required in
subdivision 1 to the chairs of the committees of the house of representatives and the senate
with jurisdiction over agricultural policy. The report must include recommendations
on the following items:
new text end

new text begin (1) estimated program administration costs;
new text end

new text begin (2) the terms of a milk volume production loan including, but not limited to,
amortization options and the rate of interest required only to cover program administration
costs;
new text end

new text begin (3) producer loan eligibility criteria; and
new text end

new text begin (4) the amount of annual private contributions and public matching funds needed to
establish a sustainable and effective revolving loan program for milk volume production
loans.
new text end

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin Section 1 is effective the day following final enactment.
new text end