Minnesota Session Laws - 1988, Regular Session

  

                         Laws of Minnesota 1988 

                        CHAPTER 465-H.F.No. 2402 
           An act relating to economic development; permitting 
          certain development authorities to hold certain 
          licenses; amending Minnesota Statutes 1987 Supplement, 
          section 469.155, subdivision 13. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1987 Supplement, section 
469.155, subdivision 13, is amended to read:  
    Subd. 13.  [TERMINATION OF REVENUE AGREEMENT.] If so 
provided in the revenue agreement, it may terminate the 
agreement and reenter or repossess the project upon the default 
of the contracting party, and operate, lease, or sell the 
project in the manner authorized or required by the provisions 
of the revenue agreement or of the resolution or indenture 
securing the bonds issued for the project.  If it undertakes to 
operate the project, it may hold in its own name all necessary 
operating licenses including licenses for the sale of food and 
intoxicating liquors.  Any revenue agreement which includes 
provision for a conveyance of real estate to the contracting 
party may be terminated in accordance with the revenue 
agreement, notwithstanding that the revenue agreement may 
constitute an equitable mortgage. 
    Approved April 6, 1988