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Section 41C.08 — Reserve Funds And Appropriations.

41C.08 RESERVE FUNDS AND APPROPRIATIONS. Subdivision 1. Authority. The authority may create and establish one or more special funds, each to be known as a “bond reserve fund” and shall pay into each bond reserve fund any money appropriated and made available by the state for the purpose of the fund, any proceeds of sale […]

Section 41C.09 — Remedies Of Bondholders.

41C.09 REMEDIES OF BONDHOLDERS. Subdivision 1. Default. If the authority defaults in the payment of principal or interest on an issue of bonds at maturity or upon call for redemption and the default continues for a period of 30 days or if the authority fails or refuses to comply with the provisions of this chapter, […]

Section 41C.10 — Bonds As Legal Investments.

41C.10 BONDS AS LEGAL INVESTMENTS. Bonds are securities in which public officers, state departments and agencies, political subdivisions, insurance companies, and other persons carrying on an insurance business, banks, trust companies, savings associations, investment companies, and other persons carrying on a banking business, administrators, executors, guardians, conservators, trustees, and other fiduciaries and other persons authorized […]

Section 41C.11 — Conflicts Of Interest.

41C.11 CONFLICTS OF INTEREST. Subdivision 1. Disclosure; prohibitions. If a member or employee of the authority has an interest, either direct or indirect, in a contract to which the authority is or is to be a party or in a mortgage lender requesting a loan from or offering to sell mortgage or secured loans to […]

Section 41C.12 — Application And Origination Fee.

41C.12 APPLICATION AND ORIGINATION FEE. The authority may impose a reasonable application and origination fee for each loan issued under the beginning farmer and agricultural business enterprise loan program. The origination fee initially shall be set at 1.5 percent and the application fee at $50. The authority shall review the fees annually and make adjustments […]

Section 41B.23 — Severability; Actions.

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 and applications shall be valid and enforceable to the full extent possible under section […]

Section 41C.01 — Short Title.

41C.01 SHORT TITLE. This chapter shall be called and may be cited as the “Minnesota Agricultural Development Act.” History: 1991 c 332 s 6

Section 41C.02 — Definitions.

41C.02 DEFINITIONS. Subdivision 1. Scope. The definitions in this section apply to this chapter. Subd. 2. Agricultural business enterprise. “Agricultural business enterprise” means a small business, as defined in section 645.445, subdivision 2, which owns or plans to own properties, real or personal, used or useful in connection with the general processing of agricultural products […]

Section 41B.18 — Revenue Bond Fund; Reports.

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 service reserve fund: (1) any money appropriated […]

Section 41B.19 — General Obligation Bonds.

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 obligations issued by the Rural Finance Authority, and upon request of […]