2006 Minnesota Statutes

360.69 INSURANCE.
Any hangar, shop, or other building constructed or purchased with funds received from the
sale of such revenue certificates shall be kept insured against loss by fire and windstorm in stock
insurance companies licensed to write insurance in Minnesota to the amount of the outstanding
revenue certificates if such amount is obtainable and if not obtainable then to the full amount
obtainable. The premiums for such insurance and the cost of repairing and maintaining such
hangar, shop, and other building may be paid from such fund and such fund shall be used to pay
the interest on and the principal of such airport building revenue certificates and for no other
purpose. In case of loss covered by such insurance the proceeds received from insurers named in
the policies shall be paid into the airport building revenue certificate fund and may be used either
to rebuild the building destroyed or to repair the same or to pay and retire such certificates and for
no other purpose as long as there are any unpaid certificates.
History: 1949 c 590 s 2