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SF 4021

as introduced - 90th Legislature (2017 - 2018) Posted on 06/28/2018 03:40pm

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

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Current Version - as introduced

A bill for an act
relating to capital investment; appropriating money for the Rural Finance Authority;
authorizing the sale and issuance of state bonds.

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

Section 1. RURAL FINANCE AUTHORITY.

Subdivision 1.

Appropriation.

$35,000,000 is appropriated from the bond proceeds
fund to the Rural Finance Authority for the purposes set forth in the Minnesota Constitution,
article XI, section 5, paragraph (h), to purchase participation interests in or to make direct
agricultural loans to farmers under Minnesota Statutes, chapter 41B. This appropriation is
from the bond proceeds account in the rural finance administration fund and 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.

Subd. 2.

Bond sale expenses.

$35,000 is appropriated from the bond proceeds fund to
the commissioner of management and budget for bond sale expenses under Minnesota
Statutes, section 16A.641, subdivision 8.

Subd. 3.

Bond sale.

To provide the money appropriated in this section from the bond
proceeds fund, the commissioner of management and budget shall sell and issue bonds of
the state in an amount up to $35,035,000 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.

EFFECTIVE DATE.

This section is effective the day following final enactment.

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