2007 Minnesota Statutes

383B.915 BONDING AUTHORITY OF CORPORATION.
    Subdivision 1. Municipality. The corporation shall be considered a "municipality" pursuant
to section 475.51, subdivision 2, for purposes of bond issuance and shall have all the authority
conferred on municipalities by chapter 475, unless that authority is modified in this section.
    Subd. 2. Sale of bonds. Subject to the reserved powers and limitations specified in section
383B.908 and notwithstanding any of the corporation's enumerated powers, the corporation may
issue and sell revenue bonds or other revenue obligations to finance capital improvements or
for the acquisition and betterment of facilities or other property to be utilized for the delivery
of health care and related research, the establishment of reserves for bond payment, or for other
proper corporate purposes.
    Subd. 3. Security for bonds. Subject to the reserved powers and limitations specified in
section 383B.908 and notwithstanding any of the corporation's enumerated powers, the bonds
may be secured by a mortgage of or security interest in any property owned by the corporation or
any interest of the corporation in any property and by a pledge of revenues to be derived from
operation of the corporation's facilities as a first and prior lien thereon or as a lien subordinate to
the costs of operation and maintenance of the facilities. The bonds must be in an amount, and shall
mature, as provided by resolution of the board and may be issued in one or more series and shall
bear a date or dates, bear interest at a rate or rates, be in a denomination or denominations, be in
the form either coupon or registered, carry the conversion or registration privileges, have rank or
priority, be executed in the manner, be payable in medium of payment at the place or places, and
be subject to the terms of redemption, with or without premium, as the resolution may provide.
The bonds may be sold at public or private sale at a price or prices determined by the resolution.
Notwithstanding any law to the contrary, the bonds must be fully negotiable. The corporation
may enter into the covenants the board, by resolution, shall deem necessary and proper to secure
payment of the bonds. The revenue bonds must state on their face that they are not payable from,
nor may be a charge upon, any funds other than the revenues and property pledged or mortgaged
for their payment, nor shall the corporation be subject to any liability on them or have the power
to obligate itself to pay or pay the revenue bonds from funds other than the revenues and property
pledged and mortgaged. No holder or holders of the bonds shall ever have the right to compel
any exercise of any taxing power of the county or any other public body to pay the principal of
or interest on any of them, nor to enforce payment of them against any property other than that
expressly pledged or mortgaged for their payment.
History: 2005 c 125 art 1 s 15

NOTE: This section, as added by Laws 2005, chapter 125, article 1, section 15, is effective
the day after the Hennepin County Board files a certificate of local approval in compliance with
Minnesota Statutes, section 645.021, subdivision 3. Laws 2005, chapter 125, article 1, section 29,
as amended by Laws 2005, First Special Session chapter 7, section 34.