Subdivision 1. Nonliability of individuals. No member of the authority, staff of the authority, or other person executing the bonds, loans, interest rate swaps, or other agreements or contracts of the authority is liable personally on the bonds, loans, interest rate swaps, or other agreements or contracts of the authority or is subject to any personal liability or accountability by reason of their issuance, execution, delivery, or performance.
Subd. 2. Nonliability of state. The state is not liable on bonds, loans, interest rate swaps, or other agreements or contracts of the authority issued or entered into under this chapter and the bonds, loans, interest rate swaps, or other agreements or contracts of the authority are not a debt of the state. The bonds, loans, interest rate swaps, or other agreements or contracts of the authority must contain on their face a statement to that effect.
1988 c 546 s 10; 2004 c 272 art 4 s 3; 2007 c 96 art 1 s 14
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.