Chapter 41B — Minnesota Rural Finance Authority Act of 1986

41B.01 Citation; Purpose This law creates the Minnesota Rural Finance Authority Act of 1986. Its purpose is to help Minnesota farmers get loans … 41B.02 Definitions This section defines the key terms used throughout the Rural Finance Authority Act. It explains what words like … 41B.025 Rural Finance Authority This law sets up the Minnesota Rural Finance Authority as a government body. Its board includes state commissioners and … 41B.026 Telephone or Electronic Meeting This law allows the Rural Finance Authority to hold meetings by telephone or other electronic means, as long as the … 41B.03 Borrower Eligibility Criteria This section sets out who can borrow money through the Rural Finance Authority's programs. Borrowers must be Minnesota … 41B.035 This section has been renumbered. The content that was previously at section 41B.035 can now be found at section … 41B.036 General Powers of the Authority This section lists the general powers of the Rural Finance Authority. The authority can sue and be sued, make rules, buy … 41B.037 Homestead Redemption Program This law lets the Rural Finance Authority run a homestead redemption program. The program helps people who lost their … 41B.038 Programs for Commitments to Other Entities This law allows the Rural Finance Authority to make or buy farm loans that are insured or guaranteed by federal agencies … 41B.039 Beginning Farmer Program This law lets the Rural Finance Authority create and run a beginning farmer program. The state can participate in real … 41B.0391 Beginning Farmer Program; Tax Credits This law creates tax credits to encourage people to sell or rent farmland and equipment to beginning farmers. Sellers … 41B.04 Loan Restructuring Program This law governs the Rural Finance Authority's loan restructuring program for struggling farmers. The authority can … 41B.042 Seller-sponsored Program This law creates a seller-sponsored loan program to help people entering or reentering farming. When a farm seller … 41B.043 Agricultural Improvement Loan Program This law creates a loan program to help farmers pay for improvements to their farms, such as buildings, land … 41B.044 Ethanol Development Program This law creates a loan program to help fund ethanol production facilities in Minnesota. The authority can make secured … 41B.045 Livestock Expansion and Modernization Loan Program This law creates a loan program for farmers who want to expand or modernize their livestock operations. The state can … 41B.046 Value-added Agricultural Product Loan Program This law creates a loan program to help farmers buy stock in cooperatives that process agricultural products. The state … 41B.047 Disaster Recovery Loan Program This law creates a disaster recovery loan program for farmers whose operations have been damaged by natural disasters, … 41B.048 Agroforestry Loan Program This law creates a loan program to help farmers finance growing short rotation woody crops like hybrid poplar. The state … 41B.049 Methane Digester Loan Program This law creates a no-interest loan program to help farmers buy equipment and build systems that turn manure into … 41B.05 This section has been renumbered. The content that was previously at section 41B.05 can now be found at section 41B.036, … 41B.055 Livestock Equipment Loan Program This law creates a loan program for farmers to buy livestock-related equipment and improve livestock facilities. The … 41B.056 Agricultural Microloan Program This law creates a small loan program to help members of protected groups and qualified noncitizens finance the … 41B.057 Farm Opportunity Loan Program This law creates a loan program to help farmers add value to their crops or livestock or increase on-farm energy … 41B.06 Rural Finance Authority Revolving Loan Account This law creates a revolving loan account for the Rural Finance Authority. The account holds money for several loan … 41B.07 Rules This section gives the Rural Finance Authority the power to adopt rules for running its programs efficiently. The rules … 41B.08 Revenue Bonds; Purposes, Terms, Approval This law allows the Rural Finance Authority to issue revenue bonds to raise money for its farm lending programs. The … 41B.09 Revenue Bonds; Resolutions Authorizing, Additional Terms, Sale This section sets out how the Rural Finance Authority's revenue bonds are to be structured and sold. The authority … 41B.10 Revenue Bonds; Optional Resolution and Contract Provisions This section describes what the Rural Finance Authority can include in its bond resolutions and contracts with … 41B.11 Pledges This section says that any pledge of money or property made by the Rural Finance Authority takes effect immediately and … 41B.12 Revenue Bonds; Nonliability of Individuals This section protects the members, staff, and officers of the Rural Finance Authority from personal liability for … 41B.13 Revenue Bonds; Purchase and Cancellation by Authority This section allows the Rural Finance Authority to buy back its own bonds before they mature, using available funds. The … 41B.14 Revenue Bonds; Nonliability of State This section states that the state of Minnesota is not responsible for paying revenue bonds issued by the Rural Finance … 41B.15 State Pledge Against Impairment of Contracts This section is the state's promise to bondholders that it will not change the law to take away the Rural Finance … 41B.16 Security Account This section describes what happens when the Rural Finance Authority might not be able to pay its revenue bonds. The … 41B.17 Powers and Duties of Trustee This section describes the powers of a trustee who oversees bond security for the Rural Finance Authority. The trustee … 41B.18 Revenue Bond Fund; Reports This section governs the Rural Finance Authority's debt service reserve funds and reporting requirements. The authority … 41B.19 General Obligation Bonds This section authorizes the state to issue general obligation bonds up to $50,000,000 to support the Rural Finance … 41B.195 Additional Use of General Obligation Bonds This section allows the commissioner to transfer unused general obligation bond proceeds and related assets to the Rural … 41B.20 Exemption From Taxes This section exempts the Rural Finance Authority's property, income, and operations from all state and local taxes. 41B.21 Certain Actions This section gives the Minnesota Supreme Court original jurisdiction over any lawsuit challenging the Rural Finance … 41B.211 Data Privacy This section protects the privacy of financial information submitted to the Rural Finance Authority. Personal financial … 41B.22 Construction This section says that the Rural Finance Authority Act should be read broadly to carry out its purpose. Courts should … 41B.23 Severability; Actions This section is the severability clause for the Rural Finance Authority Act. If any part of the law is found …