MN HF2959

Appropriates $50,000,000 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.

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

Requires loan participations to be priced to provide full interest and principal coverage plus a reserve for potential losses.

Appropriates $50,000 for bond sale expenses to the commissioner of management and budget.

Authorizes the sale and issuance of state bonds up to $50,050,000 to provide the appropriated funds, with debt service to be repaid by the Rural Finance Authority.