Section 41B.18 — Revenue Bond Fund; Reports.
41B.18 REVENUE BOND FUND; REPORTS. Subdivision 1. Authority. The authority may create and establish a special fund or funds for the security of one or more or all series of its bonds, which funds are known as debt service reserve funds. The authority may pay into each debt service reserve fund: (1) any money appropriated […]
Section 41B.19 — General Obligation Bonds.
41B.19 GENERAL OBLIGATION BONDS. Subdivision 1. Procedure. For the purpose of developing the state’s agricultural resources by providing for the extension of credit on real estate security and to assure the timely payment of the principal of and interest on the bonds or other obligations issued by the Rural Finance Authority, and upon request of […]
Section 41B.195 — Additional Use Of General Obligation Bonds.
41B.195 ADDITIONAL USE OF GENERAL OBLIGATION BONDS. If the Rural Finance Authority determines to issue revenue bonds under section 41B.08 for the purposes specified in section 41B.04, the commissioner may by order provide for the transfer of all or a portion of the remaining general obligation bond proceeds and interest on them, and all or […]
Section 41B.20 — Exemption From Taxes.
41B.20 EXEMPTION FROM TAXES. The property of the authority and its income and operation shall be exempt from all taxation by the state or any of its political subdivisions. History: 1986 c 398 art 6 s 20; 1987 c 396 art 1 s 31
Section 41B.21 — Certain Actions.
41B.21 CERTAIN ACTIONS. Any action brought by any person with respect to the rights or powers of the authority or calling into question the validity or enforceability of bonds or obligations authorized by sections 41B.01 to 41B.23 is a remedial case of which the supreme court has original jurisdiction pursuant to article VI, section 2 […]
Section 41B.211 — Data Privacy.
41B.211 DATA PRIVACY. Subdivision 1. Data on individuals. Financial information, including credit reports, financial statements, and net worth calculations, received or prepared by the authority regarding any authority loan and the name of each individual who is the recipient of a loan are private data on individuals, under chapter 13, except that information obtained under […]
Section 41B.22 — Construction.
41B.22 CONSTRUCTION. Sections 41B.01 to 41B.23 are necessary for the welfare of the state of Minnesota and its inhabitants; therefore, they shall be liberally construed to effect their purpose. History: 1986 c 398 art 6 s 22
Section 41B.23 — Severability; Actions.
41B.23 SEVERABILITY; ACTIONS. Each of the provisions of sections 41B.01 to 41B.23, 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 […]
Section 41B.10 — Revenue Bonds; Optional Resolution And Contract Provisions.
41B.10 REVENUE BONDS; OPTIONAL RESOLUTION AND CONTRACT PROVISIONS. Any resolution authorizing any bonds or any issue of bonds may contain provisions, which must 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 all or […]
Section 41B.11 — Pledges.
41B.11 PLEDGES. Any pledge made by the authority is valid and binding from the time the pledge is made. The money or property pledged and later received by the authority 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 […]