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BOARD/COMMISSION:  MN Rural Finance Authority

(RFA)

Address

625 North Robert Street
St. Paul, MN
55155-2538

Web Site

Supporting Entity/Enabling Legislation Supported by Department of Agriculture (MDA)

ENABLING LEGISLATION
M.S. 41B.025
Enabled: 01-02-2018
Revisor of Statutes Link

Chair and Contact
CONTACT
Matthew McDevitt
(651) 201-6311
CHAIR
Thom Petersen
(651) 201-6219
TITLE
NAME
EMAIL
PHONE
PRIMARY
Ex-officio - Contact
Matthew McDevitt
matthew.mcdevitt@state.mn.us
(651) 201-6311
Yes
TITLE
NAME
EMAIL
PHONE
PRIMARY
Chair
Thom Petersen
thom.petersen@state.mn.us
(651) 201-6219
Yes
Membership
The 11 members include the commissioners of the departments of Agriculture, Commerce, Management and Budget, Employment Economic Development; state auditor, and six public members. No public member may reside within the metropolitan area.
Member Info

COMPENSATION

  • Per Diem: $55.00
  • Other Compensation:

MEMBERSHIP DETAILS

  • Requires Older Member - no
  • Requires Senate Approval - yes
  • Members file campaign finance and disclosure - no
Entity Powers and Duties, Activity Summary
The authority's purpose is to develop the state's agricultural resources by extending credit on farm real estate security and depreciable agricultural property (improvements, machinery, animals). The authority carries out this purpose by purchasing participation interests in loans or selling Agricultural Development Revenue Bonds to agricultural lenders or individuals for the purchase of agricultural items. Other loan participation programs provide for restructuring farmer agricultural debut; assistance to lower equity farmers to purchase stock in a value-added processing cooperative, assistance to help finance the purchase of livestock related equipment; and a program designed to help farmers affected by recent natural events leading to a disaster declaration.

ACTIVITY SUMMARY

Administers nine loan programs to provide affordable credit to eligible farmers and one program to provide financial assistance to proposed methane digester projects. General Fund budget for administrative expenses. Legislative authorization to sell state general obligation bonds, the proceeds used to purchase loan participation's. Federally tax exempt Private Activity Bonds (Aggie Bond) provide lower-cost financing to beginning farmers.
Meeting Information
Meetings typically last: 1:00 PM - 2:00 PM
Meeting Frequency: The board meets the second Wednesday of each month with the exception of July.

Meetings are held at:
Meetings are held at the Department of Agriculture, 625 N. Robert St., St. Paul.


Fiscal Information
Annual Staff Hours: 120.00
Total Appropriations:
Appropriations Description:
Fiscal Year Expenses: $2,000.00

Expenses Description:

Open Positions (2)
POSITION SEAT AUTHORITY 21-DAY MIN GUARANTEE #SEATS ACTION
Public Member Public Member #4 Governor 11/21/2024 1 APPLY
Public Member Public Member #6 Governor 11/21/2024 1 APPLY
NAME POSITION APPLICATION DATE
Carol Anderson Public Member 12/10/2024
Rebecca Anderson Public Member 12/5/2024
Mr Eric Sannerud Public Member 1/2/2025
Vong Thao Public Member 12/17/2024
No pending appointments found.
POSITION/SEAT
APPOINTING AUTHORITY
MEMBER NAME
STATUS
TERM END
ACTION
Direct Appointments
Commissioner - Department of Agriculture
Commissioner of Agriculture
Thom Petersen
Filled
01/02/2028
Commissioner - Department of Employment and Economic Development (or Designee)
Commissioner of Employment and Economic Development
Matt Varilek
Filled
01/04/2027
Commissioner - Minnesota Management & Budget
Commissioner of Management and Budget (MMB)
Erin Campbell
Filled
01/04/2027
Commissioner of Commerce (or Designee)
Commissioner of Commerce
Maxwell Zappia
Filled
01/04/2027
State Auditor
State Auditor
Julie Blaha
Filled
01/02/2028
Current Members (6)
POSITION/SEAT
APPOINTING AUTHORITY
MEMBER NAME
STATUS
TERM END
Public Member
Public Member #1
Governor
Brent Kelsey
Filled
01/04/2027
Public Member #2
Governor
Shelly DePestel
Filled
01/05/2026
Public Member #3
Governor
Gary Wertish
Filled
01/04/2027
Public Member #4
Governor
Mr Eric Sannerud
Posted
01/06/2025
Public Member #5
Governor
Harold Wolle Jr
Filled
01/05/2026
Public Member #6
Governor
Carol Anderson
Posted
01/06/2025
ALL BOARDS/COMMISSIONS

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