| 1 | 1 | | 1.1 A bill for an act |
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| 2 | 2 | | 1.2 relating to capital investment; appropriating money for the Rural Finance Authority; |
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| 3 | 3 | | 1.3 authorizing the sale and issuance of state bonds. |
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| 4 | 4 | | 1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
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| 5 | 5 | | 1.5 Section 1. RURAL FINANCE AUTHORITY. |
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| 6 | 6 | | 1.6 Subdivision 1.Appropriation.$50,000,000 is appropriated from the bond proceeds |
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| 7 | 7 | | 1.7fund to the Rural Finance Authority for the purposes set forth in the Minnesota Constitution, |
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| 8 | 8 | | 1.8article XI, section 5, paragraph (h), to purchase participation interests in or to make direct |
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| 9 | 9 | | 1.9agricultural loans to farmers under Minnesota Statutes, chapter 41B. This appropriation is |
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| 10 | 10 | | 1.10from the bond proceeds account in the rural finance administration fund and is for the |
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| 11 | 11 | | 1.11beginning farmer program under Minnesota Statutes, section 41B.039; the loan restructuring |
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| 12 | 12 | | 1.12program under Minnesota Statutes, section 41B.04; the seller-sponsored program under |
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| 13 | 13 | | 1.13Minnesota Statutes, section 41B.042; the agricultural improvement loan program under |
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| 14 | 14 | | 1.14Minnesota Statutes, section 41B.043; and the livestock expansion and modernization loan |
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| 15 | 15 | | 1.15program under Minnesota Statutes, section 41B.045. All debt service on bond proceeds |
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| 16 | 16 | | 1.16used to finance this appropriation must be repaid by the Rural Finance Authority under |
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| 17 | 17 | | 1.17Minnesota Statutes, section 16A.643. Loan participations must be priced to provide full |
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| 18 | 18 | | 1.18interest and principal coverage and a reserve for potential losses. Priority for loans must be |
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| 19 | 19 | | 1.19given first to basic beginning farmer loans, second to seller-sponsored loans, and third to |
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| 20 | 20 | | 1.20agricultural improvement loans. |
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| 21 | 21 | | 1.21 Subd. 2.Bond sale expenses.$50,000 is appropriated from the bond proceeds fund to |
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| 22 | 22 | | 1.22the commissioner of management and budget for bond sale expenses under Minnesota |
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| 23 | 23 | | 1.23Statutes, section 16A.641, subdivision 8. |
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| 24 | 24 | | 1Section 1. |
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| 25 | 25 | | 25-02806 as introduced01/27/25 REVISOR BD/BM |
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| 26 | 26 | | SENATE |
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| 27 | 27 | | STATE OF MINNESOTA |
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| 28 | 28 | | S.F. No. 1517NINETY-FOURTH SESSION |
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| 29 | 29 | | (SENATE AUTHORS: WESTROM and Weber) |
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| 30 | 30 | | OFFICIAL STATUSD-PGDATE |
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| 31 | 31 | | Introduction and first reading02/17/2025 |
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| 32 | 32 | | Referred to Capital Investment 2.1 Subd. 3.Bond sale.To provide the money appropriated in this section from the bond |
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| 33 | 33 | | 2.2proceeds fund, the commissioner of management and budget shall sell and issue bonds of |
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| 34 | 34 | | 2.3the state in an amount up to $50,050,000 in the manner, upon the terms, and with the effect |
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| 35 | 35 | | 2.4prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the Minnesota |
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| 36 | 36 | | 2.5Constitution, article XI, sections 4 to 7. |
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| 37 | 37 | | 2.6 EFFECTIVE DATE.This section is effective the day following final enactment. |
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| 38 | 38 | | 2Section 1. |
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| 39 | 39 | | 25-02806 as introduced01/27/25 REVISOR BD/BM |
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