469.142 PURPOSES. The purposes of a rural development financing authority are: (1) to acquire, construct, improve, and equip projects comprising real and personal property within or outside the state, used or useful for producing or processing products of agriculture, including assembling, fabricating, manufacturing, mixing, storing, warehousing, distributing, or selling; (2) to investigate, improve, and develop […]
469.143 DEFINITIONS. In sections 469.142 to 469.151, the term “agriculture” includes forestry and timber production and the phrase “producing products of agriculture” does not include acquiring agricultural land. History: 1987 c 291 s 144
469.144 ESTABLISHMENT; BOARD. Subdivision 1. Establishment. Any county or combination of counties by resolution of the county board or boards may establish a rural development financing authority as a public nonprofit corporation. An authority has the powers and duties conferred and imposed on a private nonprofit corporation by chapter 317A, except as otherwise or additionally […]
469.145 FINANCING PROJECTS AND FACILITIES. An authority may provide funds for its purposes by the following methods: (1) issuing bonds of the authority as authorized by section 469.146, subdivision 1; and (2) issuing notes of the authority as authorized by section 469.146, subdivision 2. History: 1987 c 291 s 146
469.146 ISSUANCE OF BONDS AND NOTES. Subdivision 1. Bonds. For the purposes authorized in section 469.142, the authority may issue bonds and execute mortgages and contracts, pledge revenues, and enter into covenants and agreements for the security thereof in the same manner and subject to the same conditions as a municipality under the provisions of […]
469.147 PROCESSING AGREEMENT. The authority may enter into agreements with owners of agricultural land, within or outside the state, providing for payment of charges for the use and availability of any project for processing products of the land, to pay part or all of the capital cost incurred by the authority. The charges may be […]
469.148 APPLICATIONS FOR LOAN GUARANTIES. The authority, or a county exercising the powers of an authority pursuant to section 469.144, may undertake or participate in undertaking a project deemed to further the policies and purposes of the agricultural resource loan guaranty program established and described in sections 41A.01 to 41A.06, by applying to the Minnesota […]
469.149 AGREEMENTS FOR RESERVATION OF TAX INCREMENTS. The authority may enter into an agreement with any county in which a project is to be situated, or a county exercising the powers of an authority may adopt a resolution, under which an agricultural resource project for which a conditional commitment for a loan guaranty has been […]
469.151 STATE AND COUNTY NOT LIABLE ON BONDS. The bonds and other obligations of an authority shall not be the debt of the state of Minnesota or of any county or political subdivision. History: 1987 c 291 s 152
