The bill appropriates $50,000,000 from the bond proceeds fund to the Rural Finance Authority to support various agricultural loan programs, including those for beginning farmers, loan restructuring, seller-sponsored loans, agricultural improvements, and livestock expansion. The Rural Finance Authority is responsible for repaying all debt service on the bond proceeds used for this appropriation, and loans will be prioritized based on specific criteria. Additionally, $50,000 is allocated for bond sale expenses, and the commissioner of management and budget is authorized to sell and issue state bonds up to $50,050,000 to fund these appropriations.

The bill includes new legal language that establishes the Rural Finance Authority's funding and operational guidelines, specifying the use of appropriated funds for targeted agricultural programs and the process for bond issuance. The effective date of the bill is set for the day following its final enactment.