Rural Finance Authority bond issuance and appropriation
SF 1209 authorizes Minnesota to issue up to $50 million in bonds to fund agricultural loans for farmers. It appropriates $30 million from bond proceeds specifically for the Rural Finance Authority to provide loans under five programs, prioritizing beginning farmers first, followed by seller-sponsored and agricultural improvement loans. The bill establishes that debt service on these bonds must be repaid by the Authority and requires loan participations to cover full interest and principal. This directly affects Minnesota farmers seeking agricultural financing through the state's designated loan programs.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2025
Committee Review
Floor Vote
Governor
Introduced Feb 10, 2025
Last action May 9, 2025
Maddy AI version diff · 1 comparison
What changed between versions
Introduction
→
1st Engrossment
·
3 edits
·
May 9, 2025
MINOR
The bill was updated from an introduction to its first engrossment, reflecting a significant reduction in funding and a corresponding decrease in the total bond issuance amount. The appropriation for agricultural loan programs was reduced from $30 million to $30,000, and the total bond sale limit was lowered from $50,050,000 to $30,030,000 to match the new funding levels.
Scope change
The scope of funding available for agricultural loans and related administrative expenses has been substantially reduced, limiting the scale of the Rural Finance Authority's lending capacity under this bill.
FISCAL
The appropriation for agricultural loan programs was reduced from $30,000,000 to $30,000.
The maximum amount of bonds the state can issue to fund this appropriation was reduced from $50,050,000 to $30,030,000.
TIMELINE
The bill's posting date was updated from May 8, 2025, to May 12, 2025, indicating progress in the legislative process.
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
3
Key actions
1
Committee
2
May 9, 2025
Upper · Passed
Comm report: To pass as amended and re-refer to Finance
upper
Feb 10, 2025
Committee
Referred to Capital Investment
upper
Feb 10, 2025
Introduced
Introduction and first reading
upper
1 primary · 4 co-sponsors
Sponsors
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