MN SF3408

Appropriates $50,000,000 from bond proceeds to the Rural Finance Authority to purchase participation interests in or make direct agricultural loans to farmers under five loan programs: beginning farmer, loan restructuring, seller-sponsored, agricultural improvement, and livestock expansion.

Establishes loan priority as: first 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 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 $50,050,000 in state bonds to fund the appropriations, effective the day following final enactment.