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