2002 Minnesota Statutes

     462A.08 Bonds and notes; purposes, terms, approval. 

    Subdivision 1.  The agency from time to time may issue its 
 bonds and notes in such principal amount as, in the opinion of 
 the agency, shall be necessary to provide sufficient funds for 
 achieving its purposes, including the making of eligible loans 
 and the purchase of eligible securities, the payment of interest 
 on bonds and notes of the agency, the establishment of reserves 
 to secure such bonds and notes, and the payment of all other 
 expenditures of the agency incident to and necessary or 
 convenient to carry out its corporate purposes and powers.  

    Subd. 2.  The agency from time to time may issue bonds or 
 notes for the purpose of refunding any bonds or notes of the 
 agency then outstanding, or, with the consent of the original 
 issuer, any bonds or notes then outstanding issued by an issuer 
 other than the agency for the purpose of making or purchasing 
 loans for single family housing or multifamily housing 
 developments, including the payment of any redemption premiums 
 thereon and any interest accrued or to accrue to the redemption 
 date next succeeding the date of delivery of such refunding 
 bonds or notes.  The proceeds of any such refunding bonds or 
 notes may, in the discretion of the agency, be applied to the 
 purchase or payment at maturity of the bonds or notes to be 
 refunded, or to the redemption of such outstanding bonds or 
 notes on the redemption date next succeeding the date of 
 delivery of such refunding bonds or notes and may, pending such 
 application, be placed in escrow to be applied to such purchase, 
 retirement, or redemption.  Any such escrowed proceeds, pending 
 such use, may be invested and reinvested in obligations issued 
 or guaranteed by the state or the United States or by any agency 
 or instrumentality thereof, or in certificates of deposit or 
 time deposits secured in such manner as the agency shall 
 determine, maturing at such time or times as shall be 
 appropriate to assure the prompt payment of the principal of and 
 interest and redemption premiums, if any, on the bonds or notes 
 to be refunded.  The income earned or realized on any such 
 investment may also be applied to the payment of the bonds or 
 notes to be refunded.  After the terms of the escrow have been 
 fully satisfied, any balance of such proceeds and investment 
 income may be returned to the agency for use by it in any lawful 
 manner.  All refunding bonds or notes issued under the 
 provisions of this subdivision shall be issued and secured in 
 the manner provided by resolution of the agency.  If bonds or 
 notes are issued by the agency to refund bonds or notes issued 
 by an issuer other than the agency, as authorized by this 
 subdivision, the agency and said issuer may enter into such 
 agreements as they may deem appropriate to facilitate such 
 transaction. 

    Subd. 3.  All notes or bonds issued under this section are 
 securities as defined in section 336.8-102 and may be issued as 
 certificated securities or as uncertificated securities.  
 Certificated securities may be issued in bearer or registered 
 form.  The agency may perform all actions that are permitted or 
 required of issuers of securities under sections 336.8-101 to 
 336.8-511.  If notes or bonds are issued as uncertificated 
 securities, and this chapter or other law requires or permits 
 the notes or bonds to contain a statement or recital, whether on 
 their face or otherwise, it is sufficient compliance with the 
 law that the statement or recital is contained in the 
 transaction statement or in a resolution or other instrument 
 that is made a part of the note or bond by reference in the 
 transaction statement as provided in section 336.8-202.  All 
 notes and bonds so issued may be either general obligations of 
 the agency, secured by its full faith and credit, and payable 
 out of any money, assets, or revenues of the agency, subject to 
 the provisions of resolutions or indentures pledging and 
 appropriating particular money, assets, or revenues to 
 particular notes or bonds, or limited obligations of the agency 
 not secured by its full faith and credit, and payable solely 
 from those moneys, assets, or revenues of the agency as may be 
 authorized by resolution or indenture.  

    HIST: 1971 c 702 s 8; 1973 c 515 s 23-25; 1974 c 441 s 17; 
 1Sp1985 c 13 s 341; 1987 c 350 s 9,10; 1991 c 292 art 9 s 26; 
 1996 c 305 art 1 s 100