2005 Minnesota Statutes

     446A.19 State pledge against impairment of contracts. 

    The state pledges and agrees with the holders of bonds 
 issued under sections 446A.051, and 446A.12 to 446A.20 or other 
 parties to any loans, interest rate swaps, or other agreements 
 or contracts of the authority that the state will not limit or 
 alter the rights vested in the authority to fulfill the terms of 
 any agreements made with the bondholders or parties to any 
 loans, interest rate swaps, or other agreements or contracts of 
 the authority or in any way impair the rights and remedies of 
 the holders until the bonds, together with interest on them, 
 with interest on any unpaid installments of interest, and all 
 costs and expenses in connection with any action or proceeding 
 by or on behalf of the bondholders, are fully met and discharged 
 or, with respect to any loans, interest rate swaps, or other 
 agreements or contracts of the authority, the agreements have 
 been fully performed by the authority or otherwise terminated or 
 discharged.  The authority may include this pledge and agreement 
 of the state in any agreement with the holders of bonds issued 
 under sections 446A.051, and 446A.12 to 446A.20 or in any loans, 
 interest rate swaps, or other agreements or contracts of the 
 authority. 

    HIST: 1988 c 546 s 12; 2004 c 272 art 4 s 4