The bill appropriates $50,000,000 from the bond proceeds fund to the Rural Finance Authority to support various agricultural loan programs aimed at assisting farmers. These programs include the beginning farmer program, loan restructuring program, seller-sponsored program, agricultural improvement loan program, and livestock expansion and modernization loan program, as outlined in Minnesota Statutes. The Rural Finance Authority is responsible for repaying all debt service on the bond proceeds used for this appropriation, and loan participations must be structured to ensure full interest and principal coverage, along with a reserve for potential losses. Priority for loans is designated for basic beginning farmer loans, followed by seller-sponsored loans and agricultural improvement loans.

Additionally, the bill allocates $50,000 from the bond proceeds fund for bond sale expenses, which will be managed by the commissioner of management and budget. To facilitate the funding, the commissioner is authorized to sell and issue state bonds up to $50,050,000, following the procedures established in Minnesota Statutes and the Minnesota Constitution. The provisions of this bill will take effect the day after final enactment.