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MN HF2601
Bill
Status
3/8/2016
Primary Sponsor
Mike Sundin
Click for details
AI Summary
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Appropriates $35,000,000 from the bond proceeds fund to the Rural Finance Authority for agricultural loans to farmers under Minnesota Statutes, chapter 41B.
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Funds five specific loan programs: beginning farmer program, loan restructuring program, seller-sponsored program, agricultural improvement loan program, and livestock expansion loan program.
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Establishes loan priority order: first to basic beginning farmer loans, second to seller-sponsored loans, and third to agricultural improvement loans.
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Requires the Commissioner of Management and Budget to sell and issue state bonds up to $35,000,000 to provide the appropriated funds, with debt service repaid by the Rural Finance Authority.
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Takes effect the day following final enactment.
Legislative Description
Rural Finance Authority agricultural loan programs funding provided, bonds issued, and money appropriated.
Last Action
Introduction and first reading, referred to Agriculture Finance
3/8/2016