MN HF463

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.

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

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 state bonds up to $50,050,000 to fund the appropriations, with debt service repaid by the Rural Finance Authority.

Becomes effective the day following final enactment.