HF14 Summary

• Appropriates $35,000,000 from bond proceeds to the Rural Finance Authority for agricultural loans to farmers under five programs: beginning farmer, loan restructuring, seller-sponsored, agricultural improvement, and livestock expansion loans.

• Requires the Rural Finance Authority to repay all debt service on bonds used for this appropriation and mandates loan participations be priced to cover full interest, principal, and reserves for potential losses.

• Establishes loan priority order: basic beginning farmer loans first, seller-sponsored loans second, and agricultural improvement loans third.

• Appropriates $35,000 from bond proceeds to the commissioner of management and budget for bond sale expenses.

• Authorizes the commissioner of management and budget to sell and issue state bonds up to $35,035,000 in accordance with Minnesota Statutes sections 16A.631-16A.675 and the Minnesota Constitution article XI, sections 4-7; effective the day following final enactment.