An obligation may be issued giving its owner the right to tender or the society to demand tender of the obligation to the society or another person designated by it, for purchase at a specified time or times, if the society has first entered into an agreement with a suitable financial institution obligating the financial institution to provide funds on a timely basis for purchase of bonds tendered. The obligation is not considered to mature on any tender date and the purchase of a tendered obligation is not considered a payment or discharge of the obligation by the society. Obligations tendered for purchase may be remarketed by or on behalf of the society or another purchaser. The society may enter into agreements it considers appropriate to provide for the purchase and remarketing of tendered obligations, including:
(1) provisions under which undelivered obligations may be considered tendered for purchase and new obligations may be substituted for them;
(2) provisions for the payment of charges of tender agents, remarketing agents, and financial institutions extending lines of credit or letters of credit assuring repurchase; and
(3) provisions for reimbursement of advances under letters of credit that may be paid from the proceeds of the obligations or from tax and other revenues appropriated for the payment and security of the obligations and similar or related provisions.
2003 c 127 art 12 s 2; 1Sp2003 c 21 art 10 s 11
Structure Minnesota Statutes
Chapters 17 - 43 — Agriculture
Chapter 37 — State Agricultural Society; State Fair
Section 37.01 — Public Corporation.
Section 37.02 — Budget; Building Restrictions; Exemptions.
Section 37.04 — Board Of Managers.
Section 37.05 — Officers; Compensation; Expenses.
Section 37.06 — Secretary; Legislative Auditor; Duties; Report.
Section 37.07 — Monthly Statements By Secretary; Purchases, Expenditures.
Section 37.13 — Ownership Of Money And Property; Capital Improvements.
Section 37.14 — Management Of Property; General Offices.
Section 37.16 — Rules; Violation.
Section 37.17 — Shows, Exhibitions, Performances, Privileges.
Section 37.18 — Unlicensed Or Improper Exhibition.
Section 37.20 — Special Peace Officers.
Section 37.21 — Sale Of Liquors.
Section 37.22 — Lockup; Seizure Of Liquors.
Section 37.24 — Unlawful Admissions.
Section 37.27 — Fair Foundation.
Section 37.31 — Issuance Of Bonds.
Section 37.32 — Tender Option.
Section 37.34 — Money Of The Society.
Section 37.36 — Purchase And Cancellation By Society.
Section 37.37 — State Pledge Against Impairment Of Contracts.