116R.01 DEFINITIONS. Subdivision 1. Application. The definitions in this section apply to sections 116R.01 to 116R.15. Subd. 2. Bonds. “Bonds” means the bonds authorized under section 116R.02, subdivision 1, or bonds issued to refund these bonds, except for deficiency bonds. Subd. 3. Commissioner. “Commissioner” means the commissioner of management and budget. Subd. 4. Corporate headquarters. […]
116R.02 BOND ISSUE; SALE AUTHORIZATION. Subdivision 1. Sale authorization. The commissioner of management and budget, upon the request of the governor, may issue and sell revenue bonds as provided under sections 116R.01 to 116R.15 in one or more series or issues for the purposes provided in this section in the aggregate principal amount of up […]
116R.03 GENERAL POWERS. For the purpose of exercising the specific powers authorized under sections 116R.01 to 116R.15 and effectuating the other purposes of sections 116R.01 to 116R.15, the commissioner may: (1) acquire, hold, pledge, assign, lease, or dispose of real or personal property or any interest in property, including a mortgage or security interest in […]
116R.04 REVENUE BONDS; PURPOSES, TERMS, APPROVAL. Subdivision 1. Bonds. The commissioner from time to time may issue negotiable bonds in one or more series or issues in a principal amount which, in the opinion of the commissioner of employment and economic development, is necessary to provide sufficient funds for achieving the purposes of sections 116R.01 […]
116R.05 BONDS; ORDERS AUTHORIZING, ADDITIONAL TERMS, SALE. Subdivision 1. Terms. The bonds must be authorized by an order or orders of the commissioner, bear such date or dates, mature at such time or times, bear interest at such rate or rates, be in such denominations, be in such form, carry such registration privileges, be executed […]
116R.06 BONDS; OPTIONAL ORDER AND CONTRACT PROVISIONS. Any order authorizing any bonds or any issue of bonds or any indenture may contain provisions, which may be a part of the contract with the holders of the bonds, as to the matters referred to in this section. (a) It may pledge or create a lien on […]
116R.07 PLEDGES. Any pledge made by the commissioner is valid and binding from the time the pledge is made. The money or property pledged and later received by the commissioner is immediately subject to the lien of the pledge without any physical delivery of the property or money or further act, and the lien of […]
116R.08 BONDS; NONLIABILITY OF INDIVIDUALS. The commissioner and the commissioner’s staff and any person executing the bonds are not personally liable on the bonds or subject to any personal liability or accountability by reason of their issuance. History: 1991 c 350 art 1 s 8
116R.09 BONDS; PURCHASE AND CANCELLATION. The commissioner, subject to agreements with bondholders which may then exist, has power out of any funds available for the purpose to purchase bonds of the commissioner at a price not exceeding (a) if the bonds are then redeemable, the redemption price then applicable plus accrued interest to the next […]
116R.10 STATE PLEDGE AGAINST IMPAIRMENT OF CONTRACTS. The state pledges and agrees with the holders of any bonds that the state will not limit or alter the rights vested in the commissioner to fulfill the terms of any agreements made with the bondholders, or in any way impair the rights and remedies of the holders […]
116R.11 AIRCRAFT FACILITIES FUNDS AND DEBT SERVICE ACCOUNTS. Subdivision 1. Funds. The commissioner or any trustee appointed by the commissioner under sections 116R.01 to 116R.15 shall establish and maintain an aircraft facilities fund for the project described in section 116R.02, subdivision 5. Except for amounts required by the commissioner to be deposited in a debt […]
116R.12 POWERS AND DUTIES OF TRUSTEE. Subdivision 1. General. The trustee, if any, designated in any indenture or order securing an issue of bonds may, in the trustee’s own name, if so provided in the indenture or order: (1) enforce all rights of the bondholders, including the right to require the commissioner to collect fees, […]
116R.13 DEBT SERVICE RESERVE ACCOUNT. Subdivision 1. Authority. The commissioner or a trustee appointed by the commissioner may create, maintain, and establish a special account or accounts for the security of one or more or all series of the bonds, which accounts are known as debt service reserve accounts. The commissioner may pay into each […]
116R.14 CONSTRUCTION. Sections 116R.01 to 116R.15 are necessary for the welfare of the state of Minnesota and its inhabitants; therefore, they shall be liberally construed to effect their purpose. History: 1991 c 350 art 1 s 14; 2007 c 138 s 16
116R.15 SEVERABILITY; ACTIONS. Each of the provisions of sections 116R.01 to 116R.15, and each application thereof to particular circumstances, is severable. If any provision or application is found to be unconstitutional and void, it is the intention that the remaining provisions and applications shall be valid and enforceable to the full extent possible under section […]
