Minnesota SF1209 authorizes the issuance of state bonds to fund the Rural Finance Authority and related agricultural loan programs.
Minnesota SF1209 proposes the issuance of state bonds up to $50,050,000 to support the Rural Finance Authority and related agricultural loan programs. The bond proceeds will be allocated to the Rural Finance Authority for basic beginning farmer loans, seller-sponsored loans, and agricultural improvement loans. Additionally, $30,000,000 will be set aside for bond sale expenses. The Rural Finance Authority will manage the repayment of all debt service on the bond proceeds.
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