MN HF4218

$50,000,000 appropriated from bond proceeds to the Rural Finance Authority to purchase loan participation interests or make direct agricultural loans to farmers

Funds designated for five programs: beginning farmer program, loan restructuring program, seller-sponsored program, agricultural improvement loan program, and livestock expansion and modernization loan program

Loan priority established as: first to basic beginning farmer loans, second to seller-sponsored loans, third to agricultural improvement loans

$50,000 appropriated for bond sale expenses; commissioner of management and budget authorized to sell and issue state bonds up to $50,050,000

Rural Finance Authority must repay all debt service on bond proceeds; loan participations must be priced to cover full interest, principal, and a reserve for potential losses