Section 41C.04 — Combination Programs.
41C.04 COMBINATION PROGRAMS. Programs authorized in this chapter may be combined with any other programs authorized in this chapter or under another state or federal program in order to facilitate as far as practicable the acquisition of agricultural land and property by beginning farmers, to facilitate the implementation of permanent soil and water conservation practices […]
Section 41C.05 — Agricultural Development Bond Beginning Farmer And Agricultural Business Enterprise Loan Program.
41C.05 AGRICULTURAL DEVELOPMENT BOND BEGINNING FARMER AND AGRICULTURAL BUSINESS ENTERPRISE LOAN PROGRAM. Subdivision 1. Development of program. The authority shall develop an agricultural development bond beginning farmer and agricultural business enterprise loan program to facilitate the acquisition of agricultural land and improvements and depreciable agricultural property by beginning farmers and real and personal property by […]
Section 41C.06 — Loan Allocation.
41C.06 LOAN ALLOCATION. Not more than 25 percent of the total bond allocation available for beginning farmer and agricultural business enterprise loans may be used for agricultural business enterprise loans. However, any portion of the bond allocation that remains unencumbered on November 1 of each year may be made available for agricultural business enterprise loans. […]
Section 41C.07 — Bonds.
41C.07 BONDS. Subdivision 1. Authority. The authority may issue its negotiable bonds in principal amounts which, in the opinion of the authority, are necessary to provide sufficient funds for achievement of its corporate purposes, the payment of interest on its bonds, the establishment of reserves to secure its bonds, and all other expenditures of the […]
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 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 […]
Section 41B.195 — Additional Use Of General Obligation Bonds.
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 general obligation bond proceeds and interest on them, and all or […]
Section 41B.20 — Exemption From Taxes.
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
Section 41B.21 — Certain Actions.
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 original jurisdiction pursuant to article VI, section 2 […]