SF 3374

as introduced - 89th Legislature (2015 - 2016) Posted on 04/04/2016 09:04am

A bill for an act
relating to rural economic development; creating an organic agriculture financing
program; appropriating money; proposing coding for new law in Minnesota
Statutes, chapter 41A.

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

Section 1.

new text begin [41A.0355] ORGANIC AGRICULTURE FINANCING.
new text end

new text begin (a) The Minnesota Agricultural and Economic Development Board may guarantee
loans under section 41A.03 or participate in loans under section 41A.035.
new text end

new text begin (b) Loans guaranteed or participated in by the Minnesota Agricultural and Economic
Development Board under paragraph (a) must be to a borrower that is:
new text end

new text begin (1) eligible to own and operate farmland under section 500.24 to purchase, expand,
or operate a farm of 80 acres or less for the production of certified organic agricultural
resources. Eligible loans are for the purchase of land, equipment, or seed or other inputs
used for organic production, as defined in section 31.92, subdivision 3a; or
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new text begin (2) a cooperative, incorporated under chapter 308A or 308B, for construction or
expansion of an agricultural resource project that acquires and processes certified organic
agricultural resources.
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Sec. 2. new text begin APPROPRIATION.
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new text begin $2,000,000 is appropriated in fiscal year 2017 from the general fund to the
commissioner of employment and economic development for purposes of section 1.
new text end