2006 Minnesota Statutes

446A.19 STATE PLEDGE AGAINST IMPAIRMENT OF CONTRACTS.
The state pledges and agrees with the holders of bonds issued under sections 446A.051, and
446A.12 to 446A.20 or other parties to any loans, interest rate swaps, or other agreements or
contracts of the authority that the state will not limit or alter the rights vested in the authority to
fulfill the terms of any agreements made with the bondholders or parties to any loans, interest
rate swaps, or other agreements or contracts of the authority or in any way impair the rights
and remedies of the holders until the bonds, together with interest on them, with interest on
any unpaid installments of interest, and all costs and expenses in connection with any action or
proceeding by or on behalf of the bondholders, are fully met and discharged or, with respect to
any loans, interest rate swaps, or other agreements or contracts of the authority, the agreements
have been fully performed by the authority or otherwise terminated or discharged. The authority
may include this pledge and agreement of the state in any agreement with the holders of bonds
issued under sections 446A.051, and 446A.12 to 446A.20 or in any loans, interest rate swaps, or
other agreements or contracts of the authority.
History: 1988 c 546 s 12; 2004 c 272 art 4 s 4