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41B.16 Security account.

Upon determining that a default may occur in the payment of principal or interest on any issue of bonds issued under section 41B.08, or if any debt service reserve fund established in connection with those bonds is drawn upon because the revenues of the program are not then sufficient to make any payment of the principal or interest on them, the authority shall certify those facts to the commissioner of finance and shall request that the commissioner of finance transfer from the security account established under section 41B.19, subdivision 5, to accounts or funds designated by the authority an amount required to cure the deficiency.

HIST: 1986 c 398 art 6 s 16; 1987 c 396 art 1 s 31

Official Publication of the State of Minnesota
Revisor of Statutes