115A.58 MINNESOTA STATE WASTE MANAGEMENT BONDS.
Subdivision 1. Authority to issue bonds.
The commissioner of finance shall sell bonds of
the state of Minnesota for the prompt and full payment of which, together with interest, the full
faith, credit, and taxing powers of the state are irrevocably pledged. Bonds shall be sold only upon
request of the commissioner of the Pollution Control Agency and in the amount as may otherwise
be authorized by this or a subsequently enacted law which authorizes the sale of additional bonds
and the deposit of the proceeds in a waste management account in the bond proceeds fund. Any
authorized amount of bonds in this law or any subsequently enacted law authorizing the issuance
of bonds for the purposes of the waste management account, together with this section, constitute
complete authority for the issue. The bonds shall not be subject to restrictions or limitations
contained in any other law.
Subd. 2. Issuance of bonds.
Upon request by the commissioner of the Pollution Control
Agency and upon authorization as provided in subdivision 1, the commissioner of finance shall sell
Minnesota state waste management bonds. The bonds shall be in the aggregate amount requested,
and sold upon sealed bids upon the notice, at the price in the form and denominations, bearing
interest at the rate or rates, maturing in the amounts and on the dates (with or without option of
prepayment upon notice and at specified times and prices), payable at a bank or banks within or
outside the state (with provisions, if any, for registration, conversion, and exchange and for the
issuance of temporary bonds or notes in anticipation of the sale or delivery of definitive bonds),
and in accordance with further provisions as the commissioner of finance shall determine, subject
to the approval of the attorney general, but not subject to chapter 14, including section
The bonds shall be executed by the commissioner of finance under official seal. The signature
on the bonds and any interest coupons and the seal may be printed, lithographed, engraved,
stamped, or otherwise reproduced thereon, except that each bond shall be authenticated by the
manual signature on its face of the commissioner of finance or of an authorized representative of a
bank designated by the commissioner of finance as registrar or other authenticating agent. The
commissioner of finance shall ascertain and certify to the purchasers of the bonds the performance
and existence of all acts, conditions, and things necessary to make them valid and binding general
obligations of the state of Minnesota, subject to the approval of the attorney general.
Subd. 3. Expenses.
All expenses incidental to the sale, printing, execution, and delivery
of bonds pursuant to this section, including but not limited to actual and necessary travel and
subsistence expenses of state officers and employees for these purposes, and any expenses of
litigation relating to the validity of the bonds, shall be paid from the waste management account,
and the amounts necessary are appropriated from that account.
Subd. 4. Debt service account.
The commissioner of finance shall maintain in the state
bond fund a separate account to be called the state waste management debt service account.
It shall record receipts of premium and accrued interest, loan repayments, project revenue or
other money transferred to the fund and income from the investment of the money and record
any disbursements to pay the principal and interest on waste management bonds. Income from
investment shall be credited to the account in each fiscal year. The amount credited shall be equal
to the average return that year on all funds invested by the commissioner of finance, as determined
by the commissioner of finance, times the average balance in the account that year.
Subd. 5. Appropriations to debt service account; appropriation from account to pay
The premium and accrued interest received on each issue of Minnesota state waste
management bonds, and all payments received in repayment of loans and other revenues received,
are appropriated to the debt service account. All income from the investment of the waste
management account in the bond proceeds fund is appropriated to the debt service account. In
order to reduce the amount of taxes otherwise required to be levied, there is also appropriated to
the debt service account from any funds available in the general fund on November 1 in each
year, a sum of money sufficient in amount, when added to the balance then on hand, to pay all
principal and interest on Minnesota waste management bonds due and to become due before July
1 in the second ensuing year. So much of the debt service account as is necessary to pay principal
and interest on waste management bonds is annually appropriated from the debt service account
for the payment of principal and interest of the waste management bonds. All funds appropriated
by this subdivision shall be available in the debt service account prior to any levy of the tax in any
year required by the Minnesota Constitution, article XI, section 7.
Subd. 6. Security.
On or before December 1 in each year, the state auditor shall levy on all
taxable property within the state whatever tax may be necessary to produce an amount sufficient,
with all money currently credited to the debt service account, to pay the entire amount of principal
and interest currently due and the principal and interest to become due before July 1 in the second
year thereafter on Minnesota waste management bonds. This tax shall be subject to no limitation
of rate or amount until all the bonds and interest thereon are fully paid. The proceeds of this
tax are appropriated to the debt service account. The principal of and interest on the bonds are
payable from the proceeds of this tax.
History: 1980 c 564 art 7 s 2; 1982 c 424 s 130; 1983 c 301 s 110; 1Sp1985 c 14 art 4 s 13;
1989 c 271 s 11-14; 1989 c 335 art 1 s 269; 1994 c 639 art 5 s 3; 1995 c 233 art 2 s 56; 1997 c
187 art 5 s 13; 2003 c 112 art 2 s 15,50; 1Sp2005 c 1 art 2 s 161