The state pledges and agrees with the holders of bonds issued under sections 446A.051, and 446A.12 to 446A.20 or other parties to any loans, interest rate swaps, or other agreements or contracts of the authority that the state will not limit or alter the rights vested in the authority to fulfill the terms of any agreements made with the bondholders or parties to any loans, interest rate swaps, or other agreements or contracts of the authority or in any way impair the rights and remedies of the holders until the bonds, together with interest on them, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of the bondholders, are fully met and discharged or, with respect to any loans, interest rate swaps, or other agreements or contracts of the authority, the agreements have been fully performed by the authority or otherwise terminated or discharged. The authority may include this pledge and agreement of the state in any agreement with the holders of bonds issued under sections 446A.051, and 446A.12 to 446A.20 or in any loans, interest rate swaps, or other agreements or contracts of the authority.
1988 c 546 s 12; 2004 c 272 art 4 s 4
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.