Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
136A.175 REFUNDING REVENUE BONDS; PROCEEDS; INVESTMENTS.
Subdivision 1. Authorization. The office is hereby authorized to provide for the issuance
of revenue bonds of the office for the purpose of refunding any revenue bonds of the office
then outstanding, including the payment of any redemption premium thereon and any interest
accrued or to accrue to the earliest or any subsequent date of redemption, purchase or maturity of
such revenue bonds.
Subd. 2. Proceeds. The proceeds of any such revenue bonds issued for the purpose of
refunding outstanding revenue bonds may, in the discretion of the office, be applied to the
purchase or retirement at maturity or redemption of such outstanding revenue bonds either on
their earliest or any subsequent redemption date or upon the purchase or at the maturity thereof
and may, pending such application be placed in escrow to such purchase or retirement at maturity
or redemption on such date as may be determined by the office.
Subd. 3. Investment. Any such escrowed proceeds, pending such use, may be invested and
reinvested in direct obligations of the United States of America, or in certificates of deposit or
time deposits secured by direct obligations of the United States of America, maturing at such
time or times as shall be appropriate to assure the prompt payment, as to principal, interest and
redemption premium, if any, of the outstanding revenue bonds to be so refunded. The interest,
income and profits, if any, earned or realized on any such investment may also be applied to the
payment of the outstanding revenue bonds to be so refunded. After the terms of the escrow
have been fully satisfied and carried out, any balance of such proceeds and interest, income
and profits, if any, earned or realized on the investments thereof may be returned to the office
for use by it in any lawful manner.
Subd. 4. Relation to other laws. All such revenue bonds shall be subject to the provisions of
sections 136A.15 to 136A.178 in the same manner and to the same extent as other revenue bonds
issued pursuant to sections 136A.15 to 136A.178.
History: 1973 c 605 s 16; 1975 c 271 s 6; 1978 c 706 s 56; 1989 c 293 s 50; 1995 c 212 art
3 s 59; 1997 c 7 art 1 s 73
Subdivision 1. Authorization. The office is hereby authorized to provide for the issuance
of revenue bonds of the office for the purpose of refunding any revenue bonds of the office
then outstanding, including the payment of any redemption premium thereon and any interest
accrued or to accrue to the earliest or any subsequent date of redemption, purchase or maturity of
such revenue bonds.
Subd. 2. Proceeds. The proceeds of any such revenue bonds issued for the purpose of
refunding outstanding revenue bonds may, in the discretion of the office, be applied to the
purchase or retirement at maturity or redemption of such outstanding revenue bonds either on
their earliest or any subsequent redemption date or upon the purchase or at the maturity thereof
and may, pending such application be placed in escrow to such purchase or retirement at maturity
or redemption on such date as may be determined by the office.
Subd. 3. Investment. Any such escrowed proceeds, pending such use, may be invested and
reinvested in direct obligations of the United States of America, or in certificates of deposit or
time deposits secured by direct obligations of the United States of America, maturing at such
time or times as shall be appropriate to assure the prompt payment, as to principal, interest and
redemption premium, if any, of the outstanding revenue bonds to be so refunded. The interest,
income and profits, if any, earned or realized on any such investment may also be applied to the
payment of the outstanding revenue bonds to be so refunded. After the terms of the escrow
have been fully satisfied and carried out, any balance of such proceeds and interest, income
and profits, if any, earned or realized on the investments thereof may be returned to the office
for use by it in any lawful manner.
Subd. 4. Relation to other laws. All such revenue bonds shall be subject to the provisions of
sections 136A.15 to 136A.178 in the same manner and to the same extent as other revenue bonds
issued pursuant to sections 136A.15 to 136A.178.
History: 1973 c 605 s 16; 1975 c 271 s 6; 1978 c 706 s 56; 1989 c 293 s 50; 1995 c 212 art
3 s 59; 1997 c 7 art 1 s 73
Official Publication of the State of Minnesota
Revisor of Statutes