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 […]
Section 41B.12 — Revenue Bonds; Nonliability Of Individuals.
41B.12 REVENUE BONDS; NONLIABILITY OF INDIVIDUALS. The members of the authority and its 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: 1986 c 398 art 6 s 12; 1987 c 396 art 1 s 26
Section 41B.13 — Revenue Bonds; Purchase And Cancellation By Authority.
41B.13 REVENUE BONDS; PURCHASE AND CANCELLATION BY AUTHORITY. The authority, subject to agreements with bondholders which may then exist, has power out of any funds available for the purpose to purchase bonds of the authority at a price not exceeding (a) if the bonds are then redeemable, the redemption price then applicable plus accrued interest […]
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 […]
Section 41B.16 — Security Account.
41B.16 SECURITY ACCOUNT. Upon determining that a default may occur in the payment of principal or interest on any issue of bonds issued under section 41B.08, or if any debt service reserve fund established in connection with those bonds is drawn upon because the revenues of the program are not then sufficient to make any […]
Section 41B.17 — Powers And Duties Of Trustee.
41B.17 POWERS AND DUTIES OF TRUSTEE. Subdivision 1. General. The trustee designated in any indenture or resolution securing an issue of bonds may, and upon written request of the holders of 25 percent in principal amount of the notes or bonds then outstanding shall, in the trustee’s own name, subject to the provisions of the […]
Section 41B.049 — Methane Digester Loan Program.
41B.049 METHANE DIGESTER LOAN PROGRAM. Subdivision 1. Establishment. The authority shall establish and implement a methane digester loan program to help finance the purchase of necessary equipment and the construction or improvement of a system that utilizes manure to produce electricity. Subd. 2. Deposit of repayments. All repayments of financial assistance granted under subdivision 1, […]
Section 41B.055 — Livestock Equipment Loan Program.
41B.055 LIVESTOCK EQUIPMENT LOAN PROGRAM. Subdivision 1. Establishment. The authority must establish and implement a livestock equipment loan program to help finance the purchase of livestock-related equipment and make livestock facilities improvements. Subd. 2. Eligibility. Notwithstanding section 41B.03, to be eligible for this program a borrower must: (1) be a resident of Minnesota or general […]