2005 Minnesota Statutes - 41A.035 — Agricultural resources loan participation.

     41A.035 Agricultural resources loan participation. 


    The board may participate in loans made to finance 
 agricultural resource projects by purchasing from a lender up to 
 75 percent of the amount of each eligible loan.  If the loan 
 participated in is for $500,000 or less, the loan may be for 100 
 percent of the cost of the project.  If the loan participated in 
 exceeds $500,000, the loan may not exceed 80 percent of the cost 
 of the project.  The lender shall service the loan or cause it 
 to be serviced in a manner that equally protects the lender's 
 and the board's interests. 


    HIST: 1987 c 386 art 9 s 11