The authority may fix, revise, charge and collect rates, rents, fees and charges for the use of and for the services furnished or to be furnished by each project and to contract with any person, partnership, association or corporation, or other body, public or private, in respect thereof. Such rates, rents, fees and charges shall be fixed and adjusted in respect of the aggregate of rates, rents, fees and charges from such project so as to provide funds sufficient with other revenues, if any:
(1) to pay the cost of maintaining, repairing and operating the project and each and every portion thereof, to the extent that the payment of such cost has not otherwise been adequately provided for;
(2) to pay the principal of and the interest on outstanding revenue bonds of the authority issued in respect of such project as the same shall become due and payable; and
(3) to create and maintain reserves required or provided for in any resolution authorizing, or trust agreement securing, such revenue bonds of the authority. Such rates, rents, fees and charges shall not be subject to supervision or regulation by any department, commission, board, body, bureau or agency of this state other than the authority. A sufficient amount of the revenues derived in respect of a project, except such part of such revenues as may be necessary to pay the cost of maintenance, repair and operation and to provide reserves and for renewals, replacements, extensions, enlargements and improvements as may be provided for in the resolution authorizing the issuance of any revenue bonds of the authority or in the trust agreement securing the same, shall be set aside at such regular intervals as may be provided in such resolution or trust agreement in a sinking or other similar fund which is hereby pledged to, and charged with, the payment of the principal of and the interest on such revenue bonds as the same shall become due, and the redemption price or the purchase price of bonds retired by call or purchase as therein provided. Such pledge shall be valid and binding from the time when the pledge is made; the rates, rents, fees and charges and other revenues or other moneys so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind against the authority, irrespective of whether such parties have notice thereof. Neither the resolution nor any trust agreement by which a pledge is created need be filed or recorded except in the records of the authority. The use and disposition of moneys to the credit of such sinking or other similar fund shall be subject to the provisions of the resolution authorizing the issuance of such bonds or of such trust agreement. Except as may otherwise be provided in such resolution or such trust agreement, such sinking or other similar fund shall be a fund for all such revenue bonds issued to finance a project or projects at one or more participating institutions of higher education without distinction or priority of one over another; provided the authority in any such resolution or trust agreement may provide that such sinking or other similar fund shall be the fund for a particular project at an institution of higher education and for the revenue bonds issued to finance a particular project and may, additionally, permit and provide for the issuance of revenue bonds having a subordinate lien in respect of the security herein authorized to other revenue bonds of the authority and, in such case, the authority may create separate or other similar funds in respect of such subordinate lien bonds.
1971 c 868 s 12
Structure Minnesota Statutes
Chapters 135A - 137 — Postsecondary Education
Chapter 136A — Higher Education
Section 136A.002 — Definitions.
Section 136A.01 — Office Of Higher Education.
Section 136A.03 — Executive Officers; Employees.
Section 136A.031 — Student Advisory Council.
Section 136A.0411 — Collecting Fees.
Section 136A.0412 — Acceptance Of Private Funds; Appropriation.
Section 136A.05 — Cooperation Of Institutions Of Higher Education.
Section 136A.051 — Student Records And Data.
Section 136A.055 — Developmental Education Reporting.
Section 136A.057 — Student Transfer Reporting.
Section 136A.06 — Federal Funds.
Section 136A.091 — Summer Academic Enrichment Program.
Section 136A.095 — Grants-in-aid; Purpose.
Section 136A.096 — Financial Aid Goals.
Section 136A.101 — Definitions.
Section 136A.103 — Institution Eligibility Requirements.
Section 136A.1201 — Minnesota Promise.
Section 136A.121 — State Grant Program.
Section 136A.1215 — Grants For Students With Intellectual And Developmental Disabilities.
Section 136A.123 — Mn Reconnect Program.
Section 136A.1241 — Fostering Independence Higher Education Grants.
Section 136A.125 — Child Care Grants.
Section 136A.126 — Indian Scholarships.
Section 136A.1274 — Underrepresented Student Teacher Grants.
Section 136A.1275 — Student Teacher Grants In Shortage Areas.
Section 136A.1276 — Alternative Teacher Preparation Grant Program.
Section 136A.131 — Accounting And Records.
Section 136A.1311 — Cash Flow.
Section 136A.1312 — Financial Aid Administrator, Professional Judgment.
Section 136A.1313 — Financial Aid Audits.
Section 136A.15 — Definitions.
Section 136A.155 — Additional Institution Eligibility Requirements.
Section 136A.16 — Powers And Duties Of Office.
Section 136A.162 — Classification Of Data.
Section 136A.1701 — Supplemental And Additional Loans.
Section 136A.1702 — Legislative Oversight.
Section 136A.1704 — Student Loan Refinancing.
Section 136A.171 — Revenue Bonds; Issuance; Proceeds.
Section 136A.172 — Negotiable Notes; Issuance; Conditions.
Section 136A.173 — Negotiability; Bond Anticipation Notes; Payment; Conditions.
Section 136A.174 — Security For Bonds.
Section 136A.175 — Refunding Revenue Bonds; Proceeds; Investments.
Section 136A.176 — Bonds Not State Obligations.
Section 136A.177 — Rights Of Bondholders.
Section 136A.178 — Legal Investments; Authorized Securities.
Section 136A.1785 — Loan Capital Fund.
Section 136A.1787 — Self Loan Revenue Bonds Annual Certificate Of Need.
Section 136A.1788 — Student Loan Debt Counseling.
Section 136A.1789 — Aviation Degree Loan Forgiveness Program.
Section 136A.1791 — Teacher Shortage Loan Repayment Program.
Section 136A.1792 — Promotion Of Federal Public Service Loan Forgiveness Programs.
Section 136A.1793 — Promotion Of Teacher Loan Forgiveness Programs.
Section 136A.1794 — Agricultural Education Loan Forgiveness Program.
Section 136A.1795 — Large Animal Veterinarian Loan Forgiveness Program.
Section 136A.1796 — Tribal College Supplemental Grant Assistance.
Section 136A.18 — Legislative Finding, Declaration, And Directive.
Section 136A.23 — Trustees Of Incorporated Colleges May Prescribe Course Of Study; Annual Report.
Section 136A.231 — Education; Postsecondary Students; Work-study Programs.
Section 136A.232 — Administration; Agreements With Educational Facilities.
Section 136A.233 — Work-study Grants.
Section 136A.246 — Dual Training Competency Grants.
Section 136A.26 — Memberships; Officers; Compensation; Removal.
Section 136A.28 — Definitions.
Section 136A.29 — Powers; Duties.
Section 136A.30 — Source Of Payment Of Expenses.
Section 136A.31 — Notes Of The Authority.
Section 136A.32 — Bonds Of The Authority.
Section 136A.33 — Trust Agreement.
Section 136A.34 — Revenue Refunding Bonds.
Section 136A.35 — Bonds Are Not State Obligation.
Section 136A.37 — Remedies Of Bondholders And Trustees.
Section 136A.38 — Bonds Eligible For Investment.
Section 136A.39 — Exemption From Taxes And Other Restrictions.
Section 136A.40 — Administration.
Section 136A.41 — Conflict Of Interest.
Section 136A.42 — Annual Report.
Section 136A.62 — Definitions.
Section 136A.63 — Registration.
Section 136A.64 — Information Required For Registration.
Section 136A.645 — School Closure.
Section 136A.646 — Additional Security.
Section 136A.65 — Approval Of Degrees And Name.
Section 136A.653 — Exemptions.
Section 136A.657 — Exemption; Religious Schools.
Section 136A.658 — Exemption; State Authorization Reciprocity Agreement Schools.
Section 136A.66 — List Of Registered Institutions.
Section 136A.67 — Registration Representations.
Section 136A.672 — Student Complaints.
Section 136A.675 — Risk Analysis.
Section 136A.685 — Private Institutions; Adjudication Of Fraud Or Misrepresentation.
Section 136A.821 — Definitions.
Section 136A.8225 — School Closure.
Section 136A.823 — License Renewal.
Section 136A.825 — Permits For Solicitors.
Section 136A.826 — Information To Students.
Section 136A.828 — Prohibitions.
Section 136A.829 — Revocation Of License Or Permit.
Section 136A.8295 — Student Complaints.
Section 136A.831 — Injunction.
Section 136A.833 — Exemptions.
Section 136A.834 — Exemption; Religious Schools.
Section 136A.861 — Intervention For College Attendance Program Grants.
Section 136A.87 — Planning Information For Postsecondary Education.
Section 136A.901 — Spinal Cord Injury And Traumatic Brain Injury Research Grant Program.
Section 136A.902 — Spinal Cord And Traumatic Brain Injury Advisory Council.