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 41C.03 — Guiding Principles.

41C.03 GUIDING PRINCIPLES. (a) In the performance of its duties, implementation of its powers, and selection of specific programs and projects to receive its assistance under this chapter, the authority must be guided by the principles in paragraphs (b) to (e). (b) The authority shall not become an owner of real or depreciable property, except […]

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 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 41C.13 — Rules.

41C.13 RULES. The authority may adopt rules for the efficient administration of this chapter. History: 1991 c 332 s 18; 1997 c 187 art 1 s 3