2006 Minnesota Statutes

469.146 ISSUANCE OF BONDS AND NOTES.
    Subdivision 1. Bonds. For the purposes authorized in section 469.142, the authority may
issue bonds and execute mortgages and contracts, pledge revenues, and enter into covenants
and agreements for the security thereof in the same manner and subject to the same conditions
as a municipality under the provisions of sections 469.152 to 469.165 except as otherwise and
additionally provided in sections 469.142 to 469.151. Net rentals and other charges payable to the
authority by the operator or lessee of any project and pledged by the authority for payment of its
bonds and interest thereon, and for the creation and maintenance of reserves therefor, may be
reduced by amounts not exceeding the payments actually received by the authority from the other
sources described in sections 469.142 to 469.151.
    Subd. 2. Notes. The authority may issue notes, including renewal notes, for any purpose
for which bonds may be issued, whenever the authority determines that payment thereof can be
made in full from any revenues the authority expects to receive from any source. The notes may
be issued to provide funds to pay preliminary costs of surveys, plans, development, or other
matters relating to any proposed or existing project. The authority may pledge the revenues,
subject to any other pledge thereof, for the payment of the notes, and may secure the notes in
the same manner and with the same effect as herein provided for bonds and may also secure the
notes by the personal guarantee of property owners within a benefited area. The authority may
make contracts for the future sale of the notes, by which the purchaser shall be committed to
purchase the notes on terms and conditions stated in such contracts. The authority may pay the
consideration it deems proper for the commitments.
    Subd. 3. Secondary market. An authority may sell, at private or public sale, at the price
or prices determined by the authority, any note, mortgage, lease, sublease, lease purchase, or
other instrument or obligation evidencing or securing a loan made for the purpose of economic
development, job creation, redevelopment, or community revitalization by a public agency to a
business, for-profit or nonprofit organization, or an individual.
History: 1987 c 291 s 147; 1988 c 580 s 6