2006 Minnesota Statutes

136A.36 REVENUES.
The authority may fix, revise, charge and collect rates, rents, fees and charges for the use of
and for the services furnished or to be furnished by each project and to contract with any person,
partnership, association or corporation, or other body, public or private, in respect thereof. Such
rates, rents, fees and charges shall be fixed and adjusted in respect of the aggregate of rates, rents,
fees and charges from such project so as to provide funds sufficient with other revenues, if any:
(a) to pay the cost of maintaining, repairing and operating the project and each and every
portion thereof, to the extent that the payment of such cost has not otherwise been adequately
provided for;
(b) to pay the principal of and the interest on outstanding revenue bonds of the authority
issued in respect of such project as the same shall become due and payable; and
(c) to create and maintain reserves required or provided for in any resolution authorizing,
or trust agreement securing, such revenue bonds of the authority. Such rates, rents, fees and
charges shall not be subject to supervision or regulation by any department, commission, board,
body, bureau or agency of this state other than the authority. A sufficient amount of the revenues
derived in respect of a project, except such part of such revenues as may be necessary to pay the
cost of maintenance, repair and operation and to provide reserves and for renewals, replacements,
extensions, enlargements and improvements as may be provided for in the resolution authorizing
the issuance of any revenue bonds of the authority or in the trust agreement securing the same,
shall be set aside at such regular intervals as may be provided in such resolution or trust agreement
in a sinking or other similar fund which is hereby pledged to, and charged with, the payment of
the principal of and the interest on such revenue bonds as the same shall become due, and the
redemption price or the purchase price of bonds retired by call or purchase as therein provided.
Such pledge shall be valid and binding from the time when the pledge is made; the rates, rents,
fees and charges and other revenues or other moneys so pledged and thereafter received by
the authority shall immediately be subject to the lien of such pledge without physical delivery
thereof or further act, and the lien of any such pledge shall be valid and binding as against all
parties having claims of any kind against the authority, irrespective of whether such parties have
notice thereof. Neither the resolution nor any trust agreement by which a pledge is created need
be filed or recorded except in the records of the authority. The use and disposition of moneys to
the credit of such sinking or other similar fund shall be subject to the provisions of the resolution
authorizing the issuance of such bonds or of such trust agreement. Except as may otherwise be
provided in such resolution or such trust agreement, such sinking or other similar fund shall be a
fund for all such revenue bonds issued to finance a project or projects at one or more participating
institutions of higher education without distinction or priority of one over another; provided the
authority in any such resolution or trust agreement may provide that such sinking or other similar
fund shall be the fund for a particular project at an institution of higher education and for the
revenue bonds issued to finance a particular project and may, additionally, permit and provide
for the issuance of revenue bonds having a subordinate lien in respect of the security herein
authorized to other revenue bonds of the authority and, in such case, the authority may create
separate or other similar funds in respect of such subordinate lien bonds.
History: 1971 c 868 s 12