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2007 Minnesota Statutes

This is a historical version of this statute chapter. Also view the most recent published version.

    Subdivision 1. Issue of bonds and notes; generally. The agency from time to time may
issue its bonds and notes in such principal amount as, in the opinion of the agency, shall be
necessary to provide sufficient funds for achieving its purposes, including the making of eligible
loans and the purchase of eligible securities, the payment of interest on bonds and notes of the
agency, the establishment of reserves to secure such bonds and notes, and the payment of all other
expenditures of the agency incident to and necessary or convenient to carry out its corporate
purposes and powers.
    Subd. 2. Issue of refunding bonds or notes. The agency from time to time may issue bonds
or notes for the purpose of refunding any bonds or notes of the agency then outstanding, or, with
the consent of the original issuer, any bonds or notes then outstanding issued by an issuer other
than the agency for the purpose of making or purchasing loans for single family housing or
multifamily housing developments, including the payment of any redemption premiums thereon
and any interest accrued or to accrue to the redemption date next succeeding the date of delivery
of such refunding bonds or notes. The proceeds of any such refunding bonds or notes may, in the
discretion of the agency, be applied to the purchase or payment at maturity of the bonds or notes
to be refunded, or to the redemption of such outstanding bonds or notes on the redemption date
next succeeding the date of delivery of such refunding bonds or notes and may, pending such
application, be placed in escrow to be applied to such purchase, retirement, or redemption. Any
such escrowed proceeds, pending such use, may be invested and reinvested in obligations issued
or guaranteed by the state or the United States or by any agency or instrumentality thereof, or
in certificates of deposit or time deposits secured in such manner as the agency shall determine,
maturing at such time or times as shall be appropriate to assure the prompt payment of the
principal of and interest and redemption premiums, if any, on the bonds or notes to be refunded.
The income earned or realized on any such investment may also be applied to the payment of
the bonds or notes to be refunded. After the terms of the escrow have been fully satisfied, any
balance of such proceeds and investment income may be returned to the agency for use by it in
any lawful manner. All refunding bonds or notes issued under the provisions of this subdivision
shall be issued and secured in the manner provided by resolution of the agency. If bonds or notes
are issued by the agency to refund bonds or notes issued by an issuer other than the agency, as
authorized by this subdivision, the agency and said issuer may enter into such agreements as they
may deem appropriate to facilitate such transaction.
    Subd. 3. Notes and bonds; securities. All notes or bonds issued under this section are
securities as defined in section 336.8-102 and may be issued as certificated securities or as
uncertificated securities. Certificated securities may be issued in bearer or registered form. The
agency may perform all actions that are permitted or required of issuers of securities under
sections 336.8-101 to 336.8-511. If notes or bonds are issued as uncertificated securities, and this
chapter or other law requires or permits the notes or bonds to contain a statement or recital,
whether on their face or otherwise, it is sufficient compliance with the law that the statement or
recital is contained in the transaction statement or in a resolution or other instrument that is
made a part of the note or bond by reference in the transaction statement as provided in section
336.8-202. All notes and bonds so issued may be either general obligations of the agency, secured
by its full faith and credit, and payable out of any money, assets, or revenues of the agency,
subject to the provisions of resolutions or indentures pledging and appropriating particular money,
assets, or revenues to particular notes or bonds, or limited obligations of the agency not secured
by its full faith and credit, and payable solely from those moneys, assets, or revenues of the
agency as may be authorized by resolution or indenture.
History: 1971 c 702 s 8; 1973 c 515 s 23-25; 1974 c 441 s 17; 1Sp1985 c 13 s 341; 1987 c
350 s 9,10; 1991 c 292 art 9 s 26; 1996 c 305 art 1 s 100

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