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.14 — Revenue Bonds; Nonliability Of State.
41B.14 REVENUE BONDS; NONLIABILITY OF STATE. The state of Minnesota is not liable on bonds of the authority issued under sections 41B.08 and 41B.044 and those bonds are not a debt of the state. The bonds must contain on their face a statement to that effect. History: 1986 c 398 art 6 s 14; 1987 […]
Section 41B.15 — State Pledge Against Impairment Of Contracts.
41B.15 STATE PLEDGE AGAINST IMPAIRMENT OF CONTRACTS. The state pledges and agrees with the holders of any bonds issued under section 41B.08, that the state will not limit or alter the rights vested in the authority to fulfill the terms of any agreements made with the bondholders, or in any way impair the rights and […]