HF 2882 Summary

• Appropriates $20,000,000 from the bond proceeds fund to the Rural Finance Authority for agricultural lending programs under Minnesota Statutes, chapter 41B

• Funds five loan programs: beginning farmer program, loan restructuring program, seller-sponsored program, agricultural improvement loan program, and livestock expansion loan program

• Requires the Rural Finance Authority to repay all debt service on bond proceeds through standard bond repayment mechanisms

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

• Authorizes the Commissioner of Management and Budget to sell and issue state bonds up to $20,000,000 according to Minnesota Statutes sections 16A.631-16A.675 and the Minnesota Constitution, effective the day following final enactment