Section 136A.25 — Creation.

136A.25 CREATION. A state agency known as the Minnesota Higher Education Facilities Authority is hereby created. History: 1971 c 868 s 1

Section 136A.26 — Memberships; Officers; Compensation; Removal.

136A.26 MEMBERSHIPS; OFFICERS; COMPENSATION; REMOVAL. Subdivision 1. Membership. The Minnesota Higher Education Facilities Authority shall consist of eight members appointed by the governor with the advice and consent of the senate, and a representative of the office. All members to be appointed by the governor shall be residents of the state. At least two members […]

Section 136A.27 — Policy.

136A.27 POLICY. It is hereby declared that for the benefit of the people of the state, the increase of their commerce, welfare and prosperity and the improvement of their health and living conditions it is essential that this and future generations of youth be given the fullest opportunity to learn and to develop their intellectual […]

Section 136A.28 — Definitions.

136A.28 DEFINITIONS. Subdivision 1. Scope. In sections 136A.25 to 136A.42, the following words and terms shall, unless the context otherwise requires, have the meanings ascribed to them. Subd. 2. Authority. “Authority” means the Higher Education Facilities Authority created by sections 136A.25 to 136A.42. Subd. 3. Project. “Project” means a structure or structures available for use […]

Section 136A.29 — Powers; Duties.

136A.29 POWERS; DUTIES. Subdivision 1. Purpose. The purpose of the authority shall be to assist institutions of higher education in the construction, financing, and refinancing of projects. The exercise by the authority of the powers conferred by sections 136A.25 to 136A.42, shall be deemed and held to be the performance of an essential public function. […]

Section 136A.30 — Source Of Payment Of Expenses.

136A.30 SOURCE OF PAYMENT OF EXPENSES. All expenses incurred in carrying out the provisions of sections 136A.25 to 136A.42, shall be payable solely from funds provided under the authority of sections 136A.25 to 136A.42, and no liability shall be incurred by the authority hereunder beyond the extent to which money shall have been provided under […]

Section 136A.31 — Notes Of The Authority.

136A.31 NOTES OF THE AUTHORITY. The authority may from time to time issue negotiable notes for the purpose of sections 136A.25 to 136A.42, and may from time to time renew any notes by the issuance of new notes, whether the notes to be renewed have or have not matured. The authority may issue notes partly […]

Section 136A.32 — Bonds Of The Authority.

136A.32 BONDS OF THE AUTHORITY. Subdivision 1. Bonds; generally. The authority may from time to time issue revenue bonds for purposes of sections 136A.25 to 136A.42, and all such revenue bonds, notes, bond anticipation notes or other obligations of the authority issued pursuant to sections 136A.25 to 136A.42 shall be and are hereby declared to […]

Section 136A.33 — Trust Agreement.

136A.33 TRUST AGREEMENT. In the discretion of the authority any revenue bonds issued under the provisions of sections 136A.25 to 136A.42, may be secured by a trust agreement by and between the authority and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within […]

Section 136A.34 — Revenue Refunding Bonds.

136A.34 REVENUE REFUNDING BONDS. Subdivision 1. Bonds; generally. The authority is hereby authorized to provide for the issuance of revenue bonds of the authority for the purpose of refunding any revenue bonds of the authority then outstanding, including the payment of any redemption premium thereon and any interest accrued or to accrue to the earliest […]

Section 136A.35 — Bonds Are Not State Obligation.

136A.35 BONDS ARE NOT STATE OBLIGATION. Bonds issued under authority of sections 136A.25 to 136A.42 do not, and shall state that they do not, represent or constitute a debt or pledge of the faith and credit of the state, grant to the owners or holders thereof any right to have the state levy any taxes […]

Section 136A.36 — Revenues.

136A.36 REVENUES. The authority may fix, revise, charge and collect rates, rents, fees and charges for the use of and for the services furnished or to be furnished by each project and to contract with any person, partnership, association or corporation, or other body, public or private, in respect thereof. Such rates, rents, fees and […]

Section 136A.37 — Remedies Of Bondholders And Trustees.

136A.37 REMEDIES OF BONDHOLDERS AND TRUSTEES. Any holder of revenue bonds issued under the provisions of sections 136A.25 to 136A.42, or any of the coupons appertaining thereto, and the trustee or trustees under any trust agreement, except to the extent the rights herein given may be restricted by any resolution authorizing the issuance of, or […]

Section 136A.38 — Bonds Eligible For Investment.

136A.38 BONDS ELIGIBLE FOR INVESTMENT. Bonds issued by authority under the provisions of sections 136A.25 to 136A.42, are hereby made securities in which all public officers and public bodies of the state and its political subdivisions, all insurance companies, trust companies, banking associations, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally […]

Section 136A.39 — Exemption From Taxes And Other Restrictions.

136A.39 EXEMPTION FROM TAXES AND OTHER RESTRICTIONS. The exercise of the powers granted by sections 136A.25 to 136A.42, will be in all respects for the benefit of the people of this state, for the increase of their commerce, welfare and prosperity, and for the improvement of their health and living conditions, and as the operation […]

Section 136A.40 — Administration.

136A.40 ADMINISTRATION. The administration of sections 136A.25 to 136A.42, shall be under the authority independent of other departments and agencies and notwithstanding chapter 16C. The authority shall not be subject to the provisions of chapter 14, including section 14.386 in connection with the adoption of any rules, rents, fees or charges or with the exercise […]

Section 136A.41 — Conflict Of Interest.

136A.41 CONFLICT OF INTEREST. Notwithstanding any other law to the contrary it shall not be or constitute a conflict of interest for a trustee, director, officer or employee of any participating institution of higher education, financial institution, investment banking firm, brokerage firm, commercial bank or trust company, architecture firm, insurance company, construction company, or any […]

Section 136A.42 — Annual Report.

136A.42 ANNUAL REPORT. The authority shall keep an accurate account of all of its activities and all of its receipts and expenditures and shall annually report to the office. History: 1971 c 868 s 18; 1975 c 271 s 6; 1983 c 258 s 55; 1995 c 212 art 3 s 38; 2005 c 107 […]