Plain English Breakdown
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SF3752 • 2026
Rural Finance Authority bond issue and appropriation
Rural Finance Authority bond issue and appropriation
Budget
Passed Legislature
This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.
Bill History
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2026-03-17
House
Author added Westrom
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2026-02-23
House
Introduction and first reading
Official Summary Text
Rural Finance Authority bond issue and appropriation
Current Bill Text
Read the full stored bill text
A bill for an act relating to capital investment; appropriating money for the Rural Finance Authority; authorizing the sale and issuance of state bonds. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. new text begin RURAL FINANCE AUTHORITY. new text end new text begin Subdivision 1. new text end new text begin Appropriation. new text end new text begin $50,000,000 is appropriated from the bond proceeds fund to the Rural Finance Authority for the purposes set forth in the Minnesota Constitution, article XI, section 5, paragraph (h), to purchase participation interests in or to make direct agricultural loans to farmers under Minnesota Statutes, chapter 41B. This appropriation is for the beginning farmer program under Minnesota Statutes, section 41B.039; the loan restructuring program under Minnesota Statutes, section 41B.04; the seller-sponsored program under Minnesota Statutes, section 41B.042; the agricultural improvement loan program under Minnesota Statutes, section 41B.043; and the livestock expansion and modernization loan program under Minnesota Statutes, section 41B.045. All debt service on bond proceeds used to finance this appropriation must be repaid by the Rural Finance Authority under Minnesota Statutes, section 16A.643. Loan participations must be priced to provide full interest and principal coverage and a reserve for potential losses. Priority for loans must be given first to basic beginning farmer loans, second to seller-sponsored loans, and third to agricultural improvement loans. new text end new text begin Subd. 2. new text end new text begin Bond sale expenses. new text end new text begin $50,000 is appropriated from the bond proceeds fund to the commissioner of management and budget for bond sale expenses under Minnesota Statutes, section 16A.641, subdivision 8. new text end new text begin Subd. 3. new text end new text begin Bond sale. new text end new text begin To provide the money appropriated in this section from the bond proceeds fund, the commissioner of management and budget shall sell and issue bonds of the state in an amount up to $50,050,000 in the manner, upon the terms, and with the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the Minnesota Constitution, article XI, sections 4 to 7. new text end new text begin EFFECTIVE DATE. new text end new text begin This section is effective the day following final enactment. new text end