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    Subdivision 1. Issuance of bonds. The Board of Trustees of the Minnesota State Colleges
and Universities or a successor may issue revenue bonds under sections 136F.90 to 136F.97
whose aggregate principal amount at any time may not exceed $150,000,000, and payable from
the revenue appropriated to the fund established by section 136F.94, and use the proceeds
together with other public or private money that may otherwise become available to acquire
land, and to acquire, construct, complete, remodel, and equip structures or portions thereof to
be used for dormitory, residence hall, student union, food service, parking purposes, or for any
other similar revenue-producing building or buildings of such type and character as the board
finds desirable for the good and benefit of the state universities. Before issuing the bonds or
any part of them, the board shall consult with and obtain the advisory recommendations of the
chairs of the house Ways and Means Committee and the senate Finance Committee about the
facilities to be financed by the bonds.
    Subd. 2. Federal tax on interest. The bonds authorized by this section may be issued
without regard to whether the interest to be paid on them is includable in gross income for federal
tax purposes. However, if it is intended that the interest on the bonds be exempt from federal
income taxes, an officer of the board shall certify for the board on the date of issue the facts,
estimates, and circumstances that lead the officer reasonably to expect that the proceeds of the
bonds and the facilities financed by them will not be used to cause the interest on the bonds to
be subject to federal income taxes; the board may covenant and agree with the holders of the
bonds that it will comply with the provisions of the United States Internal Revenue Code now or
hereafter enacted that do or may apply to the bonds and that establish conditions under which the
interest to be paid on the bonds will not be subject to federal income taxes; and the officers of
the board shall take the actions or refrain from taking the actions necessary to comply with the
covenants. Money required to be spent to comply may be appropriated by the board from the
fund established by section 136F.94.
    Subd. 3. Successor. For the purposes of this section, the Board of Trustees of the Minnesota
State Colleges and Universities is the successor to the State University Board.
History: 1957 c 576 s 1,2; 1957 c 604 s 1; 1959 c 413 s 1; 1963 c 479 s 1; 1965 c 317 s 1,2;
1965 c 332 s 1,2; 1967 c 140 s 2; 1971 c 963 s 6; 1975 c 321 s 2; 1988 c 703 art 1 s 14,15; 1993 c
4 s 19; 1994 c 532 art 6 s 9,10,12; 1995 c 212 art 4 s 58,64,65; 1996 c 305 art 1 s 130,131; 2000
c 492 art 1 s 56; 2006 c 258 s 35

Official Publication of the State of Minnesota
Revisor of Statutes