SF 851

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; changing limits of the 
  1.3             livestock expansion loan program; providing 
  1.4             restrictions on demonstration programs; amending 
  1.5             Minnesota Statutes 1994, section 41B.045, subdivision 
  1.6             2. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1994, section 41B.045, 
  1.9   subdivision 2, is amended to read: 
  1.10     Subd. 2.  [LOAN PARTICIPATION.] The authority may 
  1.11  participate in a livestock expansion loan with an eligible 
  1.12  lender to a livestock farmer who meets the requirements of 
  1.13  section 41B.03, subdivision 1, clauses (1) and (2), and who are 
  1.14  actively engaged in a livestock operation.  Participation is 
  1.15  limited to 45 percent of the principal amount of the loan or 
  1.16  $100,000 $250,000, whichever is less.  The interest rates and 
  1.17  repayment terms of the authority's participation interest may be 
  1.18  different from the interest rates and repayment terms of the 
  1.19  lender's retained portion of the loan. 
  1.20     Sec. 2.  [DEMONSTRATION PROGRAM RESTRICTIONS.] 
  1.21     (a) During fiscal years 1996 and 1997, loan participations 
  1.22  under Minnesota Statutes, section 41B.045, must comply with the 
  1.23  restrictions in this section. 
  1.24     (b) To the extent that herd health will not be jeopardized, 
  1.25  farms receiving assistance from the authority must be available 
  1.26  for tours within the first two years after completion of the 
  2.1   expansion. 
  2.2      (c) All livestock expansion loans must be for expansions 
  2.3   that include some of the most up-to-date, efficient systems 
  2.4   available.  Projects must be reviewed by a University of 
  2.5   Minnesota extension livestock specialist prior to approval by 
  2.6   the authority. 
  2.7      Sec. 3.  [EFFECTIVE DATE.] 
  2.8      This act is effective the day following final enactment.