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.
473.662 EARNINGS, HOW APPLIED.
The earnings of the corporation shall be applied as follows: (a) to the payment of interest on
its bonds and of any principal of such bonds which is due and payable; (b) to the establishment of
a sufficient fund to pay interest and principal on its bonds which will be payable in the following
fiscal year; and (c) to the other purposes set out in section 473.608, subdivision 13. If the amount
included in the budget for any year, including the sum necessary to make payment of interest
on and principal of bonds in the ensuing fiscal year is not sufficient to meet the needs of the
corporation for that year, any deficit shall be included in the budget of the corporation for the
following year.
History: 1975 c 13 s 117
The earnings of the corporation shall be applied as follows: (a) to the payment of interest on
its bonds and of any principal of such bonds which is due and payable; (b) to the establishment of
a sufficient fund to pay interest and principal on its bonds which will be payable in the following
fiscal year; and (c) to the other purposes set out in section 473.608, subdivision 13. If the amount
included in the budget for any year, including the sum necessary to make payment of interest
on and principal of bonds in the ensuing fiscal year is not sufficient to meet the needs of the
corporation for that year, any deficit shall be included in the budget of the corporation for the
following year.
History: 1975 c 13 s 117
Official Publication of the State of Minnesota
Revisor of Statutes