An obligation may be issued giving its owner the right to tender or the authority to demand tender of the obligation to the authority or another person designated by it, for purchase at a specified time or times, if the authority 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 authority. Obligations tendered for purchase may be remarketed by or on behalf of the authority or another purchaser. The authority 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.
1988 c 546 s 6
Structure Minnesota Statutes
Chapters 440 - 446A — Municipal Public Works
Chapter 446A — Public Facilities Authority
Section 446A.01 — Minnesota Public Facilities Authority Act.
Section 446A.02 — Definitions.
Section 446A.03 — Minnesota Public Facilities Authority.
Section 446A.04 — Powers; Duties; Program Administration.
Section 446A.051 — Project Financial Assistance.
Section 446A.07 — Clean Water Revolving Fund.
Section 446A.072 — Water Infrastructure Funding Program.
Section 446A.073 — Point Source Implementation Grants.
Section 446A.075 — Small Community Wastewater Treatment Program.
Section 446A.076 — Estimated Funding Needs.
Section 446A.081 — Drinking Water Revolving Fund.
Section 446A.083 — Methamphetamine Laboratory Cleanup Revolving Account.
Section 446A.085 — Transportation Revolving Loan Fund.
Section 446A.086 — State May Guarantee Governmental Unit Building Debt; Repayment.
Section 446A.087 — Credit Enhanced Bond Program.
Section 446A.09 — Report; Audit.
Section 446A.12 — Issuance Of Bonds.
Section 446A.13 — Tender Option.
Section 446A.14 — Interest Rate Swaps And Other Agreements.
Section 446A.16 — Money Of The Authority.
Section 446A.17 — Nonliability.
Section 446A.18 — Purchase And Cancellation By Authority.
Section 446A.19 — State Pledge Against Impairment Of Contracts.