2006 Minnesota Statutes

41B.036 GENERAL POWERS OF THE AUTHORITY.
For the purpose of exercising the specific powers granted in section 41B.04 and effectuating
the other purposes of sections 41B.01 to 41B.23 the authority has the general powers granted
in this section.
(a) It may sue and be sued.
(b) It may have a seal and alter the seal.
(c) It may make, and from time to time, amend and repeal rules consistent with sections
41B.01 to 41B.23.
(d) It may acquire, hold, and dispose of real or personal property for its corporate purposes.
(e) It may enter into agreements, contracts, or other transactions with any federal or
state agency, any person and any domestic or foreign partnership, corporation, association, or
organization, including contracts or agreements for administration and implementation of all or
part of sections 41B.01 to 41B.23.
(f) It may acquire real property, or an interest therein, in its own name, by purchase or
foreclosure, where such acquisition is necessary or appropriate.
(g) It may provide general technical services related to rural finance.
(h) It may provide general consultative assistance services related to rural finance.
(i) It may promote research and development in matters related to rural finance.
(j) It may enter into agreements with lenders, borrowers, or the issuers of securities for the
purpose of regulating the development and management of farms financed in whole or in part by
the proceeds of qualified agricultural loans.
(k) It may enter into agreements with other appropriate federal, state, or local governmental
units to foster rural finance. It may give advance reservations of loan financing as part of the
agreements, with the understanding that the authority will only approve the loans pursuant to
normal procedures, and may adopt special procedures designed to meet problems inherent in
such programs.
(l) It may undertake and carry out studies and analyses of rural financing needs within the
state and ways of meeting such needs including: data with respect to geographical distribution;
farm size; the distribution of farm credit needs according to debt ratios and similar factors; the
amount and quality of available financing and its distribution according to factors affecting rural
financing needs and the meeting thereof; and may make the results of such studies and analyses
available to the public and may engage in research and disseminate information on rural finance.
(m) It may survey and investigate the rural financing needs throughout the state and make
recommendations to the governor and the legislature as to legislation and other measures
necessary or advisable to alleviate any existing shortage in the state.
(n) It may establish cooperative relationships with such county and multicounty authorities
as may be established and may develop priorities for the utilization of authority resources and
assistance within a region in cooperation with county and multicounty authorities.
(o) It may contract with, use, or employ any federal, state, regional, or local public or private
agency or organization, legal counsel, financial advisors, investment bankers or others, upon
terms it deems necessary or desirable, to assist in the exercise of any of the powers granted in
sections 41B.01 to 41B.23 and to carry out the objectives of sections 41B.01 to 41B.23 and
may pay for the services from authority funds.
(p) It may establish cooperative relationships with counties to develop priorities for the use
of authority resources and assistance within counties and to consider county plans and programs
in the process of setting the priorities.
(q) It may delegate any of its powers to its officers or staff.
(r) It may enter into agreements with qualified agricultural lenders or others insuring or
guaranteeing to the state the payment of all or a portion of qualified agricultural loans.
(s) It may enter into agreements with eligible agricultural lenders providing for advance
reservations of purchases of participation interests in restructuring loans, if the agreements
provide that the authority may only purchase participation interests in restructuring loans under
the normal procedure. The authority may provide in an agreement for special procedures or
requirements designed to meet specific conditions or requirements.
(t) It may allow farmers who are natural persons to combine programs of the federal
Agriculture Credit Act of 1987 with programs of the Rural Finance Authority.
(u) From within available funds generated by program fees, it may provide partial or full
tuition assistance for farm management programs required under section 41B.03, subdivision 3,
clause (7).
History: 1986 c 398 art 6 s 6; 1987 c 396 art 1 s 24,31; 1988 c 688 art 10 s 7; 1992 c 381 s 5