2007 Minnesota Statutes

110A.30 DEBT.
The district may borrow money and incur indebtedness by issuing its obligations or entering
into contracts for any lawful corporate purpose; provided that all such obligations and contracts,
whether express or implied, shall be payable solely:
(1) From revenues, income, receipts and profits derived by the district from its operation
and management of systems;
(2) From the proceeds of warrants, notes, revenue bonds, debentures, or other evidences
of indebtedness issued and sold by the district which are payable solely from such revenues,
income, receipts and profits; or
(3) From federal or state grant gifts or other moneys received by the district which are
available therefor.
The district may by resolution pledge any such source to the payment of such obligations and
contracts and the interest coming due thereon. Any resolution may specify the particular revenues
that are pledged and the terms and conditions to be performed by the district and the rights of
the holders of district obligations, and may provide for priorities of liens in any revenues as
between the holders of district obligations issued at different times or under different resolutions.
The district may provide for the refunding of any district obligation through the issuance of
other district obligations, entitled to rights and priorities similar in all respects to those held by
the obligations that are refunded. All such obligations and refunding obligations shall be issued
in accordance with the provisions of chapter 475, except that such obligations may be sold by
negotiation.
History: 1978 c 744 s 30