Rural Finance Authority funding provided, bonds issued, and money appropriated.
HF 770 appropriates $30 million from state bond proceeds to fund specific agricultural loan programs administered by Minnesota's Rural Finance Authority. It directly affects Minnesota farmers by financing beginning farmer loans, seller-sponsored loans, agricultural improvement loans, and livestock expansion loans under Minnesota Statutes, chapter 41B. The bill authorizes the state to issue up to $50.05 million in bonds, with debt service repaid by the Authority, and prioritizes funding first for beginning farmers, then seller-sponsored loans, and finally agricultural improvement loans.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2025
Committee Review
Floor Vote
Governor
Introduced Feb 13, 2025
Last action Mar 6, 2025
Maddy AI version diff · 1 comparison
What changed between versions
Introduction
→
1st Engrossment
·
3 edits
·
Mar 6, 2025
MINOR
The bill was updated from its introduction to its first engrossment, changing the version title and posting date. The most significant policy change involves a reduction in the financial amounts authorized for bond issuance and expenses, likely due to legislative negotiation or budget adjustments.
Scope change
The bill's scope regarding the total amount of money the state can borrow and spend has been reduced.
FISCAL
The appropriation for bond sale expenses was reduced from $30,000,000 to $30,000.
The maximum amount of bonds the commissioner of management and budget is authorized to sell was reduced from $50,050,000 to $30,030,000.
TECHNICAL
The document title was updated from 'Introduction' to '1st Engrossment' and the posting date was changed from February 17, 2025, to March 6, 2025.
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
3
Key actions
1
Committee
1
Mar 6, 2025
Lower · Passed
Committee report, to adopt as amended and re-refer to Capital Investment
lower
Feb 13, 2025
Introduced
Introduction and first reading, referred to Capital Investment
lower
1 primary · 6 co-sponsors
Sponsors
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