HF770 (Legislative Session 94 (2025-2026))
Rural Finance Authority funding provided, bonds issued, and money appropriated.
Related bill: SF1209
AI Generated Summary
This bill involves the allocation of funds and the authorization for the state to issue bonds to support agricultural loans in Minnesota. Specifically, it provides $30,000,000 from bond proceeds to the Rural Finance Authority. This money is designated to help farmers through various loan programs such as those for beginning farmers, loan restructuring, seller-sponsored loans, agricultural improvements, and livestock expansion and modernization.
Additionally, $30,000,000 is appropriated for expenses related to the sale of the bonds. The bill authorizes the Commissioner of Management and Budget to sell and issue state bonds up to $50,050,000 to gather the necessary funds.
The intent is to support the agriculture sector in Minnesota by facilitating financial assistance and development opportunities for farmers.
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 12, 2025 | House | Floor | Action | Introduction and first reading, referred to | Capital Investment |
| February 16, 2025 | House | Floor | Action | Motion to recall and re-refer, motion prevailed | Agriculture Finance and Policy |
| March 05, 2025 | House | Floor | Action | Committee report, to adopt as amended and re-refer to | Capital Investment |
Citations
[
{
"analysis": {
"added": [
"Appropriations for expanding the program utilizing bond proceeds."
],
"removed": [
"None"
],
"summary": "This bill involves the beginning farmer program under section 41B.039.",
"modified": [
"Clarifies the source of funding for the program's initiatives."
]
},
"citation": "41B.039"
},
{
"analysis": {
"added": [
"Funding to support agricultural loan restructuring."
],
"removed": [
"None"
],
"summary": "This bill includes appropriations for the loan restructuring program under section 41B.04.",
"modified": [
"Details the use of bond proceeds for program financing."
]
},
"citation": "41B.04"
},
{
"analysis": {
"added": [
"New financial allocations for seller-sponsored agricultural initiatives."
],
"removed": [
"None"
],
"summary": "The sellersponsored program under section 41B.042 is supported by this bill.",
"modified": [
"Modifies financial provisions using bond proceeds."
]
},
"citation": "41B.042"
},
{
"analysis": {
"added": [
"Additional funding measures through bond sales."
],
"removed": [
"None"
],
"summary": "The agricultural improvement loan program under section 41B.043 receives funding.",
"modified": [
"Adjusts loan program financing from bond proceeds."
]
},
"citation": "41B.043"
},
{
"analysis": {
"added": [
"Investment from bond proceeds for livestock program expansion."
],
"removed": [
"None"
],
"summary": "Livestock expansion and modernization loan program under section 41B.045 is included.",
"modified": [
"Revises financial structuring using bond-generated funds."
]
},
"citation": "41B.045"
},
{
"analysis": {
"added": [
"Debt service requirements for bond-funded programs."
],
"removed": [
"None"
],
"summary": "This bill requires debt service to repay bonds under section 16A.643.",
"modified": [
"Specifies repayment obligations using bond proceeds."
]
},
"citation": "16A.643"
},
{
"analysis": {
"added": [
"Authorization for bond sale expenses using appropriated funds."
],
"removed": [
"None"
],
"summary": "Includes bond sale procedures under section 16A.641.",
"modified": [
"Outlines terms and conditions for bond sales."
]
},
"citation": "16A.641"
},
{
"analysis": {
"added": [
"Regulatory framework for bond issuance."
],
"removed": [
"None"
],
"summary": "Defines bond sale regulations under sections 16A.631 to 16A.675.",
"modified": [
"Adjusts bond sale terms and effects using statutory guidelines."
]
},
"citation": "16A.631 to 16A.675"
}
]