Title Minnesota Statutes, Minnesota Statutes

41B.03 BORROWER ELIGIBILITY CRITERIA. § Subdivision 1.Eligibility generally. To be eligible for a program in sections 41B.01 to 41B.23: (1) a borrower must be a resident of Minnesota or a domestic family farm corporation or family farm partnership, as defined in section 500.24, s…

41B.036 GENERAL POWERS OF THE AUTHORITY. For the purpose of exercising the specific powers granted in section 41B.04 and effectuating the other purposes of sections 41B.01 to 41B.23 the authority has the general powers granted in this section. (a) It may sue and be sued. (b) It m…

41B.037 HOMESTEAD REDEMPTION PROGRAM. The authority may establish and implement a homestead redemption program under sections 41B.01 to 41B.23. The purpose of the program is to assist persons who have lost their farms due to foreclosure, granting a deed in lieu of foreclosure, or…

41B.038 PROGRAMS FOR COMMITMENTS TO OTHER ENTITIES. The authority may establish programs to make or purchase and enter into commitments to make or purchase qualified agricultural loans or portions of the loans issued to persons described in section 41B.03, subdivision 1. The agri…

41B.039 BEGINNING FARMER PROGRAM. § Subdivision 1.Establishment. The authority may establish, develop criteria, and implement a beginning farmer program. § Subd. 2.State participation. The state may participate in a new real estate loan with an eligible lender to a beginning farm…

41B.0391 BEGINNING FARMER PROGRAM; TAX CREDITS. § Subdivision 1.Definitions. (a) For purposes of this section, the following terms have the meanings given. (b) "Agricultural assets" means agricultural land, livestock, facilities, buildings, and machinery used for farming in Minne…

41B.04 LOAN RESTRUCTURING PROGRAM. § Subdivision 1.Restructuring authority. The authority may enter into agreements or programs with eligible agricultural lenders for the restructuring of mortgage loans on real property located in Minnesota which is farmed by Minnesota residents,…

41B.042 SELLER-SPONSORED PROGRAM. § Subdivision 1.Establishment. The authority must, within 120 days after August 1, 1989, establish, develop criteria, and implement a seller-sponsored loan participation program to assist persons entering or reentering farming. The authority must…

41B.043 AGRICULTURAL IMPROVEMENT LOAN PROGRAM. § Subdivision 1.Establishment. The authority may establish, adopt rules for, and implement an agricultural improvement loan program to finance agricultural improvements. § Subd. 1a. [Repealed, 2007 c 45 art 1 s 66] § Subd. 1b.Loan pa…

41B.044 ETHANOL DEVELOPMENT PROGRAM. § Subdivision 1.Ethanol production facility loan program. The authority may establish, adopt rules for, and implement an ethanol production facility loan program to provide capital for ethanol production facilities. The program may provide for…

41B.045 LIVESTOCK EXPANSION AND MODERNIZATION LOAN PROGRAM. § Subdivision 1.Establishment. The authority may establish, adopt rules for, and implement a loan program to finance livestock expansions and modernizations in the state. § Subd. 2.Loan participation. The authority may p…

41B.046 VALUE-ADDED AGRICULTURAL PRODUCT LOAN PROGRAM. § Subdivision 1.Definitions. For purposes of this section: (1) "Agricultural commodity" has the meaning given in section 17.90. (2) "Agricultural product processing facility" means land, buildings, structures, fixtures, and i…

41B.047 DISASTER RECOVERY LOAN PROGRAM. § Subdivision 1.Establishment. The authority shall establish and implement a disaster recovery loan program to help farmers: (1) clean up, repair, or replace farm structures and septic and water systems, as well as replace seed, other crop …

41B.048 AGROFORESTRY LOAN PROGRAM. § Subdivision 1.Purpose. The purpose of the agroforestry loan program is to provide low-interest financing to farmers during the growing period required to convert agricultural land to agroforestry. § Subd. 2.Establishment. The authority shall e…

41B.049 METHANE DIGESTER LOAN PROGRAM. § Subdivision 1.Establishment. The authority shall establish and implement a methane digester loan program to help finance the purchase of necessary equipment and the construction or improvement of a system that utilizes manure to produce el…

41B.055 LIVESTOCK EQUIPMENT LOAN PROGRAM. § Subdivision 1.Establishment. The authority must establish and implement a livestock equipment loan program to help finance the purchase of livestock-related equipment and make livestock facilities improvements. § Subd. 2.Eligibility. No…

41B.056 AGRICULTURAL MICROLOAN PROGRAM. § Subdivision 1.Establishment. The authority shall establish and implement an agricultural microloan program to help finance the purchase of agricultural land or the production of specialty crops or eligible livestock. The authority may con…

41B.057 FARM OPPORTUNITY LOAN PROGRAM. § Subdivision 1.Establishment. The authority shall establish a farm opportunity loan program to provide loans that enable farmers to: (1) add value to crops or livestock produced in Minnesota; or (2) increase production of on-farm energy. § …

41B.06 RURAL FINANCE AUTHORITY REVOLVING LOAN ACCOUNT. There is established in the rural finance administration fund a Rural Finance Authority revolving loan account that is eligible to receive appropriations and the transfer of loan funds from other programs. All repayments of f…

41B.07 RULES. The authority may adopt rules for the efficient administration of sections 41B.01 to 41B.23. History: 1986 c 398 art 6 s 7; 1987 c 396 art 1 s 31; 1997 c 187 art 1 s 2

41B.08 REVENUE BONDS; PURPOSES, TERMS, APPROVAL. § Subdivision 1.Bonds for program. The authority from time to time may issue its negotiable bonds in a principal amount which, in the opinion of the authority, is necessary to provide sufficient funds for achieving its purposes inc…

41B.09 REVENUE BONDS; RESOLUTIONS AUTHORIZING, ADDITIONAL TERMS, SALE. The bonds of the authority must be authorized by a resolution or resolutions adopted by the authority, bear such date or dates, mature at such time or times, bear interest at such rate or rates, be in such den…

41B.10 REVENUE BONDS; OPTIONAL RESOLUTION AND CONTRACT PROVISIONS. Any resolution authorizing any bonds or any issue of bonds may contain provisions, which must be a part of the contract with the holders of the bonds, as to the matters referred to in this section. (a) It may pled…

41B.11 PLEDGES. Any pledge made by the authority is valid and binding from the time the pledge is made. The money or property pledged and later received by the authority is immediately subject to the lien of the pledge without any physical delivery of the property or money or fur…

41B.12 REVENUE BONDS; NONLIABILITY OF INDIVIDUALS. The members of the authority and its staff and any person executing the bonds are not personally liable on the bonds or subject to any personal liability or accountability by reason of their issuance. History: 1986 c 398 art 6 s …

41B.13 REVENUE BONDS; PURCHASE AND CANCELLATION BY AUTHORITY. The authority, subject to agreements with bondholders which may then exist, has power out of any funds available for the purpose to purchase bonds of the authority at a price not exceeding (a) if the bonds are then red…

41B.14 REVENUE BONDS; NONLIABILITY OF STATE. The state of Minnesota is not liable on bonds of the authority issued under sections 41B.08 and 41B.044 and those bonds are not a debt of the state. The bonds must contain on their face a statement to that effect. History: 1986 c 398 a…

41B.15 STATE PLEDGE AGAINST IMPAIRMENT OF CONTRACTS. The state pledges and agrees with the holders of any bonds issued under section 41B.08, that the state will not limit or alter the rights vested in the authority to fulfill the terms of any agreements made with the bondholders,…

41B.16 SECURITY ACCOUNT. Upon determining that a default may occur in the payment of principal or interest on any issue of bonds issued under section 41B.08, or if any debt service reserve fund established in connection with those bonds is drawn upon because the revenues of the p…

41B.17 POWERS AND DUTIES OF TRUSTEE. § Subdivision 1.General. The trustee designated in any indenture or resolution securing an issue of bonds may, and upon written request of the holders of 25 percent in principal amount of the notes or bonds then outstanding shall, in the trust…

41B.18 REVENUE BOND FUND; REPORTS. § Subdivision 1.Authority. The authority may create and establish a special fund or funds for the security of one or more or all series of its bonds, which funds are known as debt service reserve funds. The authority may pay into each debt servi…

41B.19 GENERAL OBLIGATION BONDS. § Subdivision 1.Procedure. For the purpose of developing the state's agricultural resources by providing for the extension of credit on real estate security and to assure the timely payment of the principal of and interest on the bonds or other ob…

41B.195 ADDITIONAL USE OF GENERAL OBLIGATION BONDS. If the Rural Finance Authority determines to issue revenue bonds under section 41B.08 for the purposes specified in section 41B.04, the commissioner may by order provide for the transfer of all or a portion of the remaining gene…

41B.20 EXEMPTION FROM TAXES. The property of the authority and its income and operation shall be exempt from all taxation by the state or any of its political subdivisions. History: 1986 c 398 art 6 s 20; 1987 c 396 art 1 s 31

41B.21 CERTAIN ACTIONS. Any action brought by any person with respect to the rights or powers of the authority or calling into question the validity or enforceability of bonds or obligations authorized by sections 41B.01 to 41B.23 is a remedial case of which the supreme court has…

41B.211 DATA PRIVACY. § Subdivision 1.Data on individuals. Financial information, including credit reports, financial statements, and net worth calculations, received or prepared by the authority regarding any authority loan and the name of each individual who is the recipient of…

41B.22 CONSTRUCTION. Sections 41B.01 to 41B.23 are necessary for the welfare of the state of Minnesota and its inhabitants; therefore, they shall be liberally construed to effect their purpose. History: 1986 c 398 art 6 s 22

41B.23 SEVERABILITY; ACTIONS. Each of the provisions of sections 41B.01 to 41B.23, and each application thereof to particular circumstances, is severable. If any provision or application is found to be unconstitutional and void, it is the intention that the remaining provisions a…