2006 Minnesota Statutes

446A.04 POWERS; DUTIES.
    Subdivision 1. Bylaws; rules. The authority shall adopt bylaws for its organization and
internal management. The commissioner may adopt rules covering the authority's operations,
properties, and facilities.
    Subd. 2. Power to sue; enter contracts. The authority may sue and be sued. The authority
may make and enter into contracts, leases, and agreements necessary to perform its duties and
exercise its powers.
    Subd. 3. Gifts; grants. The authority may apply for, accept, and disburse gifts, grants, loans,
or other property from the United States, the state, private sources, or any other source for any of
its purposes. Money received by the authority under this subdivision must be deposited in the
state treasury and is appropriated to the authority to carry out its duties.
    Subd. 4. Contract for services. The authority may retain or contract for the services of
accountants, financial advisors, and other consultants or agents needed to perform its duties and
exercise its powers.
    Subd. 5. Fees. (a) The authority may set and collect fees for costs incurred by the authority
for audits, arbitrage accounting, and payment of fees charged by the State Board of Investment.
The authority may also set and collect fees for costs incurred by the commissioner, the Department
of Health, the Pollution Control Agency, and the Department of Transportation, including costs
for personnel and administrative services, for financings and the establishment and maintenance
of reserve funds. Fees charged directly to borrowers or grantees upon executing a loan or grant
agreement must not exceed one-half of one percent of the loan or grant amount. Servicing fees
assessed to loan repayments must not exceed two percent of the loan repayment. The disposition
of fees collected for costs incurred by the authority is governed by section 446A.11, subdivision
13 . The authority shall enter into interagency agreements to transfer funds into appropriate
administrative accounts established for fees collected under this subdivision for costs incurred by
the commissioner, the Department of Health, or the Pollution Control Agency. Fees collected
under this subdivision for costs incurred by the commissioner of transportation must be credited
to the fund or account which is the source of the loan to which the fees are related.
(b) The authority shall annually report to the chairs of the finance and appropriations
committees of the legislature on:
(1) the amount of fees collected under this subdivision for costs incurred by the authority;
(2) the purposes for which the fee proceeds have been spent; and
(3) the amount of any remaining balance of fee proceeds.
    Subd. 6. Property. The authority may acquire, encumber, hold, and convey through lease,
purchase, gift, or otherwise, any real or personal property.
    Subd. 7. In general. The authority has all the powers necessary and convenient to carry out
its duties under this chapter.
History: 1987 c 386 art 3 s 21; 1988 c 546 s 1,2; 1992 c 601 s 11; 1997 c 141 s 9; 1997 c
200 art 5 s 2; 1999 c 86 art 1 s 70; 2005 c 20 art 1 s 38