1.1.................... moves to amend H.F. No. 1122, the delete everything amendment
1.2(H1122DE1), as follows:
1.3Page 54, delete section 97
1.4Page 55, after line 23, insert:


1.7    Section 1. RURAL FINANCE AUTHORITY.
1.8    Subdivision 1. Appropriation. $35,000,000 is appropriated from the bond proceeds
1.9fund to the commissioner of agriculture, as chair of the Board of the Rural Finance
1.10Authority, to purchase participation interests in or to make direct agricultural loans
1.11to farmers under Minnesota Statutes, chapter 41B, as authorized by the Minnesota
1.12Constitution, article XI, section 5, clause (h). This appropriation is for the beginning
1.13farmer program under Minnesota Statutes, section 41B.039; the loan restructuring
1.14program under Minnesota Statutes, section 41B.04; the seller-sponsored program under
1.15Minnesota Statutes, section 41B.042; the agricultural improvement loan program under
1.16Minnesota Statutes, section 41B.043; and the livestock expansion loan program under
1.17Minnesota Statutes, section 41B.045. All debt service on bond proceeds used to finance
1.18this appropriation must be repaid by the Rural Finance Authority under Minnesota
1.19Statutes, section 16A.643. Loan participations must be priced to provide full interest and
1.20principal coverage and a reserve for potential losses. Priority for loans must be given
1.21first, to basic beginning farmer loans; second, to seller-sponsored loans; and third, to
1.22agricultural improvement loans.
1.23    Subd. 2. Bond sale. To provide the money appropriated in this section from the
1.24bond proceeds fund, the commissioner of finance shall sell and issue bonds of the state in
1.25an amount up to $35,000,000 in the manner, upon the terms, and with the effect prescribed
2.1by Minnesota Statutes, sections 16A.631 to 16A.675, and by the Minnesota Constitution,
2.2article XI, sections 4 to 7.
2.3    Subd. 3. Notice. If the appropriations in this section are enacted more than once in
2.4the 2009 regular legislative session, these appropriations must be given effect only once.
2.5EFFECTIVE DATE.This section is effective the day following final enactment."
2.6Adjust amounts accordingly
2.7Renumber the sections in sequence and correct internal references
2.8Amend the title accordingly