The RFA is a separate public body with its own powers and duties, but it is administered by the Minnesota Department of Agriculture. It's role is to develop Minnesota's agricultural resources by extending credit on farm real estate security and depreciable agricultural property (improvements, machinery, animals). The Authority purchases participation interests in loans and sells Agricultural Development Revenue Bonds to agricultural lenders or farmers for the purchase of these agricultural items.
No later than February 1, 2024, the Rural Finance Authority, in consultation with the commissioner of revenue, must provide a report to the chairs and ranking minority members of the legislative committees having jurisdiction over agriculture, economic development, rural development, and taxes on the beginning farmer tax credits issued in tax years beginning after December 31, 2017, and before January 1, 2024.
As of 2015, The board consists of the commissioners of agriculture (chair), management and budget (vice chair), employment and economic development, and commerce, as well as the state auditor. The governor appoints an additional six public board members who must be approved by the Senate. Public board members may not reside in the seven-county Twin Cities metro-
Entries for this agency in the Annual Compilation and Statistical Report of Multi-Member Agencies Report:
2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2004, 2003, 2002, 2001, 2000, 1999, 1998, 1997, 1996, 1995, 1994, 1993, 1991, 1990, 1989, 1988.
Note: This report provides membership details as well as meeting information and a summary of the group's activities.