2005 Minnesota Statutes - 41A.01 — Purpose.

     41A.01 Purpose. 


    Sections 41A.01 to 41A.08 provide for agricultural and 
 economic development in the state.  All credit advanced pursuant 
 to loan guaranty commitments is to be secured by subrogation of 
 the state to mortgage security and other security interests 
 granted to the private lender, in proportion to the amount 
 advanced by the state.  A board is established to investigate 
 the feasibility of each project, its conformity to public policy 
 and to environmental standards, the qualifications of the 
 owners, operators, and lenders, and the nature and extent of the 
 security, prior to commitment.  The board shall also seek to 
 secure financial participation by private persons not supported 
 by the guaranty, to assure that in these respects each project 
 satisfies and will continue to satisfy criteria which are 
 adequate in the judgment of the board. 


    HIST: 1984 c 502 art 10 s 1; 1Sp1985 c 13 s 145; 1987 c 386 
 art 9 s 1