MN HF2129

Appropriates $40,000,000 from bond proceeds to the Rural Finance Authority for agricultural loans to farmers under five programs: beginning farmer loans, loan restructuring, seller-sponsored loans, agricultural improvement loans, and livestock expansion loans.

Requires loan participations to be priced to cover full interest and principal plus reserves for potential losses, with priority given first to basic beginning farmer loans, second to seller-sponsored loans, and third to agricultural improvement loans.

Appropriates $40,000 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 up to $40,040,000 in state bonds to provide the appropriated funds, with debt service to be repaid by the Rural Finance Authority.

Takes effect the day following final enactment.