S.F. No. 1711 Summary

• Appropriates $50,000,000 from bond proceeds to the Rural Finance Authority for agricultural loans to farmers under Minnesota Statutes chapter 41B.

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

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

• Requires loan participations to be priced for full interest and principal coverage with a reserve for potential losses, and mandates Rural Finance Authority repay all debt service on bonds.

• Authorizes the Commissioner of Management and Budget to sell and issue up to $50,050,000 in state bonds, with $50,000 allocated for bond sale expenses; effective the day following final enactment.