1997 Minnesota Statutes

     124.46 Issuance and sale of bonds. 

    Subdivision 1.  On or before October 1 in each year, the 
 commissioner shall certify to the commissioner of finance the 
 amount anticipated to be needed for debt service loans and 
 capital loans to be made under the maximum effort school aid law 
 prior to October 1 in the following year.  Each such 
 certification of the commissioner shall also state an estimate 
 of the dates and amounts the certified amount will be needed in 
 the maximum effort school loan fund and an estimate as to the 
 years and amounts in which payments on debt service loans and 
 capital loans will be received.  

    Subd. 2.  Upon receipt of each such certification, subject 
 to authorization as provided in subdivision 4, the commissioner 
 of finance shall from time to time as needed issue and sell 
 state of Minnesota school loan bonds in the aggregate principal 
 amount stated in the commissioner's certificate, for the prompt 
 and full payment of which, with the interest thereon, the full 
 faith, credit, and taxing powers of the state are hereby 
 irrevocably pledged, and shall credit the net proceeds of their 
 sale to the purposes for which they are appropriated by section 
 124.40, subdivision 1.  Such bonds shall be issued and sold at 
 such price, in such manner, in such number of series, at such 
 times, and in such form and denominations, shall bear such dates 
 of issue and of maturity, either without option of prior 
 redemption or subject to prepayment upon such notice and at such 
 times and prices, shall bear interest at such rate or rates and 
 payable at such intervals, shall be payable at such bank or 
 banks within or without the state, with such provisions for 
 registration, conversion, and exchange, and for the issuance of 
 notes in anticipation of the sale and delivery of definitive 
 bonds, and in accordance with such further provisions as the 
 commissioner of finance shall determine subject to the 
 limitations stated in this subdivision (but not subject to 
 chapter 14, including section 14.386).  The maturity date shall 
 in no case be more than 20 years after the date of issue of any 
 bond and the principal amounts and due dates shall conform as 
 near as may be with the commissioner's estimates of dates and 
 amounts of payments to be received on debt service and capital 
 loans.  The bonds and any interest coupons appurtenant to them 
 shall be executed by the commissioner of finance and attested by 
 the state treasurer under their official seals.  The signatures 
 of these officers and their seals may be printed, lithographed, 
 stamped, engraved, or otherwise reproduced thereon.  Each bond 
 shall be authenticated by the manual signature on its face of 
 one of the officers or a person authorized to sign on behalf of 
 a bank or trust company designated by the commissioner to act as 
 registrar or other authenticating agent.  The commissioner of 
 finance is authorized and directed to ascertain and certify to 
 purchasers of the bonds the performance and existence of all 
 acts, conditions, and things necessary to make them valid and 
 binding general obligations of the state of Minnesota in 
 accordance with their terms.  

    Subd. 3.  The commissioner of finance shall maintain a 
 separate school loan bond account in the state bond fund, 
 showing all money transferred to that fund for the payment of 
 school loan bonds and all income received from the investment of 
 such money.  On the first day of December in each year there 
 shall be transferred to the bond account all or so much of the 
 money then on hand in the loan repayment account in the maximum 
 effort school loan fund as will be sufficient, with the balance 
 then on hand in said bond account, to pay all principal and 
 interest then and theretofore due and to become due within the 
 next ensuing year and to and including July 1 in the second 
 ensuing year on school loan bonds issued and sold pursuant to 
 this section.  In the event that moneys are not available for 
 such transfer in the full amount required, and if any principal 
 or interest on school loan bonds should become due at any time 
 when there is not on hand a sufficient amount from any of the 
 sources herein appropriated for the payment thereof, the moneys 
 shall be paid out of the general fund in the state treasury 
 according to section 16A.641, and the amount necessary therefor 
 is hereby appropriated. 

    Subd. 4.  Bonds shall be issued pursuant to this section 
 only when authorized by a law specifying the purpose thereof and 
 the maximum amount of the proceeds authorized to be expended for 
 that purpose.  Any act authorizing the issuance of bonds in the 
 manner provided in this section shall, together with this 
 section, constitute complete authority for the issue, and the 
 bonds shall not be subject to the restrictions or limitations 
 contained in any other law.  Bonds issued pursuant hereto may be 
 sold at public or private sale and shall be deemed "authorized 
 securities" within the provisions of section 50.14 and acts 
 amendatory thereof or supplemental thereto. 

    HIST: Ex1959 c 27 s 12; 1963 c 601 s 4; 1965 c 875 s 13; 1969 
 c 399 s 49; 1973 c 492 s 14; 1980 c 509 s 34; 1980 c 607 art 14 
 s 29; 1982 c 424 s 130; 1983 c 301 s 135; 1Sp1985 c 14 art 4 s 
 22; 1986 c 444; 1991 c 45 s 4; 1994 c 647 art 5 s 4; 1995 c 233 
 art 2 s 56; 1997 c 187 art 5 s 17