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MN SF548
Bill
Status
Introduced
1/23/2023
Primary Sponsor
Aric Putnam
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AI Summary
- Appropriates $50,000,000 from bond proceeds to the Rural Finance Authority for agricultural loans under Minnesota Statutes chapter 41B, including beginning farmer, loan restructuring, seller-sponsored, agricultural improvement, and livestock expansion loan programs
- Requires the Rural Finance Authority to repay all debt service on bond proceeds and prices loan participations to provide full interest and principal coverage plus reserves for potential losses
- Establishes loan priority: first to basic beginning farmer loans, second to seller-sponsored loans, and third to agricultural improvement loans
- Appropriates $50,000 from bond proceeds for bond sale expenses to the commissioner of management and budget
- Authorizes the commissioner of management and budget to sell and issue state bonds up to $50,050,000 in accordance with Minnesota Statutes sections 16A.631 to 16A.675 and the Minnesota Constitution
Legislative Description
Rural Finance Authority bond issue and appropriation
Last Action
Rule 45; subst. General Orders HF463, SF indefinitely postponed
4/17/2023
Committee Referrals
Finance3/2/2023
Capital Investment2/6/2023
Agriculture, Broadband, and Rural Development1/26/2023
Capital Investment1/23/2023
Full Bill Text
No bill text available