Chapter 41C — Guiding Principles

41C.01 Short Title This section gives the official name of the law: the 'Minnesota Agricultural Development Act.' 41C.02 Definitions This section defines key terms used in the Agricultural Development Act, including agricultural business enterprise, … 41C.03 Guiding Principles This section sets out the guiding principles for the Minnesota Rural Finance Authority when running programs under this … 41C.04 Combination Programs Programs under this chapter can be combined with other state or federal programs to help beginning farmers buy land and … 41C.05 Agricultural Development Bond Beginning Farmer and Agricultural Business Enterprise Loan Program This section creates the agricultural development bond program for beginning farmers and agricultural businesses. It … 41C.06 Loan Allocation No more than 25 percent of the total bond allocation for beginning farmer and agricultural business loans can go to … 41C.07 Bonds This section authorizes the Rural Finance Authority to issue bonds to fund its programs. The bonds are not obligations … 41C.08 Reserve Funds and Appropriations This section allows the authority to create bond reserve funds to help secure its bonds. Reserve fund money can only be … 41C.09 Remedies of Bondholders This section describes what bondholders can do if the authority defaults on its bonds. If the authority misses a payment … 41C.10 Bonds as Legal Investments This section declares that the authority's bonds are legal investments for banks, insurance companies, trust companies, … 41C.11 Conflicts of Interest This section requires authority members and employees to disclose any personal financial interest in contracts or … 41C.12 Application and Origination Fee The authority can charge a reasonable application fee and origination fee for each loan under the beginning farmer and … 41C.13 Rules The authority may adopt rules to efficiently administer the Agricultural Development Act.