Section 446A.20 — Reserves; Funds; Accounts.
446A.20 RESERVES; FUNDS; ACCOUNTS. The authority may establish reserves, funds, or accounts necessary to carry out the purposes of the authority or to comply with any agreement made by or any resolution passed by the authority. History: 1988 c 546 s 13
Section 446A.13 — Tender Option.
446A.13 TENDER OPTION. An obligation may be issued giving its owner the right to tender or the authority to demand tender of the obligation to the authority or another person designated by it, for purchase at a specified time or times, if the authority has first entered into an agreement with a suitable financial institution […]
Section 446A.14 — Interest Rate Swaps And Other Agreements.
446A.14 INTEREST RATE SWAPS AND OTHER AGREEMENTS. Subdivision 1. Agreements. (a) The authority may enter into interest rate exchange or swap agreements, hedges, forward purchase or sale agreements, loan sale or pooling agreements or trusts, or other similar agreements in connection with: (1) the issuance or proposed issuance of bonds; (2) the making, proposed making, […]
Section 446A.15 — Bond Fund.
446A.15 BOND FUND. Subdivision 1. Creation and contents. The authority may establish a special fund or funds for the security of one or more or all series of its bonds. The funds must be known as debt service reserve funds. The authority may pay into each debt service reserve fund: (1) any money appropriated by […]
Section 446A.16 — Money Of The Authority.
446A.16 MONEY OF THE AUTHORITY. Subdivision 1. Functions of commissioner of management and budget. Except as otherwise provided in this section, money of the authority must be paid to the commissioner of management and budget as agent of the authority and the commissioner shall not commingle the money with other money. The money in the […]
Section 446A.17 — Nonliability.
446A.17 NONLIABILITY. Subdivision 1. Nonliability of individuals. No member of the authority, staff of the authority, or other person executing the bonds, loans, interest rate swaps, or other agreements or contracts of the authority is liable personally on the bonds, loans, interest rate swaps, or other agreements or contracts of the authority or is subject […]
Section 446A.18 — Purchase And Cancellation By Authority.
446A.18 PURCHASE AND CANCELLATION BY AUTHORITY. Subject to agreements with bondholders that may then exist, the authority may purchase out of funds available for the purpose, bonds of the authority which shall then be canceled, at a price not exceeding the following amounts: (1) if the bonds are then redeemable, the redemption price then applicable […]
Section 446A.19 — State Pledge Against Impairment Of Contracts.
446A.19 STATE PLEDGE AGAINST IMPAIRMENT OF CONTRACTS. The state pledges and agrees with the holders of bonds issued under sections 446A.051, and 446A.12 to 446A.20 or other parties to any loans, interest rate swaps, or other agreements or contracts of the authority that the state will not limit or alter the rights vested in the […]
Section 446A.075 — Small Community Wastewater Treatment Program.
446A.075 SMALL COMMUNITY WASTEWATER TREATMENT PROGRAM. Subdivision 1. Creation of account. A small community wastewater treatment account is created in the special revenue fund. The authority shall make loans and grants from the account as provided in this section. Money in the fund is annually appropriated to the authority and does not lapse. The account […]
Section 446A.076 — Estimated Funding Needs.
446A.076 ESTIMATED FUNDING NEEDS. By February 1 each year, the Public Facilities Authority must submit to the legislative committees with jurisdiction over capital investment and environment and natural resources finance an estimate of the amount necessary to fund grants under sections 446A.072 and 446A.073. The report shall show for each community included in the estimate: […]